LONG BEACH, Calif., Sept. 1, 2005 (PRIMEZONE) -- Pacific Energy Resources Ltd. (TSX-V:PFE) is pleased to announce it has filed its financial statements for the 2nd Quarter ended June 30, 2005.
Highlights for the quarter are as follows:
Revenue US$1,964,367 Production Expenses US$817,508 Net Income US$470,668
Revenue has increased 443 percent from the previous year's quarter, this due to the March acquisition of the remaining 75 percent interest in operations located in Southern California from Petrocal Incorporated. Net income was up as well, increasing 941 percent from US$45,199 to US$470,668.
The Company had a temporary increase in overhead expenses in 2005, as a result of the added legal and accounting costs associated with the acquisition by the Company of the remaining 75 percent of the California Joint Venture. These expenditures are not expected to continue after the first half of 2005, while production revenue should increase as redevelopment plans progress and crude oil prices remain at historical highs.
About Pacific Energy Resources, Ltd.
Pacific Energy Resources, Ltd. is headquartered in Long Beach, California and is engaged in the acquisition and development of oil and gas properties, primarily in the United States. Pacific Energy currently owns and operates three oil fields in Southern California in the Los Angeles Basin. Additional information relating to Pacific Energy may be found on SEDAR at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.