Pacific Energy Waits on Alaska's Response for Heavy Lift Vessel Request

Blake 151
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Pacific Energy Resources announced that further to its news release dated October 02, 2008, concerning the Corsair exploration prospect, the Company has submitted an executed conditional contract as evidence of a heavy lift vessel necessary to transport the Blake 151 rig to the Cook Inlet in time for a portion of the 2009 drilling season.

The contract was entered into by the Company along with an additional Cook Inlet partner who will be responsible for 50% of the mobilization costs should the contract become effective. The executed contract was delivered to the state of Alaska on October 31, 2008, and contains several conditional events that must occur in order for the contract to become effective including a request to have several leases extended by as many as three years. This request covers leases for both the Company and its Cook Inlet partner.

The Company has received no response yet from the state of Alaska regarding their willingness to grant these requests or whether this contract will satisfy the requirements for the Corsair leases. If the requirements are not satisfied, the leases will revert back to the state of Alaska, and the Company would have no further legal interest in the properties. The Company will advise as information becomes available.


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