Pacific Energy Resources Ltd.

Pacific Energy Resources Ltd. has retained Albrecht & Associates to sell interests in federal properties offshore California in a Section 363 proceeding of the Chapter 11 Bankruptcy code. The package includes 100% operated working interest in Beta Field 15 miles south of Long Beach. Operations are based on three offshore platforms in the San Pedro Bay area of the Outer Continental Shelf in federal waters in depths from 200 to 800 feet. Pacific operates all of the producing wells and locations and intends to transfer all operations. The properties include 35 producing wells, 19 active injectors, three water supply wells, two disposal wells, 20 proved developed nonproducing opportunities and 16 proved undeveloped (PUD) locations. Net production averaged 2,700 barrels of oil per day in February. Proved reserves are 71.7 million net. Projected cash flow for the first 12 months following the effective date is $25.3 million before capital expenditures of $3.5 million. Cash flow for the 12-month period ending January 2009 was $31.8 million. Net oil pay ranges from 100 feet to 800 feet in the Upper Miocene Delmontian sandstone interval between 2,700 and 4,800 feet. Approximately 11,500 gross acres are held by production in OCS-P 0300 and OCS-P 0301. Pacific also holds 5,700 acres in OCS-P 0306 by a yearly royalty payment of $17,280. Operations are ongoing in the field, with two more wells to be reactivated with new ESPs in April. In addition, significant incremental PUD reserves are associated with improving the efficiency of the existing waterflood system. All work can be performed and operated from the existing offshore platforms. The data room is open. The effective date is July 1. The bid due date is May 6. Contact Harrison Williams, 713-951-9586.