Pacific Energy Resources Ltd. TSX: PFE
Apr 17, 2008 08:30 ET
Pacific Energy Resources Ltd. Successfully Returns Platform Eureka to Production
LONG BEACH, CALIFORNIA--(Marketwire - April 17, 2008) - Pacific Energy Resources Ltd. (TSX:PFE) (the "Company") is pleased to announce that Platform Eureka has been returned to producing status.
Darren Katic, Pacific's President said "We are extremely pleased that after only thirteen months since assuming operations this has been accomplished; we expect this event to have a dramatic effect on the value of the Beta Oil Field and on the Company as a whole."
This first phase of production is expected to yield between 1,000 and 2,000 barrels per day. The Company's current plan is to return the platform to full production in the third quarter 2008. Year-end 2008 production from the Beta Oil Field is projected to be in excess of 7,000 barrels per day (Platform Ellen of 2,600 and Platform Eureka at 4,400).
Under the forecast price scenario, Netherland Sewell & Associates Inc. (NSAI) estimated net Proved Reserves of 18,360,000 barrels oil as of Dec 31, 2007 for the Unit. It also estimated 10,640,000 barrels of net Probable oil reserves (net Proved & Probable Reserves of 29,000,000 barrels), and 30,150,000 barrels of net Possible oil reserves. These reserve estimates are in accordance with the requirements of Canadian National Instrument 51-101 - Standards of Disclosure for Oil & Gas Activities and the Canadian Oil & Gas Evaluation Handbook (COGEH). Additional information and images of the Company assets including the Beta Oil Field can be viewed on the Company web site at: www.pacenergy.com.
About Pacific Energy Resources Ltd.
The Corporation 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 Corporation may be found on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
PACIFIC ENERGY RESOURCES LTD.
Mr. Darren Katic, President
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond Corporation'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 risks and uncertainties associated with oil and gas operations, therefore Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, which the Corporation will derive therefrom. All statements included in this press release that address activities, events or developments that the Corporation expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include future production rates, completion and production timetables and costs to complete wells, and production facilities. These statements are based on assumptions made by the Corporation based on its experience perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
For more information, please contact
Boardmarker Group
(403) 517-2270
Email: dean@boardmarker.net
