Pacific Energy Abandons Interest in Trading Bay Unit in Alaska

Pacific Energy Resources announced that a final court order has been issued authorizing the abandonment of the Company's interest in the Trading Bay Unit and the Trading Bay Field, Alaska (referred to as the Group 2 assets) and the rejection of executory contracts related to these assets.

This order was approved as a result of the winning bidder's inability to complete its financing necessary to purchase the assets, leaving the Company with no alternative. As a result of this abandonment, Pacific Energy Resources Ltd. and its subsidiaries no longer have any ownership interest in these properties.