COMPLETION PROGRAM FIFTY PERCENT COMPLETED ON PACIFIC PALADIN 15-18,
PACIFIC CREEK PROJECT GREEN RIVER BASIN WYOMING
PACIFIC ENERGY RESOURCES LTD.
111 West Ocean Blvd.
Long Beach, California 90802
Telephone: (562) 628-1526; Fax: (562) 628-1536
COMPLETION PROGRAM FIFTY PERCENT COMPLETED ON PACIFIC PALADIN 15-18,
PACIFIC CREEK PROJECT GREEN RIVER BASIN WYOMING
Long Beach, California, August 21, 2007-Pacific Energy Resources Ltd.
(TSX: PFE) (The "Corporation") would like to announce that completion
activities on the Pacific Paladin 15-18 are approximately 50%
completed. All of the stages in the Mesaverde formation have been
completed according to the stimulation plan with a total of
approximately 5200 barrels of fluid and 255,000 pounds of proppant
pumped into the formation. On August 7, 2007 BJ Services, fracture
stimulation contractor, moved on location and commenced with the
stimulation program. The delay in starting the completing was due to
contractor equipment shortages. Due to the late start, BJ Services
was released Friday due to prior commitments but will return August
27, 2007 to resume completion activities.
This down time will give the well a good opportunity to flow back all
stimulation fluids from the Mesaverde formation and allow a bridge
plug to be set in preparation for the fracing of stages 6-10 in the
Lance formation.
It is estimated that well fracture stimulation and production testing
will be completed by mid September.
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 www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
PACIFIC ENERGY RESOURCES LTD.
Mr. Darren Katic, President
www.pacenergy.com
For further information contact:
Boardmarker Group
T: 403 517 2270
E: dean@boardmarker.net
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", "potentially", "looking forward", "possibility", 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. In particular, statements with respect to the
Corporation's expectations that it will be able to close under
agreements with respect to the acquisition of the Beta Unit
interests, that it will be able to obtain regulatory approvals and
that it will be able to obtain necessary financing are
forward-looking statements, and the Corporation can provide no
assurance that any of these transactions will occur. 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.