Pacific Energy Closes Another Finance Deal

Pacific Energy Resources Ltd. said that it has completed a second tranche closing of its equity private placement in the amount of US$10.3 million.

Of this total, US$9.4 million (CAD$11 million) were placed in Canada with D&D Securities Company and Octagon Capital Corporation acting as agents--resulting in the issuance of 8,457,361 subscription receipts at CAD$1.30 per subscription receipt to Canadian resident investors, which subscription receipts have the same terms as those issued in the first tranche closing. The company announced the first tranche on Dec. 6, 2006.

In relation to most recent portion of the financing, the Corporation issued 845,736 broker warrants on the same terms as the broker warrants issued in the first closing. The broker warrants and the proceeds from this portion of the private placement have been placed in escrow and will be released upon completion of certain conditions the company outlined in its previous announcement.

In addition, US$900,000 was placed with an offshore investor, resulting in the issuance of 802,800 units at CAD$1.30 per unit, with the units having the same terms as the units issued in the first tranche closing. The proceeds from this portion of the placement have been retained by the Corporation as general working capital.

Pacific Energy Resources Ltd. is an oil and gas exploration and development company based in Long Beach, California.


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