LONG BEACH, Calif., May 10, 2005 (PRIMEZONE) -- Pacific Energy Resources Ltd. (TSX-V:PFE) has been cease traded May 9, 2005 by the Alberta Securities Commission for failure to file its annual audited financial statements by April 30, 2005.
The Company wishes to advise its shareholders that the Company's audited financial statements for the year ended December 31, 2004 have been delayed due to the recent acquisition of PetroCal, Inc. Despite the fact that the PetroCal acquisition was completed after the Company's year end, new Canadian accounting rules require the Company to prepare a combined financial statement of the merged companies for inclusion as a note to the Company's December 31, 2004 financial statements. The Company and its auditors are working as expeditiously as possible to complete these combined financial statements and expect to file the Company's audited financial statements in short order. It is expected that trading in the company's securities will resume shortly thereafter.
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.