Document:

<PAGE>

EXHIBIT 4.18

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST
NOT TRADE THE SECURITY OR THE COMMON SHARES ISSUABLE ON EXERCISE OF THIS
SECURITY BEFORE MARCH 30, 2007.

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("U.S. SECURITIES
ACT"), OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS WARRANT MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED,
HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE U.S. SECURITIES ACT OR PURSUANT TO AN EXEMPTION THEREFROM.

                   -------------------------------------------

                          PACIFIC ENERGY RESOURCES LTD.

             (Incorporated under the laws of the State of Delaware)

No.
    -----------

                             STOCK PURCHASE WARRANT

         This Stock Purchase Warrant certifies that, for value received,
[HOLDER LISTED ON AN ATTACHMENT HERETO] (the "HOLDER"), or its registered
assigns, is entitled to purchase from Pacific Energy Resources Ltd., a company
incorporated under the laws of the State of Delaware (the "COMPANY"), at any
time or from time to time during the period specified in SECTION 3 hereof,
[NUMBER LISTED UNDER HOLDER'S NAME IN ROW A ON ATTACHMENT HERETO] fully paid and
nonassessable shares of the Company's common stock, $0.0001 par value per share
("COMMON STOCK") at an exercise price per share of CAD$1.42 (the "EXERCISE
PRICE").

         This Warrant, together with all warrants issued upon transfer, exchange
or in replacement hereof pursuant to SECTION 8 hereof (collectively, the
"WARRANTS"), is issued pursuant to, and is subject to all terms, provisions, and
conditions contained in, that certain Warrant Purchase Agreement, dated November
30, 2006 (the "PURCHASE AGREEMENT"), by and among the Company and the Holder.
Terms used but not defined herein shall have the respective meanings assigned to
such terms in the Purchase Agreement.

         The shares of Common Stock purchasable hereunder shall vest upon each
advancement of funds to the Company pursuant to the Credit Agreement (the date
of each such advancement is herein called the "ADVANCEMENT DATE"). The number of
shares of Common Stock that will vest on each Advancement Date shall equal
(A)(i) the amount of funds advanced to the Company pursuant to the Credit
Agreement on such Advancement Date, divided by (ii) 70,000,000, multiplied by
(B)(i) the number of shares of Common Stock outstanding on such Advancement Date
(determined on a fully-diluted basis) multiplied by (ii) [NUMBER LISTED UNDER
HOLDER'S NAME IN ROW B ON AN ATTACHMENT HERETO]. In no event shall the number of
shares of Common Stock purchasable hereunder that will

<page>

vest on any Advancement Date, when added to the number of shares of Common Stock
purchasable hereunder that have vested prior to such Advancement Date and the
number of shares of Common Stock purchasable pursuant to any Warrant issued
pursuant to Section 2.2(b) of the Purchase Agreement, exceed [NUMBER LISTED
UNDER HOLDER'S NAME IN ROW C ON AN ATTACHMENT HERETO]% of the number of shares
of Common Stock outstanding (determined on a fully-diluted basis) on such
Advancement Date.

         The term "WARRANT SHARES", as used herein, refers to the shares of
Common Stock purchasable hereunder that have vested pursuant to the preceding
paragraph.

         The Warrant Shares and the Exercise Price of Warrant Shares are subject
to adjustment as provided in SECTION 5 hereof.

         This Warrant is subject to the following additional terms, provisions,
and conditions:

