Pacific Energy Resources Ltd.
TSX : PFE

Pacific Energy Resources Ltd.

August 06, 2008 09:01 ET

Pacific Energy Resources Appoints New Chief Financial Officer

LONG BEACH, CALIFORNIA--(Marketwire - Aug. 6, 2008) - Pacific Energy Resources Ltd. (TSX:PFE) (the "Company") is pleased to announce the appointment of Gerry Tywoniuk to the position of Senior Vice President of Finance and effective August 15, 2008, Chief Financial Officer ("CFO"). He will work closely with the Company's current CFO, Jerett Creed, over the next few weeks to ensure an orderly transition. Mr. Tywoniuk will report to Company President, Darren Katic, and will be a key member of the executive team. Mr. Creed will be staying on in the newly created position of Director of Investor Relations, to lead shareholder communications and increase the Company's exposure in the investment community.

Mr. Tywoniuk comes to Pacific Energy with an extensive background in the oil and gas industry and has 15 years of financial leadership as CFO of two public companies and VP Corporate Controller of a third. Mr. Tywoniuk has a proven track record in leading organizations through various cycles of growth including optimizing financial structure through debt reduction. From March 2007 through June 2008, Mr. Tywoniuk was an independent consultant in accounting and finance. From December 2002 through March 2007, he was Senior Vice President and Chief Financial Officer of Pacific Energy Partners, L.P. (no relation to Pacific Energy Resources Ltd.), a publicly-traded partnership engaged in the business of oil and refined products transportation and storage. Previously, he was Senior Vice President, Chief Financial Officer and a member of the Board of Directors of MarkWest Hydrocarbon, Inc., which was at the time the general partner of MarkWest Energy Partners, L.P. The MarkWest companies, both publicly-owned, were engaged in midstream and upstream businesses in the oil and gas industry. Mr. Tywoniuk has a diversity of experience in capital markets, accounting, internal controls, acquisitions and risk management. Mr. Tywoniuk earned a Bachelor of Commerce degree from the University of Alberta, Canada, and is a Canadian chartered accountant.

"We are pleased to welcome Gerry on board and look forward to the exciting contributions he will bring as we continue to execute on our redevelopment strategy over the next several quarters. Gerry brings a tremendous amount of experience and enthusiasm that will add value particularly as we continue to restructure our debt position and move forward with our growth plans. We are also grateful for the contributions and service that Jerett has brought to Pacific Energy, and are pleased to have the continuity of experience in our executive team," said Darren Katic.

About Pacific Energy Resources Ltd.

Pacific Energy Resources Ltd. is an independent energy company engaged in the acquisition, development and exploitation of established producing oil and gas properties in the Western United States and is based in Long Beach, California, U.S.A. Additional information relating to the Company may be found on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD OF DIRECTORS

PACIFIC ENERGY RESOURCES LTD.

Mr. Darren Katic, President

This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control, including: the impact of general economic conditions, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.

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