TSX Suspends Trading, Delists Pacific Energy Resources

Pacific Energy Resources Ltd. is announcing that on March 11, 2008 it received notice from the Listings Committee of the Toronto Stock Exchange (TSX) that the TSX has suspended trading of the Company's shares of common stock effective prior to today's open of trading. The suspension was imposed for failure to meet the TSX's continued listing requirements namely insolvency proceedings, financial condition, and low share price. The Company will be delisted at the close of market on April 10, 2009. The Company has five days to notify the TSX if it wishes to appeal the decision. The Company does not expect to appeal the decision.

In order to be re-instated to full trading status on the TSX, the Company must be in a position to meet the original listing requirements of the TSX. The Company is currently evaluating its options including the potential to have its shares listed on alternative exchanges.