         1. MANNER OF EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES.
Subject to the provisions hereof, this Warrant may be exercised by the Holder
hereof, in whole or in part, by the surrender of this Warrant, together with a
completed Exercise Agreement in the form attached hereto, to the Company during
normal business hours on any business day at the Company's principal office in
Long Beach, California (or such other office or agency of the Company as it may
designate by notice to the Holder hereof), during the Exercise Period (as
defined in SECTION 3), and upon payment to the Company of the Exercise Price for
the Warrant Shares specified in said Exercise Agreement, which such payment
shall be made (a) in cash or by bank check for all Warrant Shares purchased
hereunder, (b) through a "cashless" or "net-issue" exercise of each such Warrant
("CASHLESS EXERCISE"), or (c) any combination of the foregoing. If the Holder
desires to exercise this Warrant by means of a Cashless Exercise, (i) the Holder
shall exchange this Warrant for that number of Warrant Shares determined by
multiplying the number of Warrant Shares issuable on such exercise by a
fraction, the numerator of which shall be the difference between (x) the Market
Price per Warrant Share and (y) the Exercise Price, and the denominator of which
shall be the Market Price per Warrant Share, and (ii) the Exercise Agreement
shall set forth the calculation upon which the Cashless Exercise is based. The
Company shall not be required to issue fractional Warrant Shares upon any
exercise of the Warrant, but instead shall pay to the Holder of this Warrant the
cash value of any such fractional Warrant Shares. The Warrant Shares so
purchased shall be deemed to be issued to the Holder hereof or their designees
as the record owner of such shares as of the close of business on the date on
which this Warrant shall have been surrendered, the completed Exercise Agreement
delivered, and payment made for such shares as aforesaid. Certificates for the
Warrant Shares so purchased, representing the aggregate number of shares
specified in said Exercise Agreement, shall be delivered to the Holder hereof
within a reasonable time, not exceeding ten business days, after this Warrant
shall have been so exercised. The certificates so delivered shall be in such
denominations as may be reasonably requested by the Holder hereof, shall, unless
the Warrant Shares evidenced by such certificate (i) have previously been
registered under the Securities Act of 1933, as amended (the "SECURITIES ACT"),
or (ii) are issued more than four months and a day after the date of this
Warrant, be imprinted with restrictive legends substantially similar to the
legends appearing on the face of this Warrant, as applicable, and shall be
registered in the name of said Holder or such other name as shall be designated
by said Holder. The Company shall pay all taxes and other expenses and charges
payable in connection with the preparation, execution, and delivery of stock
certificates pursuant to this SECTION 1 except that, in case such stock
certificates shall be registered in a name or names other than the Holder of
this Warrant, funds sufficient to pay all stock transfer taxes which shall be
payable in connection with the execution and delivery of such stock certificates
shall be paid by the Holder hereof to the Company at the time of the delivery of
such stock certificates by the Company as mentioned above.

                                       -2-

<page>

         2. LIMITATION ON NUMBER OF SHARES ISSUABLE. Notwithstanding anything
contained herein to the contrary, while the Common Stock is traded on the
Toronto Stock Exchange, the rights represented by this Warrant shall not be
exercisable by the Holder and the Company shall not give effect to any such
exercise, if and solely to the extent that after giving effect to such exercise,
the Holder, together with any person or company acting jointly or in concert
with the Holder with respect to the voting of voting securities of the Company,
would in the aggregate directly or indirectly own or exercise control or
direction over the voting of that number of voting securities of the Company
(not including shares subject to a warrant as to which no notice of exercise and
corresponding payment has been delivered) that is 19.99% or greater of the total
issued and outstanding voting securities of the Company after giving effect to
such exercise.

         3. PERIOD OF EXERCISE. With respect to each Warrant Share, this Warrant
is exercisable at any time or from time to time during the period commencing on
the date such Warrant Share vested and ending on the date which is five years
from the date such Warrant Share vested (the "EXERCISE PERIOD").

         4. CERTAIN ACTIONS PROHIBITED. The Company will not, by amendment of
certificate of incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities, or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed by it hereunder, but will at all times in
good faith assist in the carrying out of all the provisions of this Warrant and
in the taking of all such action as may reasonably be requested by the holder of
this Warrant in order to protect the exercise privilege of the holder of this
Warrant against dilution or other impairment, consistent with the tenor and
purpose of this Warrant.

         Without limiting the generality of the foregoing,

                  (i) the Company will not increase the par value of the shares
         of Common Stock receivable upon the exercise of this Warrant above the
         Exercise Price then in effect;

                  (ii) before taking any action which would cause an adjustment
         reducing the Exercise Price below the then par value of the shares of
         Common Stock so receivable, the Company will take all such corporate
         action as may be necessary or appropriate in order that the Company may
         validly and legally issue fully paid and nonassessable shares of Common
         Stock at such adjusted Exercise Price upon the exercise of this
         Warrant; and

                  (iii) the Company will not take any action which results in
         any adjustment of the Exercise Price if the total number of shares of
         Common Stock issuable after the action upon the exercise of this
         Warrant would exceed the total number of shares of Common Stock then
         authorized by the Company's charter and available for other the purpose
         of issue upon such exercise.

