Pacific Energy Resources Audited Financial Statements Filed


LONG BEACH, Calif., May 18, 2005 (PRIMEZONE) -- Pacific Energy Resources Ltd. (TSX-V:PFE) is pleased to announce it has filed its audited financial statements for the year ended December 31, 2004. These financial statements were delayed due to the acquisition of PetroCal Inc., its partner in oil and gas properties in the Los Angeles Basin of California. This acquisition brings Pacific Energy's interest in these properties to 100%, and positions the company to benefit wholly from additional development and production. It is expected that trading in the company's securities will resume shortly after receipt of documents with the applicable securities commissions.

Pacific Energy recorded net loss of $106,696 ($0.01 cent per share) for the year ended December 31, 2004, which compares with net loss of $1,626,241 ($0.20 cents per share) for the year ended December 31, 2003. Revenue increased to $1,545,838 compared to $1,207,845.

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.

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


            

Tags


Contact Data