Pacific Energy Resources Ltd.

Pacific Energy Resources Ltd.

April 19, 2007 10:11 ET

Pacific Energy Resources Ltd.: Pacific Creek Project Green River Basin Update

LONG BEACH, CALIFORNIA--(CCNMatthews - April 19, 2007) - Pacific Energy Resources Ltd. (TSX:PFE) (The "Corporation") is pleased to provide an update based on the detailed open hole log analysis and completion program at its Green River Basin Project in Wyoming. Well Pacific Paladin 15-18 was successfully drilled and 4.5" 15 Lb/ft P-110 production casing cemented to a total depth of 13,851 feet and drilling rig moved of location on March 13th 2007. Sand has been identified in both the upper and middle Lance formation with approximately 225 net feet with hydrocarbon shows and in the Mesa Verde formation with approximately 500 feet of net sand with hydrocarbon shows. Of the total 725 net feet of prospective interval 419 net feet has porosity greater than 6%, an often used regional threshold for productivity.

Pacific Paladin 15-18 Well Completion and Production Testing:

Completion and production testing operations are scheduled to begin after July 15th, 2007 after the surface restrictions of sage grouse mating season are lifted. The Bureau of Land Management stipulates no equipment is allowed on site between March 15th and July 15th.

Pacific Energy and its partners have agreed to a comprehensive well completion and production testing program. A total of 10 fracture stimulation stages designed in cooperation with Stim-Tech Inc. will be carried out in the Mesa Verde and Lance sands. Lower Mesa Verde sands will be fracture stimulated in 3 stages (total of 95 feet) after which the well will be flow tested for approximately 3 days during which production rates and flowing rates will be measured. Fracture stimulations will also take place on additional stages as follows: stage 4 Mesa Verde sand (total of 21 feet), stage 5 lower Lance sand (total of 31 feet), stage 6 lower Lance sand (total of 64 feet), stage 7 middle Lance sand (total of 27 feet), stage 8 middle Lance sand (total of 55 feet), stage 9 upper Lance sand (total of 44 feet), stage 10 upper Lance sand (total of 82 feet). Stages 4 through 10 will be flow tested for approximately 3 days during which production rates and flowing rates will be measured.

While carrying out well stimulation and production tests Pacific Energy will set up a gas processing facility and lay a 6" surface pipeline approximately 12 miles to a regional gas sales pipeline. The permits are currently in place. This line will be used for gas sales during the planned production test of approximately six months.

The Pacific Paladin 15-18 is the first of a two well commitment under the Participation agreement, the second well, Ranger 7-21, is expected to spud in mid summer 2007.

Pacific Ranger 7-12 Well Plan Update:

Pacific Energy and its partners have carried out an extensive review of geological data and wells drilled on the Area of Mutual Interest (AMI) as well as regional drilling developments and have decided to drill the Ranger well to a proposed depth of 21,000 feet. The decision to increase the total depth of the Ranger is primarily based on the Williams Exploration well Federal 1-34 which was drilled in 1978 to a depth of 25,760 feet. The Williams well is located within the current AMI. Well log data for the Federal 1-34 indicates in addition to the Lance and Mesa Verde as gas bearing sands the following with potential gas bearing sand:

Ericson Formation: 12,400 feet to 12,900 feet approximately 500 feet of sand with porosity greater than 8% and resistivity range greater than 25 Ohms.

Rock Springs Formation: 12,900 feet to 14,900 feet approximately 2000 feet with good sand porosity and resistivity.

Blair Formation: 14,900 feet to 15,100 feet approximately 200 feet with good sand porosity and resistivity.

Baxter Shale Formation (Same as Hilliard Formation): 15,100 feet to 19,200 feet approximately 4,100 feet of shale with 1,500 feet of gas potential with good porosity and resistivities.

Frontier Formation: 19,200 feet to 21,000 feet contain several sand benches with good porosity and permeability.

Pacific Energy estimates based on well control that more than 50% of the Area of Mutual Interest of approximately 100,000 acres is underlined by the formations described above. Currently the company is selecting a drilling rig/contractor capable of drilling to 21,000 feet; well spud date is expected by the end of summer depending on rig availability.

The Company and its Partners are extremely excited about the upcoming production test of Paladin 15-18 as well as this additional potential identified in the Pacific Creek project. Regional discoveries include Questar Corporation (STR:NYSE) which drilled a Hilliard (Baxter) shale well to 19,000 feet in 2005/2006. They reported gas flow on production test from the Hilliard (Baxter) shale at a rate of 10.7 mmcf/day at 12,500 psi flowing pressure. The well was drilled in the Pinedale area, Sublette County Wyoming. Questar started commercial production in February 2007 from a Baxter Shale well in the Vermillion Basin at a rate of 9 mmcf/day.

Upon completion of the obligations under the Agreement, the Company will earn a 40% working interest in approximately 85% of the 100,000 acre area of mutual interest and a 28% working interest in approximately 15% of the area of mutual interest.

About Pacific Energy Resources Ltd.

The Corporation, is an oil and gas exploration and development company based in Long Beach, California, U.S.A. Additional information relating to the Corporation may be found on SEDAR at



Mr. Darren Katic, President

Note: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results, are based on current expectations or beliefs and include, but are not limited to, statements concerning the timing, terms and amounts of the planned private placement and credit facility. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Corporation uses words such as "continue," "efforts," "expect," "believe," "anticipate," "confident," "intend," "strategy," "plan," "will," "estimate," "project," "goal," "target," "prospects," "optimistic" or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the parties' ability to satisfy conditions precedent to the proposed transactions, including without limitation, obtaining regulatory and stockholder approval, the Corporation's ability to meet its obligations under its existing and anticipated contractual obligations, the impact of changes in market conditions and the Corporation's business environment, including actions of competitors; the occurrence of acts of terrorism or acts of war; changes in governmental laws and regulations, including income and other taxes; and other factors as may be discussed in the documents filed by the Corporation on SEDAR (, including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Corporation undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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