                                       -3-

<page>

         5. ANTI-DILUTION PROVISIONS. Subject to approval by the Toronto Stock
Exchange at the time of any such adjustment if the Common Stock is then traded
on the Toronto Stock Exchange, the Exercise Price shall be subject to adjustment
from time to time as provided in this SECTION 5. Upon each adjustment of the
Exercise Price, the holder of this Warrant shall thereafter be entitled to
purchase, at the Exercise Price resulting from such adjustment, the largest
number of Warrant Shares obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares purchasable
hereunder immediately prior to such adjustment and dividing the product thereof
by the Exercise Price resulting from such adjustment. For purposes of this
SECTION 5, the term "CAPITAL STOCK", as used herein, includes the Common Stock
and any additional class of stock of the Company having no preference as to
dividends or distributions on liquidation which may be authorized in the future
by an amendment to the Company's charter, provided that the shares purchasable
pursuant to this Warrant shall include only shares of Common Stock, or shares
resulting from any subdivision or combination of the Common Stock, or in the
case of any reorganization, reclassification, consolidation, merger, or sale of
the character referred to in this SECTION 5, the stock or other securities or
property provided for in this SECTION 5.

         (a) ADDITIONAL ISSUANCES OF CAPITAL STOCK.

                  (i) If the Company at any time after the date hereof shall
         issue shares of Capital Stock, options to repurchase or rights to
         subscribe for Capital Stock, securities by their terms convertible into
         or exchangeable for Capital Stock, or options to purchase or rights to
         subscribe for such convertible or exchangeable securities without
         consideration or for consideration per share less than the Exercise
         Price per share of Common Stock in effect immediately prior to the
         issuance of such Capital Stock or securities, then the Exercise Price
         shall be adjusted to a price (calculated to the nearest .001 of a cent)
         determined by multiplying the Exercise Price in effect immediate prior
         to such event by a fraction:

                           (A) the numerator of which shall be the sum of (1)
                  the number of shares of Capital Stock Outstanding on a
                  fully-diluted basis immediately prior to such issuance and (2)
                  the number of additional shares of Capital Stock which the
                  aggregate consideration for the number of shares of Capital
                  Stock so offered would purchase at the Exercise Price in
                  effect immediately prior to such issuance, and

                           (B) the denominator of which shall be the number of
                  shares of Capital Stock outstanding on a fully-diluted basis
                  immediately after such issuance.

                  (ii) In the case of the issuance of Capital Stock, options to
         purchase or rights to subscribe for Capital Stock, securities by their
         terms convertible into or exchangeable for Capital Stock, or options to
         purchase or rights to subscribe for such convertible or exchangeable
         securities for a consideration in whole or in part other than cash, the
         consideration other than cash shall be deemed to be the Market Price of
         the non-cash consideration.

                                       -4-

<page>

                  (iii) In the case of the issuance of options to purchase or
         rights to subscribe for Capital Stock, securities by their terms
         convertible into or exchangeable for Capital Stock, or options to
         purchase or rights to subscribe for such convertible or exchangeable
         securities:

                           (A) the aggregate maximum number of shares of Capital
                  Stock that potentially may be deliverable upon exercise of
                  such options to purchase or rights to subscribe for Capital
                  Stock at any time during the term thereof shall be deemed to
                  have been issued at the time such options or rights were
                  issued and for a consideration equal to the consideration
                  (determined in the manner provided in clause (ii) above), if
                  any, received by the Company upon the issuance of such options
                  or rights plus the minimum purchase price provided in such
                  options or rights for the Capital Stock covered thereby;

                           (B) the aggregate maximum number of shares of Capital
                  Stock that potentially may be deliverable upon conversion of
                  or in exchange for any such convertible or exchangeable
                  securities or upon the exercise of options to purchase or
                  rights to subscribe for such convertible or exchangeable
                  securities and subsequent conversion or exchange thereof at
                  any time during the term thereof shall be deemed to have been
                  issued at the time such securities, options, or rights were
                  issued and for a consideration equal to the consideration
                  received by the Company for any such securities and related
                  options or rights (excluding any cash received on account of
                  accrued interest or accrued dividends), plus the additional
                  consideration, if any, to be received by the Company upon the
                  conversion or exchange of such securities or the exercise of
                  any related options or rights (the consideration in each case
                  to be determined in the manner provided in CLAUSE (II) above);

