Pacific Energy Resources Ltd.
TSX : PFE

Pacific Energy Resources Ltd.

October 17, 2006 09:00 ET

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

LONG BEACH, CALIFORNIA--(CCNMatthews - Oct. 17, 2006) - Pacific Energy Resources Ltd. (TSX:PFE) ("Pacific") is pleased to provide an update of the Wyoming Green River Basin project 30 miles south east of the Jonah field in southern Wyoming. Jonah is a prolific gas accumulation covering approximately 20,000 acres and currently being drilled on 10 acre spacing. Pacific and partners have processed and analyzed the 130 square mile 3-D seismic survey completed in early 2006. Three (3) locations have been selected to test a channel sand accumulation draped over the Rock Springs Uplift. The target is a northern plunging structure divided into two blocks totaling approximately 10,000 acres.

Three drilling permit applications have been filed with the federal Bureau of Land Management (BLM). The first permit for Pacific Paladin #15-18 is expected to be issued prior to the end of October.

A drilling rig has been contracted and Pacific expects to spud the first well prior to December 1, 2006. The 50 day well program is designed to test up to 3000 ft of prospective sands in the Lance and Mesaverde formations below 9000 feet. The total depth of the well is programmed at 16,000 feet to test the Rock Springs formation.

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.

ON BEHALF OF THE BOARD OF DIRECTORS OF

PACIFIC ENERGY RESOURCES LTD.

Mr. Darren Katic, President

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 (www.sedar.com), 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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