Pacific Energy Resources Ltd.: Successful Inspection of Pipeline to
the Port Long Beach
LONG BEACH, CALIFORNIA--(Marketwire - November 27, 2007) - Pacific
Energy Resources Ltd. (TSX: PFE) (The "Corporation") and its wholly
owned subsidiary San Pedro Bay Pipeline Company (SBPLC) wishes to
announce its successful inspection of the San Pedro Bay Pipeline
(SPBPL). The SPBPL, a 16 inch, 17.3 mile pipeline carries crude oil
produced on Pacific's Beta Unit Platforms in Federal waters, 9 miles
offshore Long Beach to shore at Beta Pump Station in the Port of Long
Beach. This successful inspection was a requirement by Department of
Transportation, Minerals Management Service and California State
Lands Commission who have oversight on the pipeline.
The inspection contractor GE Pipeline Solutions PII utilized their
UltraScan WM inspection tool to inspect the 16-inch pipeline. GE as
the contractor for Pacific Energy reviewed the data and produced a
final report submitted to the Governing Agencies for their review.
The final report indicates that the SPBPL meets and exceeds
requirements set in its Pipeline Integrity Management Plan as per 49
CFR Part 195.452.
This successful effort also removes certain barriers that exist with
the company's loan agreements that restricted significant capital
spending in the Beta Oil field until the long-term viability of the
sales line was established.
"This is a significant event and marks the beginning of the formal
effort to redevelop the Beta Oil field and return Platform Eureka to
production" said Darren Katic the company's president.
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
