PACIFIC ENERGY RESOURCES LTD.                   111 West Ocean Blvd, Suite 1240                    Long Beach, California 90802           Telephone: (562) 628-1526; Fax: (562) 628-1529   Pacific Energy Resources Ltd. Announces Results for the Second   Quarter of 2008, Restatement of First Quarter 2008 Results and                           Conference Call

Long Beach, California, August 15, 2008 - Pacific EnergyResourcesLtd. (TSX: PFE) (the "Company") today announced the release ofitsoperating and financial results for the second quarter of 2008andthe filing of these results with the TSX.

Production from continuing operations (after giving effectforrecently closed divestitures) was 617,000 barrels of oilequivalent("BOE") for the quarter or 6,780 BOE per day, up 16% from thefirstquarter of 2008. The realized price of oil per barrel,beforehedging losses, was $120 in the second quarter of 2008 comparedto$93 in the first quarter of 2008. Oil revenue per barrel,afterhedging losses, was $105 in the second quarter of 2008 comparedto$89 in the first quarter of 2008. Revenue from continuingoperationsjumped 32% from the prior quarter to a record $69.7 million, priortohedging losses of $15.5 million.

Comparisons of current results to the comparable period in 2007arenot as meaningful given the significant acquisition of theAlaskaproperties in August 2007.

Lease operating expense ("LOE") per barrel of $40 for thesecondquarter of 2008 was down 11% from the first quarter of 2008mainlydue to the increased production from Platform Eureka in theBetaField, California.

Net loss for the second quarter of 2008 from continuingoperationswas $24.9 million, compared to a restated $40.3 million lossfromcontinuing operations for the first quarter of 2008 (before thefirstquarter's $48.4 million accelerated non-cash expensing ofdeferredfinancing costs and accretion of unamortized discountdiscussedbelow).

Adjusted EBITDA from continuing operations was $8.4 million,upsignificantly from $0.4 million for the first quarter of 2008.Pleasesee the end of this release for a definition of Adjusted EBITDAand areconciliation of Adjusted EBITDA to net loss.Darren Katic, President of Pacific Energy, states, "We arepleasedwith achieving the increased production and lower per-barreloperating costs. We are also pleased to have completedthedivestiture of the onshore California resulting in a significantpaydown of outstanding debt moving towards our goal of a 20 to25%reduction by year end 2008. Looking ahead, we now haveclearvisibility on our Phase 2 production target of a further increaseof1,000 barrels per day from the Beta Field by the end ofSeptember2008. This forecasted increase in production will further drivedownoperating cost per barrel and drive revenue and EBITDA higher".

RESTATEMENT OF FIRST QUARTER 2008

Pacific Energy Resources Ltd. today is also announcing the filingofits restated financial results for the first quarter of 2008.Pleaserefer to the Company's recently posted SEDAR filings forfurtherdisclosure.

As previously disclosed, the Company is in violation ofcovenantscontained in credit and swap agreements with its lenders.Thecovenant violations provide the lenders the right todemandrepayment; however, they have not demanded repayment or waivedthecovenant violations. The Company and the lenders arecurrentlynegotiating amendments to the agreements.

The Company has re-examined the accounting treatment in light ofthedelay in completing its negotiations with its lenders andnowconcludes that the more appropriate accounting treatment is torecordthe notes payable and derivative liability balances as currentratherthan long term liabilities as of March 31, 2008. Accordingly, itisnecessary to record in the first quarter of 2008 a $48.4millionexpense for the non-cash write-off of deferred financing costsandnon-cash accelerated expense for the accretion of discount,bothrequired in order to bring the carrying amount of the debt up toitsface value. Formerly, these amounts would have been expensed overtheremaining term of the debt. The acceleration of thisexpenseeliminated a $5.8 million expense in the second quarter of 2008.

Based on subsequent discussions with its lenders, theCompanycontinues to believe it will obtain the covenant violationwaiversand that it will obtain satisfactory covenant amendments,althoughthere is no assurance this will be achieved.

DEBT REDUCTION

The Company's June 30, 2008 debt balance pursuant to its AlaskaandBeta credit agreements is $470 million, reflecting the debtportionof the funding of acquisitions of the Alaska assets in August2007and the Beta Field in March 2007, and the funding of the firststagesof a significant capital expenditure program to develop theseassetsto increase production. Interest expense totaled $24.5 millionforthe quarter with $7.1 million being non-cash. The Company planstoreduce the debt amount by 20-25% during 2008. The first part ofthisreduction recently occurred, with $45 million of proceeds fromtheJuly 2008 asset sale used to repay a portion of thisindebtedness.In addition, the Company is working towards the establishment ofasurety line to allow it to replace about half of the approximate$100million in cash it has on deposit for abandonment liabilityandperformance deposits. If the Company is able to secure a newsuretyline, restricted cash freed up as a result thereof would also beusedto repay a portion of this indebtedness.

