Pacific Energy Resources Ltd.

Pacific Energy Resources Ltd.

March 30, 2005 08:30 ET

Pacific Energy Completes Acquisition of PetroCal Inc.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PACIFIC ENERGY RESOURCES LTD.

TSX VENTURE SYMBOL: PFE

MARCH 30, 2005 - 08:30 ET

Pacific Energy Completes Acquisition of PetroCal Inc.

CALGARY, ALBERTA--(CCNMatthews - March 30, 2005) - Pacific Energy
Resources Ltd. (TSX VENTURE:PFE) is pleased to announce it has received
confirmation from the Delaware Secretary of State that it has accepted
the Certificate of Merger which merges PetroCal, Inc. into the Company.
Accordingly, 39,999,994 shares of the Company will be issued to the
shareholders of PetroCal, effective March 2, 2005. As required by the
TSX Venture Exchange, these securities will be subject to a hold period
expiring on July 3, 2005. Additional details regarding this acquisition
can be viewed in the company press release of January 12, 2005.

As a result of this merger, the Company now owns a 100% interest in the
oil and gas leases in California that the Company had previously owned a
25% interest in together with other additional oil and gas leases
located in California.

Further to its news release of February 9, 2005, the Company is also
pleased to advise that it has now issued convertible debentures for an
aggregate of US$581,208.38 (being approx. CDN$727,100). The convertible
debentures have a three year term, carrying interest at a rate of 7% per
annum, payable semi-annually. The debt may be converted into common
shares of the Company at a conversion rate of CDN $0.75/share. In
accordance with TSX Venture Exchange requirements, any securities issued
upon conversion of the debentures will be subject to a hold period
expiring July 8, 2005.


ON BEHALF OF THE BOARD OF DIRECTORS OF

PACIFIC ENERGY RESOURCES LTD.


Vladimir Katic

President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Pacific Energy Resources Ltd.
    Mr. Vladimir Katic
    President and CEO
    (310) 200-8814
    Email: vlado@pacenergy.com
    Website: www.pceresources.com
    or
    Boardmarker Group
    Email: ir@boardmarket.net
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.