Pacific Energy Reaches Production Target at Platform Eureka

Pacific Energy has announced that further to its news release dated October 7, 2008, the Company has reached its phase II production target of 2,000 barrels of oil equivalent per day from Platform Eureka. This target was achieved on October 23 and as such, will have a greater impact on the fourth quarter production.

The average production for the Company for the month of October was approximately 7,300 boe/d consisting of approximately 3,300 boe/d from the Beta Field (1,700 boe/d Ellen and 1,600 Eureka) and 4,000 boe/d from Alaska. The Company will report updated year end guidance on November 14, 2008, when it reports its third quarter 2008 financial results.