                           (C) on any increase in the number of shares or
                  decrease in the effective exercise or conversion price of
                  Capital Stock deliverable upon exercise of any such options,
                  rights or securities or conversions of or exchanges of such
                  securities, excluding any change resulting from the
                  antidilution provisions thereof, the Exercise Price shall
                  forthwith be readjusted to such Exercise Price as would have
                  been obtained had the adjustment made upon the issuance of
                  such options, rights or securities not converted prior to such
                  change or options or rights related to such securities not
                  converted prior to such change been made upon the basis of
                  such change; and

                           (D) no further adjustment of the Exercise Price
                  adjusted upon the issuance of any such options, rights,
                  convertible securities or exchangeable securities shall be
                  made as a result of the actual issuance of Capital Stock on
                  the exercise of any such rights or options or any conversion
                  or exchange of any such securities.

                  (iv) For the purposes of this SECTION 5(a), any issuance of
         shares pursuant to Section 1(c) of the Registration Rights Agreement by
         and among the Company, each subscriber thereunder, D&D Securities
         Company, Energy Capital Solutions, LLC, Octagon Capital Corporation,
         and the holders of the Lender Warrants, as defined therein, shall be
         deemed an issuance of Capital Stock for which no consideration was
         received.

                                       -5-

<page>

         (b) ACQUISITIONS OF CAPITAL STOCK. If the Company or any Subsidiary
shall, at any time after the date hereof, directly or indirectly, redeem,
purchase, or otherwise acquire any shares of Capital Stock, options to purchase
or rights to subscribe for Capital Stock, securities by their terms convertible
into or exchangeable for Common Stock, or options to purchase or rights to
subscribe for such convertible or exchangeable securities, for consideration per
share (plus, in the case of such options, rights, or securities, the additional
consideration required to be paid to the Company upon exercise, conversion or
exchange) greater than the Market Price per share of Capital Stock immediately
prior to such event, then the Exercise Price shall be adjusted to a price
(calculated to the nearest .001 of a cent) determined by multiplying the
Exercise Price in effect immediate prior to such event by a fraction:

                  (i) the numerator of which shall be the result obtained by
         dividing (A)(1) the product of (x) the number of shares of Capital
         Stock outstanding on a fully-diluted basis and (y) the Market Price per
         share of Capital Stock, in each case immediately prior to such event,
         minus (2) the aggregate consideration paid by the Company in such event
         (plus, in the case of options, rights, or convertible or exchangeable
         securities, the aggregate additional consideration required to be paid
         to the Company upon exercise, conversion, or exchange), by (B) the
         number of shares of Common Stock outstanding on a fully-diluted basis
         immediately after such event, and

                  (ii) the denominator of which shall be Market Price per share
         of Capital Stock immediately prior to such event.

         (c) SUBDIVISIONS AND COMBINATIONS. If at any time the Company shall (i)
subdivide the outstanding shares of Capital Stock into a greater number of
shares, or (ii) combine the outstanding shares of Capital Stock into a smaller
number of shares, the Exercise Price in effect immediately prior thereto shall
be adjusted proportionately so that the adjusted Exercise Price shall bear the
same relation to the Exercise Price in effect immediately prior to such event as
the total number of shares of Capital Stock outstanding immediately prior to
such event shall bear to the total number of shares of Capital Stock outstanding
immediately after such event. Such adjustment shall become effective immediately
after the effective date of a subdivision or combination.

         (d) STOCK DIVIDENDS. If the Company at any time after the date hereof
shall declare, order, pay or make any dividend or other distribution to all
holders of the Capital Stock payable in Capital Stock, then in each such case,
subject to SECTION 5(g) hereof, the Exercise Price in effect immediately prior
to the close of business on the record date fixed for the determination of
holders of any class of securities entitled to receive such dividend or
distribution shall be reduced to a price (calculated to the nearest .001 of a
cent) determined by multiplying such Exercise Price by a fraction:

                  (i) the numerator of which shall be the number of shares of
         Capital Stock outstanding immediately prior to such dividend or
         distribution, and

                                       -6-

<page>

                  (ii) the denominator of which shall be the number of shares of
         Capital Stock outstanding immediately after such dividend or
         distribution.

         Such adjustment shall be made on the date such dividend is paid or such
distribution is made and shall become effective retroactive to the record date
for the determination of shareholders entitled to receive such dividend or
distribution.

