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 announcethe successful completion of its phase I production targets forPlatform Eureka. In its news release dated May 13, 2008, the Companyannounced anticipated production levels between 1,000 - 2,000 barrelsof oil equivalent ("boe/d") by the end of June 2008. The Companyannounces that the peak production from Platform Eureka is currentlyin excess of 1,200 boe/d with average daily production expected toreach 2,000 boe/d by the end of August 2008. The Company continues tobe on track for a full return of production from Platform Eureka bythe end of 2008, with production expected to exceed 4,000 boe/d atthat date.

June 2008 month to date average gross production was approximately8,300 boe/d consisting of 4,480 boe/d from Alaska, 960 boe/d fromonshore California, and 2,860 boe/d from the Beta Field (whichincludes production from Platform Eureka).

Pacific Energy expects a total company gross production rate ofbetween 11,000 - 12,000 boe/d by the end of December 2008, before theexpected reduction of approximately 1,000 boe/d of production fromthe 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 announcesupdated closing dates for the previously announced $135 milliondivestiture 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. Thepresentation materials for this meeting will be available onwww.pacenergy.com on Monday morning and will also be available onwww.sedar.com.

About Pacific Energy Resources Ltd.

Pacific Energy Resources Ltd. is an independent energy companyengaged in the acquisition, development and exploitation ofestablished producing oil and gas properties in the Western UnitedStates and is based in Long Beach, California, U.S.A. Additionalinformation relating to the Company may be found on SEDAR atwww.sedar.com.

ON BEHALF OF THE BOARD OF DIRECTORSPACIFIC ENERGY RESOURCES LTD.Mr. Darren Katic, PresidentFor further information, please contact:Boardmarker GroupT: 403 517 2270E: dean@boardmarker.net

This disclosure contains certain forward-looking statements thatinvolve substantial known and unknown risks and uncertainties,certain of which are beyond the Company's control, including: theimpact of general economic conditions, industry conditions, changesin laws and regulations including the adoption of new environmentallaws and regulations and changes in how they are interpreted andenforced, increased competition, the lack of availability ofqualified personnel or management, fluctuations in commodity prices,foreign exchange or interest rates, stock market volatility andobtaining required approvals of regulatory authorities. In addition,there are uncertainties associated with attempting to close salestransactions, therefore closing of the transactions referred to inthis release is inherently uncertain, and the actual results coulddiffer materially from those expressed in, or implied by, theseforward-looking statements, including the amounts of proceeds whichthe Company will derive therefrom. All statements included in thispress release that address activities, events or developments thatthe Company expects, believes or anticipates will or may occur in thefuture are forward-looking statements. These statements include theCompany's expectation that it will close the transactions describedand the amount of proceeds that will be generated. These statementsare based on assumptions made by the Company based on its experienceperception of historical trends, current conditions, expected futuredevelopments and other factors it believes are appropriate in thecircumstances.

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