Pacific Energy Resources Ltd.

Pacific Energy Resources Ltd.

December 13, 2006 09:00 ET

Pacific Energy Resources Ltd.: Wyoming Gas Prospect Drilling Commences

LONG BEACH, CALIFORNIA--(CCNMatthews - Dec. 13, 2006) - Pacific Energy Resources Ltd. (TSX:PFE) is pleased to announce that Unit rig 109 has begun drilling Paladin #15-18 exploration well. This is the first of two wells planned for 2006 and first quarter of 2007. The first well will be drilled to a depth of 16,000 feet and is expected to take approximately 60 days to reach total depth. Drilling cost is estimated at US$ 4,000,000 and is being funded from cash on hand.

The Wyoming Green River Basin project is located 30 miles south east of the Jonah field in southern Wyoming. Jonah is a prolific gas accumulation covering approximately 20,000 acres and is currently being drilled on 10 acre spacing. Pacific will operate and drill the first two wells to earn a 40% working interest in the 100,000 acre Area of Mutual Interest. After the wells are completed, a long term test is planned through a 12 mile 6" pipeline to existing production to the south east.

About Pacific Energy Resources Ltd.

Pacific Energy Resources, LTD is headquartered in Long Beach, California, and is engaged in the acquisition and development of oil and gas properties, primarily in the United States. Pacific Energy currently owns and operates three oil fields in Southern California in the Los Angeles Basin. Additional information relating to Pacific Energy 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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