         (e) DIVIDENDS OTHER THAN STOCK DIVIDENDS. If the Company at any time
after the date hereof shall declare, order, pay or make any dividend or other
distribution to all holders of the Capital Stock, other than a dividend payable
in shares of Capital Stock (including, without limitation, dividends or
distributions payable in cash, evidences of indebtedness, rights, options or
warrants to subscribe for or purchase any Capital Stock or other securities, or
any other securities or other property), then, and in each such case, the Holder
may elect to either (i) receive a dilution fee from the Company in an amount
(whether in the form of cash or other property) equal to the amount (and in the
form) of the dividends or distribution that such Holder would have received had
the Warrant been exercised as of the date immediately prior to the record date
for such dividend or distribution, with the dilution fee to be payable on the
same payment date established by the Company for the payment of such dividend or
distribution, or (ii) subject to SECTION 5(g) hereof, have the Exercise Price in
effect immediately prior to the close of business on the record date fixed for
the determination of holders of any class of securities entitled to receive such
dividend or distribution reduced to a price (calculated to the nearest .001 of a
cent) determined by multiplying such Exercise Price by a fraction:

                  (i) the numerator of which shall be the Market Price in effect
         on such record date or, if any class of Capital Stock trades on an
         ex-dividend basis, the trading date immediately prior to the date of
         commencement of ex-dividend trading, less the value of such dividend or
         distribution (as determined in good faith by the board of directors of
         the Company) applicable to one share of Capital Stock, and

                  (ii) the denominator of which shall be such Market Price on
         such record date or, if any class of Capital Stock trades on an
         ex-dividend basis, the trading date immediately prior to the date of
         commencement of ex-dividend trading.

         Such adjustment shall be made on the date such dividend is paid or such
distribution is made and shall become effective retroactive to the record date
for the determination of shareholders entitled to receive such dividend or
distribution.

         (f) DEFINITION OF MARKET PRICE.

                  (i) "MARKET PRICE" means, as to any security, the Twenty Day
         Average of the average closing prices of such security's sales on all
         domestic or Canadian securities exchanges on which such security may at
         the time be listed, or, if there have been no sales on any such
         exchange on any day, the average of the highest bid and lowest asked
         prices on all such exchanges at the end of such day, or, if on any day
         such security is not so listed, the average of the highest bid and
         lowest asked prices on such day in the domestic or Canadian
         over-the-counter market as reported by the National Quotation Bureau,

                                       -7-

<page>

         Incorporated, or any similar or successor organization (and in each
         such case excluding any trades that are not bona fide, arm's length
         transactions). If at any time such security is not listed on any
         domestic or Canadian securities exchange or quoted on the domestic
         over-the-counter market, the Market Price of such security shall be the
         fair market value thereof as determined in accordance with the
         Appraisal Procedure, using any appropriate valuation method, assuming
         an arms-length sale to an independent party. "MARKET PRICE" means, with
         respect to property other than securities, the fair market value
         determined in accordance with the Appraisal Procedure.

                  (ii) As used in the definition of Market Price, the term
         "TWENTY DAY AVERAGE" means the average of such prices over the twenty
         trading days ending on the Business Day immediately prior to the day as
         of which Market Price is being determined.

                  (iii) As used in the definition of Market Price, the term
         "APPRAISAL PROCEDURE" means the following procedure to determine the
         fair market value, as to any security, for purposes of the definition
         of Market Price or the fair market value, as to any other property (in
         either case, the "VALUATION AMOUNT"). The Valuation Amount shall be
         determined in good faith jointly by the Company and the Holder;
         provided, however, that if such parties are not able to agree on the
         Valuation Amount within a reasonable period of time (not to exceed 20
         Business Days), the Valuation Amount shall be determined by an
         investment banking firm of national reputation, which firm shall be
         reasonably acceptable to the Company and the Holder. If the Company and
         the Holder are unable to agree upon an acceptable investment banking
         firm within ten days after the date either party proposed that one be
         selected, the investment banking firm will be selected by an arbitrator
         located in New York City, New York, selected by the American
         Arbitration Association (or if such organization ceases to exist, the
         arbitrator shall be chosen by a court of competent jurisdiction). The
         arbitrator shall select the investment banking firm (within ten days of
         his appointment) from a list, jointly prepared by the Company and the
         Holder, of not more than six investment banking firms of national
         reputation in the United States, of which no more than three may be
         named by the Company and no more than three may be named by the Holder.
         The arbitrator may consider, within the ten-day period allotted,
         arguments from the parties regarding which investment banking firm to
         choose, but the selection by the arbitrator shall be made in its sole
         discretion from the list of six. The Company and the Holder shall
         submit their respective valuations and other relevant data to the
         investment banking firm, and the investment banking firm shall, within
         thirty days of its appointment, make its own determination of the
         Valuation Amount. The determination of the final Valuation Amount by
         such investment banking firm shall be final and binding upon the
         parties. The Company shall pay all of the fees and expenses of the
         investment banking firm and arbitrator (if any) used to determine the
         Valuation Amount. If required by any such investment banking firm or
         arbitrator, the Company shall execute a retainer and engagement letter
         containing reasonable terms and conditions, including, without
         limitation, customary provisions concerning the rights of
         indemnification and contribution by the Company in favor of such
         investment banking firm or arbitrator and its officers, directors,
         partners, employees, agents and Affiliates.

