Pacific Energy Completes Two Wilmington Fields Well as Producers

Pacific Energy Resources announces the results of three recently drilled three wells in the Wilmington Oil field, in Long Beach California. Two of the wells, PERL 1 and PERL two were completed as production wells and the third well, PERL 1-I was completed as a water injection well. At present, PERL 1 is producing an average of 57 barrels of oil per day with an average water cut of 66%. PERL 2 is producing an average of 47 barrels of oil per day with an average water cut of 88.8%. Both wells are still in the clean up phase and have shown a steady increase in production rates. PERL 1-I is injecting about 600 barrels of water per day. As the impact of the injector well is felt by the new producers and the existing producers, we expect to see the beneficial impact on overall production.

The Company plans to continue drilling additional infill producers & injectors in the Wilmington field. Current plans call of drilling of two additional wells this year, 30 wells in 2007 and 30 in 2008, subject to rig availability.

DeGolyer & MacNaughton estimated Proved Reserves of 12.6 Million barrels of oil (as of September 1, 2005) for Pacific Energy's Wilmington field holdings. Wilmington oil field, discovered in 1932, is one of the "Elephant" oil field with cumulative production of 2.6 Billion barrels of oil & 1.1 Trillion cubic feet of gas. The field produced about 15 Million barrels of oil in 2005. The three major operators in the field at present are Occidental Petroleum Corporation, Tideland Oil Production Company & Warren Resources.

Pacific Energy has Proved Reserves of 15.1 Million barrels for its onshore properties, as estimated by DeGolyer & McNaughton (Los Angeles basin properties) and by Netherland Sewell & Associates (San Joaquin basin properties. The total reserves for Proved, Probable & Possible categories are 22.1 Million barrels.

The Corporation, is an oil and gas exploration and development company based in Long Beach, California, U.S.A.


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