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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Snowshoe who wrote (103620)	8/1/2008 2:43:19 PM
From: pogohere	Read Replies (1) \| Respond to of 206089

PFE: Alaska grants extension re Cook/Corsair Long Beach, California, July 31, 2008 – Pacific Energy Resources Ltd. (TSX: PFE) (the “Company”) is pleased to announce that pursuant to its press release dated July 29th, 2008, the sale of its onshore California assets located in the San Joaquin Basin has closed. The Company received approximately US $34 million in proceeds from the transaction which will be used to reduce debt and fund general working capital and capital expenditures related to drilling. The Company is also pleased to announce it has been granted an extension until September 29, 2008 to show evidence of a heavy lift vessel contract by the State of Alaska. The vessel will be used to transport a jack up rig to drill wells at the Company’s Cook Inlet Alaska prospects, including its 100% owned Corsair exploration prospect. The Company has satisfied the State of Alaska requirement requiring contractual evidence of a jack up rig to drill its Corsair prospect in the 2009 drilling season. About Pacific Energy Resources Ltd. The Company 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 or at the Company’s website at www.pacenergy.com. ON BEHALF OF THE BOARD OF DIRECTORS PACIFIC ENERGY RESOURCES LTD. “Darren Katic” President