Pacific Energy Snags Alaska Extension

Pacific Energy Resources announced it has been granted an extension until September 29, 2008 to show evidence of a heavy lift vessel contract by the State of Alaska. The vessel will be used to transport a jack up rig to drill wells at the Company's Cook Inlet Alaska prospects, including its 100% owned Corsair exploration prospect. The Company has satisfied the State of Alaska requirement requiring contractual evidence of a jack up rig to drill its Corsair prospect in the 2009 drilling season.