         (g) MINIMUM ADJUSTMENT OF EXERCISE PRICE. If the amount of any
adjustment of the Exercise Price required pursuant to this SECTION 5 would be
less than one percent (1%) of the Exercise Price in effect at the time such
adjustment is otherwise so required to be made, such amount shall be carried
forward and adjustment with respect thereto made at the time of and together
with any subsequent adjustment which, together with such amount and any other
amount or amounts so carried forward, shall aggregate at least one percent (1%)
of such Exercise Price; provided that, upon the exercise of this Warrant, all
adjustments carried forward and not theretofore made up to and including the
date of such exercise shall, with respect to the portion of this Warrant then
exercised, be made to the nearest .001 of a cent.

                                       -8-

<page>

         (h) FUNDAMENTAL CHANGE TRANSACTION. In case at any time after the date
hereof a purchase, tender, or exchange offer shall have been made to and
accepted by the holders of more than 50% of the outstanding shares of Capital
Stock, or the Company is otherwise a party to any transaction (including,
without limitation, a merger, consolidation, sale of all or substantially all
the Company's assets, liquidation, or recapitalization of the Capital Stock)
which is to be effected in such a way that as a result of such transaction or
offer (x) the holders of Common Stock (or any other securities of the Company
then issuable upon the exercise of this Warrant) shall be entitled to receive
stock or other securities or property (including cash) with respect to or in
exchange for Common Stock (or such other securities), or (y) the Capital Stock
ceases to be a publicly traded security either listed on the Toronto Stock
Exchange, any United States securities exchange, or any successor thereto or
comparable system (each such transaction being herein called a "FUNDAMENTAL
CHANGE TRANSACTION"), then, as a condition of such Fundamental Change
Transaction, lawful and adequate provision shall be made whereby the holder of
this Warrant shall thereafter have the right to purchase and receive upon the
basis and upon the terms and conditions specified in this Warrant, and in lieu
of the shares of Common Stock (or such other securities) purchasable immediately
before such transaction upon the exercise hereof, such stock or other securities
or property (including cash) as may be issuable or payable with respect to or in
exchange for a number of outstanding shares of Common Stock (or such other
securities) equal to the number of shares of Common Stock (or such other
securities) purchasable immediately before such transaction upon the exercise
hereof, had such Fundamental Change Transaction not taken place. In any such
case appropriate provision shall be made with respect to the rights and
interests of the holder of this Warrant to the end that the provisions hereof
(including, without limitation, the provisions for adjustments of the Exercise
Price and of the number of Warrant Shares purchasable upon exercise hereof)
shall thereafter be applicable, as nearly as reasonably may be, in relation to
the stock or other securities or property thereafter deliverable upon the
exercise hereof (including an immediate adjustment of the Exercise Price if by
reason of or in connection with such Fundamental Change Transaction any
securities are issued or event occurs which would, under the terms hereof,
require an adjustment of the Exercise Price). In the event of a consolidation or
merger of the Company with or into another corporation or entity as a result of
which a greater or lesser number of shares of Common Stock of the surviving
corporation or entity are issuable to holders of Capital Stock in respect of the
number of shares of Capital Stock outstanding immediately prior to such
consolidation or merger, then the Exercise Price in effect immediately prior to
such consolidation or merger shall be adjusted in the same manner as though
there were a subdivision or combination of the outstanding shares of Capital
Stock. The provisions of this SECTION 5(h) shall similarly apply to successive
Fundamental Change Transactions. The Company shall not effect any such
Fundamental Change Transaction unless prior to or simultaneously with the
consummation thereof the successor corporation or entity (if other than the
Company) resulting from such consolidation or merger or the corporation or
entity purchasing such assets and any other corporation or entity the shares of
stock or other securities or property of which are receivable thereupon by the
holder of this Warrant shall expressly assume, by written instrument executed
and delivered (and satisfactory in form to the initial Holder of this Warrant)
to the holder of this Warrant, (i) the obligation to deliver to such holder such
stock or other securities or property as, in accordance with the foregoing
provisions, such holder may be entitled to purchase and (ii) all other
obligations of the Company hereunder.

