Pacific Energy Resources Ltd.
TSX : PFE

Pacific Energy Resources Ltd.

September 15, 2009 14:29 ET

Pacific Energy Resources Ltd. Announces the Abandonment of the Company's Interest in Its Operated Alaska Assets

LONG BEACH, CALIFORNIA--(Marketwire - Sept. 15, 2009) - Pacific Energy Resources Ltd. (TSX:PFE) (the "Company") announces that the United States Bankruptcy Court for the District of Delaware has issued a final court order authorizing the abandonment of the Company's interest in the West McArthur River Unit, the Redoubt Unit, the Kustatan Field, its Kustatan Production Facility and related real property, the West Foreland Field and the Three Mile Creek Field and certain other leases and rights-of-way, platforms, wells, equipment and other personal property in the Cook Inlet region, Alaska (collectively referred to as the Group 1 assets). This order was approved as a result of the inability of any bidder to demonstrate the required financing necessary to successfully operate these assets. Despite significant efforts, the Company was unable to find a suitable alternative. As a result of this abandonment, Pacific Energy Resources Ltd. and its subsidiaries no longer have any ownership interest in these properties.

About Pacific Energy Resources Ltd.:

Pacific Energy Resources Ltd. is an oil and gas exploration and development company 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.

Darren Katic, President

Contact Information

  • Pacific Energy Resources Ltd.
    Jerett Creed
    Director, Investor Relations
    (562) 628-1538
    jcreed@pacenergy.com