HUGIN NEWS/Successful Completion of Eureka Phase I Production Targets, Updated Onshore California Asset Divestiture Closing Schedule and Annual General Meeting Presentation Materials
27.06.2008
PACIFIC ENERGY RESOURCES LTD.
111 West Ocean Blvd. Suite 1240
Long Beach, California 90802
Telephone: (562) 628-1526; Fax: (562) 628-1536
Successful Completion of Eureka Phase I Production Targets, Updated
Onshore California Asset Divestiture Closing Schedule and Annual
General Meeting Presentation Materials
Long Beach, California, June 27, 2008 - Pacific Energy Resources Ltd.
(TSX: PFE) (the "Company" or "Pacific Energy") is pleased to announce
the successful completion of its phase I production targets for
Platform Eureka. In its news release dated May 13, 2008, the Company
announced anticipated production levels between 1,000 - 2,000 barrels
of oil equivalent ("boe/d") by the end of June 2008. The Company
announces that the peak production from Platform Eureka is currently
in excess of 1,200 boe/d with average daily production expected to
reach 2,000 boe/d by the end of August 2008. The Company continues to
be on track for a full return of production from Platform Eureka by
the end of 2008, with production expected to exceed 4,000 boe/d at
that date.
June 2008 month to date average gross production was approximately
8,300 boe/d consisting of 4,480 boe/d from Alaska, 960 boe/d from
onshore California, and 2,860 boe/d from the Beta Field (which
includes production from Platform Eureka).
Pacific Energy expects a total company gross production rate of
between 11,000 - 12,000 boe/d by the end of December 2008, before the
expected reduction of approximately 1,000 boe/d of production from
the sale of its onshore California assets.
Updated closing dates for the sale of onshore California assets
Further to its news release of May 21, 2008, the Company announces
updated closing dates for the previously announced $135 million
divestiture as follows:
* The sale of the LA Basin assets is scheduled to close on July 3,
2008
* The sale of the San Joaquin Basin assets is scheduled to close on
July 18, 2008
Annual General Meeting presentation materials
The Company's annual meeting is being held Monday, June 30, 2008. The
presentation materials for this meeting will be available on
www.pacenergy.com on Monday morning and will also be available on
www.sedar.com.
About Pacific Energy Resources Ltd.
Pacific Energy Resources Ltd. is an independent energy company
engaged in the acquisition, development and exploitation of
established producing oil and gas properties in the Western United
States and is based in Long Beach, California, U.S.A. Additional
information relating to the Company may be found on SEDAR at
www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
PACIFIC ENERGY RESOURCES LTD.
Mr. Darren Katic, President
For further information, please contact:
Boardmarker Group
T: 403 517 2270
E: dean@boardmarker.net
This disclosure contains certain forward-looking statements that
involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control, including: the
impact of general economic conditions, industry conditions, changes
in laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and
enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in commodity prices,
foreign exchange or interest rates, stock market volatility and
obtaining required approvals of regulatory authorities. In addition,
there are uncertainties associated with attempting to close sales
transactions, therefore closing of the transactions referred to in
this release is inherently uncertain, and the actual results could
differ materially from those expressed in, or implied by, these
forward-looking statements, including the amounts of proceeds which
the Company will derive therefrom. All statements included in this
press release that address activities, events or developments that
the Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements include the
Company's expectation that it will close the transactions described
and the amount of proceeds that will be generated. These statements
are based on assumptions made by the Company based on its experience
perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances.
Copyright © Hugin AS 2008. All rights reserved.
PACIFIC ENERGY RESOURCES LTD.
111 West Ocean Blvd. Suite 1240
Long Beach, California 90802
Telephone: (562) 628-1526; Fax: (562) 628-1536
Successful Completion of Eureka Phase I Production Targets, Updated
Onshore California Asset Divestiture Closing Schedule and Annual
General Meeting Presentation Materials
Long Beach, California, June 27, 2008 - Pacific Energy Resources Ltd.
(TSX: PFE) (the "Company" or "Pacific Energy") is pleased to announce
the successful completion of its phase I production targets for
Platform Eureka. In its news release dated May 13, 2008, the Company
announced anticipated production levels between 1,000 - 2,000 barrels
of oil equivalent ("boe/d") by the end of June 2008. The Company
announces that the peak production from Platform Eureka is currently
in excess of 1,200 boe/d with average daily production expected to
reach 2,000 boe/d by the end of August 2008. The Company continues to
be on track for a full return of production from Platform Eureka by
the end of 2008, with production expected to exceed 4,000 boe/d at
that date.
June 2008 month to date average gross production was approximately
8,300 boe/d consisting of 4,480 boe/d from Alaska, 960 boe/d from
onshore California, and 2,860 boe/d from the Beta Field (which
includes production from Platform Eureka).
Pacific Energy expects a total company gross production rate of
between 11,000 - 12,000 boe/d by the end of December 2008, before the
expected reduction of approximately 1,000 boe/d of production from
the sale of its onshore California assets.
Updated closing dates for the sale of onshore California assets
Further to its news release of May 21, 2008, the Company announces
updated closing dates for the previously announced $135 million
divestiture as follows:
* The sale of the LA Basin assets is scheduled to close on July 3,
2008
* The sale of the San Joaquin Basin assets is scheduled to close on
July 18, 2008
Annual General Meeting presentation materials
The Company's annual meeting is being held Monday, June 30, 2008. The
presentation materials for this meeting will be available on
www.pacenergy.com on Monday morning and will also be available on
www.sedar.com.
About Pacific Energy Resources Ltd.
Pacific Energy Resources Ltd. is an independent energy company
engaged in the acquisition, development and exploitation of
established producing oil and gas properties in the Western United
States and is based in Long Beach, California, U.S.A. Additional
information relating to the Company may be found on SEDAR at
www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
PACIFIC ENERGY RESOURCES LTD.
Mr. Darren Katic, President
For further information, please contact:
Boardmarker Group
T: 403 517 2270
E: dean@boardmarker.net
This disclosure contains certain forward-looking statements that
involve substantial known and unknown risks and uncertainties,
certain of which are beyond the Company's control, including: the
impact of general economic conditions, industry conditions, changes
in laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and
enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in commodity prices,
foreign exchange or interest rates, stock market volatility and
obtaining required approvals of regulatory authorities. In addition,
there are uncertainties associated with attempting to close sales
transactions, therefore closing of the transactions referred to in
this release is inherently uncertain, and the actual results could
differ materially from those expressed in, or implied by, these
forward-looking statements, including the amounts of proceeds which
the Company will derive therefrom. All statements included in this
press release that address activities, events or developments that
the Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements include the
Company's expectation that it will close the transactions described
and the amount of proceeds that will be generated. These statements
are based on assumptions made by the Company based on its experience
perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the
circumstances.
Copyright © Hugin AS 2008. All rights reserved.
Copyright (c) 2007 Dow Jones & Company, Inc.