Increasing production with the resultant increase in cash flowwillalso contribute to reducing the Company's leverage ratio.Furtheralternatives to reduce the ratio will likely include additionalassetsales and securing third party investors for a portion of thecapitalprogram, which would allow the Company to share inincreasedproduction with lower up-front investment.

PRODUCTION

Average daily production from continuing operations for thesecondquarter of 2008 was 6,780 barrels of oil per day, with 2,475 BOEfromour California offshore operations and 4,305 BOE from ourAlaskaassets

CaliforniaBeta Field averaged 2,475 BOE per day for the quarter includingtheadded production from Platform Eureka which was returnedtoproduction on April 17, 2008, which platform contributed anaverageof 634 BOE per day for the quarter ended June 30, 2008.Eurekaachieved its Phase 1 production target of 1,000 BOE per day onJune27, 2008. Phase 2 targets a further increase of 1,000 BOE perday,which is expected to be reached by the end of September 2008.Beta'sJuly 2008 production averaged approximately 2,900 BOE per day.

AlaskaOperated Assets: Development drilling on our operated assetsisexpected to begin in the second quarter of 2009, this is a delayofapproximately six months due to rig availability and weather-relatedlogistics with the drilling season. Development will beginwithdrilling of proved undeveloped reserve ("PUD") locations offplatformOsprey in the Redoubt Shoal field.

Non-Operated Assets: Our joint redevelopment plan in Alaska withourpartner Chevron is ongoing. Development drilling is expected tobeginin the first quarter of 2009, beginning with PUD drillingoffplatform Steelhead in the MacArthur River field.

LEASE OPERATING EXPENSES AND GENERAL & ADMINISTRATIVE COSTS

Lease operating expenses from continuing operations increased onacompany- wide basis by 3% from the first quarter of2008but decreased 11% on a per barrel basis. LOE per barrel forthesecond quarter 2008 was $40.

LOE for the Beta Field increased 11% from the first quarter of2008,but decreased 19% on a per barrel basis from the first quarterof2008 reflecting the benefit of higher production. LOE per barrelwas$33 in the second quarter of 2008.

LOE for our operated and non-operated assets in Alaskaremainedunchanged from the first quarter of 2008, but decreased 6% on aperbarrel basis from the first quarter of 2008. LOE per barrel was$44in the second quarter of 2008.

General and administrative expenses of $2.7 million decreased35%from the first quarter of 2008 reflecting the absence of afirstquarter $0.9 million transition services fee for theAlaskaproperties acquired in August 2007 and a $0.7 millionincreasedallocation to lease operating expense.

CAPITAL INVESTMENTSCapital expenditures for development and other spendingwasapproximately $11 million for the quarter ended June 30, 2008 and$21million for the year to date. The current capital budgetanticipates$45 million activity in the second half of the year and extendingtocompletion of the projects in the first part of 2009, dependinginpart on cash available to fund such programs.EXPLORATION

The Company's exploration efforts are focused on the Corsairprospectin the Cook Inlet Alaska which it plans on drilling beginning inthesecond quarter of 2009. The Company has been granted an extensionbythe State of Alaska until September 29, 2008 to show evidence ofaheavy lift vessel, a necessary requirement to maintain the leasesingood standing. The vessel will be used to transport a jack up rigtothe Cook Inlet for the 2009 drilling season. The Corsair prospectmaycontain as much as 500 Bcf of gas and 100 million barrels ofoil.Pacific Energy currently has 100% working interest in theprospect.It is the intention of the Company to farm out a large portion oftheproject to fund the exploration drilling.

OUTLOOK

Currently we forecast a 2008 production exit rate of 10,000 BOEperday at the end of December 2008, with the increase largely drivenbyincreased production from the Beta Field. This represents a1,000BOE per day reduction from prior communications, reflectingtheimpact of the recently-divested onshore California assets.

GAAP RECONCILIATION

In addition to net income (loss) determined in accordancewithCanadian GAAP, we have provided in this release Adjusted EBITDAforrecent periods. Adjusted EBITDA is a non-GAAP financial measurethatwe use as a supplemental measure of our performance.We define Adjusted EBITDA as net income (loss) fromcontinuingoperations before (i) net interest expense (ii) income taxprovision(benefit), (iii) depreciation, depletion and amortization,(iv)non-cash liquidated damage expense for shares issued for the delayinregistering certain securities and (v) non-cash stockcompensationexpense. Because the use of Adjusted EBITDA facilitatescomparisonsof our historical operating performance on a more consistentbasis,we use this measure for business planning and analysis purposesandin determining how potential external financing sources are likelytoevaluate our business.We present Adjusted EBITDA because we consider it to be animportantsupplemental measure of our performance. Adjusted EBITDA is notameasurement of our financial performance under GAAP and it shouldnotbe considered as an alternative to net income (loss),operatingincome or any other performance measure derived in accordancewithGAAP, as an alternative to cash flow from operating activities orasa measure of our liquidity. You should not assume that theAdjustedEBITDA amount shown is comparable to similarly namedmeasuresdisclosed by other companies.

