LONG BEACH, Calif., Nov. 24, 2005 (PRIMEZONE) -- Pacific Energy Resources Ltd. (TSX-V:PFE.S) is pleased to announce it has filed its financial statements for the third quarter ended September 30, 2005.
Highlights for the quarter are as follows:
Revenue US$ 2,348,660 Production Expenses US$ 964,069 Net income before Income Tax US$ 716,269
Revenue has increased 545% from the previous year's quarter, this due to the March acquisition of the remaining 75% interest in operations located in Southern California from Petrocal Incorporated. Net income was up as well, increasing 704% from US$20,977 to US$168,642. Pacific Energy's Income Statement included an income tax provision in the amount of US$547,027, and also demonstrated positive cash flow of US$458,332.
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.
On Behalf Of The Board Of Directors Of Pacific Energy Resources Ltd.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.