LONG BEACH, Calif., Aug. 17, 2006 (PRIMEZONE) -- Pacific Energy Resources Ltd. (TSX:PFE) (the "Company") is pleased to announce it has added three key individuals to its management team to assist in the expanding operations created through the acquisition of Carneros Energy Inc. ("Carneros"), and its pending acquisition of the Beta Oil Field in offshore California.
The Company has added the following individuals to its management team:
Jeevan Anand, Chief Operating Officer & Executive Vice President
Mr. Anand completed a Masters of Science in Petroleum Engineering from University of California, Berkeley in 1971 and a Masters of Business Administration from University of California, Los Angeles in 1991. In addition, Mr. Anand has taken extensive courses in Petroleum Engineering, Operations Research & Economics at University of Southern California, Los Angeles. Mr. Anand is a Registered Petroleum Engineer in the State of California. Mr. Anand has over 30 years of experience in the oil & gas industry. For 20 years, Mr. Anand worked for Southern California Gas Company, the largest gas utility company in the world, which operated oil & gas fields & gas storage fields in Southern California. He has worked as a Production Engineer, Drilling Engineer and Reservoir Engineer and has managed oil & gas organizations as Pipeline Manager, Drilling & Workover Manager & Division Manager. From 1995 to 2005, Mr. Anand worked as an independent consultant, managing small & large projects with various companies. Among his clients were major oil producers, such as Chevron, Texaco, Mobil, Occidental and Pennsoil; and independents such as BreitBurn Energy (Provident Energy Trust), Duke Energy, Petroleum Development Corporation, Samedan Oil, and Stocker Resources (now Plains Resources). Mr. Anand has appeared as an expert witness before regulatory agencies and legal entities.
Mr. Anand joined Pacific Energy in February 2005 as a Consultant and since that time has been responsible for all operations of the Company.
John Rainwater, Executive Vice President
Mr. Rainwater was President & Chief Executive Officer of Carneros Energy, Inc. at the time of purchase of Carneros by Pacific Energy. He was a co-founder of Carneros in May 2001. Mr. Rainwater has been in the oil and gas exploration and production business since 1974. He has served as an officer and director of both public and private companies including Gothic Energy Corporation (NASDAQ), Energy Exchange Corporation (NYSE) and Adobe Oil International (AMEX). He graduated Magna Cum Laude from University of Tulsa with a BS in Economics and an MBA.
Mickey Wiesinger, Chief Financial Officer
Mr. Wiesinger was Chief Financial Officer for Carneros Energy Inc. at the time of purchase of Carneros by Pacific Energy. He received a BBA in Accounting from Texas A&M University, a MBA from University of Phoenix and is a CPA. He is a member of the Board of Directors of the Petroleum Accounting Society of California. He served on the Tax Committee of the Independent Producers Association of America for several years. The first ten years of his career, Mr. Wiesinger worked for The Superior Oil Company. During his tenure with Superior, he served in various capacities in Houston, Lafayette, and internationally. After Superior he served as Controller and then Vice President of Ferguson & Bosworth and successor companies in Houston and Bakersfield, California.
Pacific Energy welcomes these individuals to our management team, and looks forward to continued expansion and development of oil and gas operations in California and Wyoming. The Company would also like to announce the resignation of Jerett Creed as Chief Financial Officer. We thank Mr. Creed for his time and dedication in the development of the Company, and wish him well in his future endeavors.
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.
Mr. Darren Katic, President Boardmarker Group (310) 200-8814 (403) 517-2270 dkatic@pacenergy.com ir@boardmarket.net www.pacenergy.com www.boardmarker.net
This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results, are based on current expectations or beliefs and include, but are not limited to, statements concerning the timing, terms and amounts of the planned private placement and credit facility. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Corporation uses words such as "continue," "efforts," "expect," "believe," "anticipate," "confident," "intend," "strategy," "plan," "will," "estimate," "project," "goal," "target," "prospects," "optimistic" or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the parties' ability to satisfy conditions precedent to the proposed transactions, including without limitation, obtaining regulatory and stockholder approval, the Corporation's ability to meet its obligations under its existing and anticipated contractual obligations, the impact of changes in market conditions and the Corporation's business environment, including actions of competitors; the occurrence of acts of terrorism or acts of war; changes in governmental laws and regulations, including income and other taxes; and other factors as may be discussed in the documents filed by the Corporation on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Corporation undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.