                                       -9-

<page>

         (i) NOTICE OF ADJUSTMENT. Upon the occurrence of any event requiring an
adjustment of the Exercise Price, then and in each such case, the Company shall
promptly deliver to the holder of this Warrant a notice stating the Exercise
Price resulting from such adjustment and the increase or decrease, if any, in
the number of shares of Common Stock issuable upon exercise of this Warrant,
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based. Within 90 days after each fiscal year in which
any such adjustment shall have occurred, or within 30 days after any request
therefor by the holder of this Warrant stating that such holder contemplates
exercise of this Warrant, the Company will deliver to the holder of this Warrant
a certificate of the Company's chief financial officer confirming the statements
in the most recent notice delivered under this SECTION 5(i).

         (j) OTHER NOTICES. In case at any time:

                  (i) the Company shall declare or pay to all the holders of
         Capital Stock any dividend (whether payable in Capital Stock, cash,
         securities or other property);

                  (ii) the Company shall offer for subscription pro rata to all
         the holders of Capital Stock any additional shares of stock of any
         class or other rights;

                  (iii) there shall be any capital reorganization, or
         reclassification of the Capital Stock of the Company, or consolidation
         or merger of the Company with, or sale of all or substantially all its
         assets to, another corporation or other entity;

                  (iv) there shall be a voluntary or involuntary dissolution,
         liquidation, or winding-up of the Company; or

                  (v) there shall be any other Fundamental Change Transaction;

then, in any one or more of such cases, the Company shall give to the holder of
this Warrant (a) at least 15 days prior to any event referred to in CLAUSE (i)
or (ii) above, at least 30 days prior to any event referred to in CLAUSE (iii),
(iv), or (v) above, written notice of the date on which the books of the Company
shall close or a record shall be taken for such dividend, distribution, or
subscription rights or for determining rights to vote in respect of any such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation, winding-up, or transaction and (b) in the case of any such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation, winding-up, or transaction known to the Company, at least 30 days
prior written notice of the date (or, if not then known, a reasonable
approximation thereof by the Company) when the same shall take place. Such
notice in accordance with the foregoing CLAUSE (a) shall also specify, in the
case of any such dividend, distribution, or subscription rights, the date on
which such holders of Capital Stock shall be entitled thereto, and such notice
in accordance with the foregoing CLAUSE (b) shall also specify the date on which
such holders of Capital Stock shall be entitled to exchange their Capital Stock
for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation,
winding-up, or transaction, as the case may be. Such notice shall also state
that the action in question or the record date is subject to the effectiveness
of a registration statement under the Securities Act and applicable securities
laws of the provinces of Canada, or to a favorable vote of security holders, if
either is required.

                                      -10-

<page>

         (k) CERTAIN EVENTS. If any event occurs as to which, in the good faith
judgment of the board of directors of the Company, the other provisions of this
SECTION 5 are not strictly applicable or if strictly applicable would not fairly
protect the exercise rights of the holder of this Warrant in accordance with the
essential intent and principles of such provisions, then the board of directors
of the Company shall make such adjustment, if any, on a basis consistent with
such essential intent and principles, necessary to preserve, without dilution,
the rights of the holder of this Warrant; provided that no such adjustment shall
have the effect of increasing the Exercise Price as otherwise determined
pursuant to this Section 5 (except for an event that is similar in nature to a
share consolidation).

