Pacific Energy to Transport Jackup to Cook Inlet

Pacific Energy Resources Ltd. has been granted an additional extension by the State of Alaska to provide contractual evidence of a heavy lift vessel necessary to transport a jackup rig to the Cook Inlet Alaska for the 2009 drilling season.

The jackup rig will be used to drill the Company's Cook Inlet Alaska prospects, including its 100% owned Corsair exploration prospect. The new deadline granted by the State of Alaska is October 31, 2008.