Pacific Energy Resources Ltd.: Completion Program Completed on
Pacific Paladin 15-18, Pacific Creek Project Green River Basin
Wyoming
LONG BEACH, CALIFORNIA -- (MARKET WIRE) -- 11/01/07 -- Pacific
Energy Resources Ltd. (TSX: PFE) (The "Corporation") wishes to
announce that frac stimulation and testing of the Mesaverde and Lance
formations on the Pacific Paladin 15-18 have been completed.
The Corporation and its partners will meet in Houston prior to
November 5th to discuss the results and next steps after which, per
the terms of our Participation Agreement, detailed results and future
development plans will be released.
The Pacific Paladin 15-18 was drilled to the base of the Mesaverde
formation with a total depth of 13,851 feet (Satisfying the terms of
the Shell Participation Agreement as amended). The well is designed
to test the commercial viability of the Mesaverde and Lance formation
in the "Paladin" area which totals approximately 4,000 acres on the
west side of a fault that separates it from the "Ranger" area, a
7,000 acre prospective area.
The Pacific Paladin 15-18 is the first of a two well commitment under
the Participation agreement, the second well, Ranger 7-21, which is
now expected to spud in 2008 (subject to agreement with partners).
The Ranger well is now proposed to be drilled to a depth of 21,000
feet. The decision to increase the total depth of the Ranger is based
on both recent region successful wells in the Hilliard Formation and
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 potential
gas bearing sand in Ericson, Rock Springs, Blair, Baxter Shale (Same
as Hilliard), and Frontier formations.
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.
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 www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
PACIFIC ENERGY RESOURCES LTD.
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 (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.
Contacts:
Boardmarker Group
(403) 517-2270
Email: dean@boardmarker.net