+-------------------------------------------------------------------+|                      |   |                       |   |      Three ||                      |   |    Three Months Ended |   |     Months ||                      |   |         Jun. 30, 2008 |   |      Ended || Adjusted EBITDA      |   |                       |   |   Mar. 31, || (millions of         |   |                       |   |       2008 || dollars)             |   |                       |   | (restated) ||----------------------+---+-----------------------+---+------------|| Net income (loss)    |   |                       |   |            || from continuing      |   |                       |   |            || operations           | $ |                (24.9) | $ |     (88.7) ||----------------------+---+-----------------------+---+------------|| Income tax expense   |   |                     - |   |          - ||----------------------+---+-----------------------+---+------------|| Depreciation,        |   |                       |   |            || depletion and        |   |                       |   |            || amortization expense |   |                  7.0  |   |        6.4 ||----------------------+---+-----------------------+---+------------|| Interest expense -   |   |                       |   |            || non cash             |   |                   7.1 |   |       12.4 ||----------------------+---+-----------------------+---+------------|| Interest expense -   |   |                       |   |            || cash                 |   |                  17.4 |   |       21.0 ||----------------------+---+-----------------------+---+------------|| Interest expense -   |   |                       |   |            || accelerated non-cash |   |                       |   |            || amortization and     |   |                       |   |            || accretion            |   |                     - |   |       48.4 ||----------------------+---+-----------------------+---+------------|| Interest income      |   |                 (1.5) |   |      (2.2) ||----------------------+---+-----------------------+---+------------|| Liquidated damages   |   |                       |   |            || expense              |   |                   1.4 |   |        1.8 ||----------------------+---+-----------------------+---+------------|| Stock compensation   |   |                       |   |            || expense              |   | 1.9                   |   |        1.3 ||----------------------+---+-----------------------+---+------------|| Adjusted EBITDA      | $ |                   8.4 | $ |        0.4 |+-------------------------------------------------------------------+

CONFERENCE CALL

We will be hosting a conference call on Tuesday, August 19, 2008at1:00 p.m. EST (10:00 am PST). The telephone numbers are 416-641-6140or toll free 866-542-4270.

ABOUT PACIFIC ENERGY RESOURCES LTD.

The Company, based in Long Beach, California, is anindependentenergy company engaged in the acquisition, developmentandexploitation of established producing oil and gas properties intheWestern United States. Additional information, includingsecondquarter (and restated first quarter) 2008 financial statementsandmanagement's discussion and analysis, may be found on SEDARatwww.sedar.com. The Company's website is www.PacEnergy.com.

ON BEHALF OF THE BOARD OF DIRECTORSMr. Darren Katic, PresidentFor further information -Boardmarker GroupT: 403 517 2270E: dean@boardmarker.net

This disclosure contains certain forward-looking statementsthatinvolve substantial known and unknown risks anduncertainties,certain of which are beyond Company's control, including: theimpactof general economic conditions, industry conditions, changes inlawsand regulations including the adoption of new environmental lawsandregulations and changes in how they are interpreted andenforced,increased competition, the lack of availability ofqualifiedpersonnel or management, fluctuations in commodity prices,foreignexchange or interest rates, stock market volatility andobtainingrequired approvals of regulatory authorities. In addition therearerisks and uncertainties associated with oil and gasoperations,therefore Company's actual results, performance or achievementcoulddiffer materially from those expressed in, or implied by,theseforward-looking statements will transpire or occur, or if any ofthemdo so, what benefits which the Company will derive therefrom.Allstatements included in this press release that addressactivities,events or developments that the Company expects, believesoranticipates will or may occur in the future are forward-lookingstatements. These statements include future productionrates,completion and production timetables and costs to complete wells,andproduction facilities. The statements also include expectationsforthe successful negotiation of amendments to its creditfacilities.These statements are based on assumptions made by the Companybasedon its experience perception of historical trends,currentconditions, expected future developments and other factorsitbelieves are appropriate in the circumstances. All statementsrelatedto the Corsair exploration prospect are forward lookingstatementsand are based on the Company's evaluation of previouslydrilledwells, review of seismic data and the work of itsindependentconsultants in evaluating the prospect. Additionally,statementscontained in the "outlook" section contain forwardlookinginformation, and are derived from the expected results fromcapitalprojects underway.

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