         (l) CHANGES IN SECURITIES. Notwithstanding any provision in this
SECTION 5 to the contrary and without limitation to any other provision
contained in this SECTION 5, in the event any securities of the Company are
amended, modified or otherwise altered by operation of its terms or otherwise in
any manner whatsoever (including through the anti-dilution provisions thereof)
that results in (i) the reduction of the effective exercise, conversion or
exchange price of such securities payable upon the exercise for, or conversion
or exchange into, Common Stock or other securities exercisable for, or
convertible or exchangeable into, Common Stock and/or (ii) such securities
becoming exercisable for, or convertible or exchange into (A) more shares or
dollar amount of such securities which are, in turn exercisable for, or
convertible or exchangeable into, Common Stock, or (B) more shares of Common
Stock, then such amendment, modification or other alteration shall be treated
for purposes of SECTION 5 as if the securities which have been amended, modified
or altered had never been issued and new securities have been issued with the
amended or modified terms. The Company shall make all necessary adjustments
(including successive adjustments if required) to the Exercise Price in
accordance with SECTION 5 but in no event shall the Exercise Price be greater
than it was immediately prior to the application of this SECTION 5(1) to the
amendment, modification or alteration in question.

         (m) EXCEPTIONS. Notwithstanding anything to the contrary, SECTION 5
shall not apply to the issuance and/or exercise of options to purchase shares of
Common Stock granted to employees, consultants, or directors of the Company
pursuant to the Company's 2006 Share Option Plan in the ordinary course of
business, not to exceed ten percent of the Company's total issued and
outstanding shares of Common Stock on a fully-diluted basis at any given time.

         (n) INDEPENDENT APPLICATION. Except as otherwise provided herein, all
subsections of this SECTION 5 are intended to operate independently of one
another (but without duplication). If an event occurs that requires the
application of more than one subsection, all applicable subsections shall be
given independent effect without duplication.

                                      -11-

<page>

         (o) NO DILUTION. If any event shall occur as to which the provisions of
this SECTION 5 are not strictly applicable but the failure to make any
adjustment would adversely affect the purchase rights represented by the Warrant
in accordance with the essential intent and principles of such Section
(including, without limitation, the issuance of securities other than Common
Stock which have the right to participate in distributions to the holders of
Common Stock, the granting of "phantom stock" rights or "stock appreciation
rights"), then, in each such case, the Company shall, upon the request of any
Holder, appoint an investment banking firm of recognized national standing, or
any other financial expert that does not (or whose directors, officers,
employees, affiliates or stockholders do not) have a direct or material indirect
financial interest in the Company or any of its subsidiaries, who has not been,
and, at the time it is called upon to give independent financial advice to the
Company, is not (and none of its directors, officers, employees, affiliates or
stockholders are) a promoter, director or officer of the Company or any of its
subsidiaries, which shall give their opinion upon the adjustment, if any, on a
basis consistent with the essential intent and principles established in this
SECTION 5 necessary to preserve, without dilution, the purchase rights,
represented by this Warrant. Prior to such determination by such investment
banking firm, the Company and the requesting Holder, respectively, shall specify
the amount, if any, of the adjustment that such party has determined in good
faith to be appropriate. The adjustment determined by the investment banking
firm shall be within the range of the adjustments thus proposed by the parties,
and the costs and fees of such investment banking firm shall be allocated
proportionately between the Company, on one hand, and the Holder, on the other,
based on the respective differences between the amount of the adjustment as
determined by such investment banking firm and the amounts of such adjustment
proposed by the Company and the Holder. Upon receipt of such opinion, the
Company will promptly mail a copy thereof to the holders of the Warrants and
shall make the adjustments described therein.

         6. ISSUE TAX. The issuance of certificates for Warrant Shares upon the
exercise of this Warrant shall be made without charge to the holder of this
Warrant or such shares for any issuance tax in respect thereof, provided that
the Company shall not be required to pay any tax which may be payable in respect
of any transfer involved in the issuance and delivery of any warrant or
certificate in a name other than the holder of this Warrant.

         7. NO RIGHTS OR LIABILITIES AS A SHAREHOLDER. This Warrant shall not
entitle the holder hereof to any voting rights or other rights as a shareholder
of the Company. No provision of this Warrant, in the absence of affirmative
action by the holder hereof to purchase Warrant Shares, and no mere enumeration
herein of the rights or privileges of the holder hereof, shall give rise to any
liability of such holder for the Exercise Price or as a shareholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

         8. TRANSFER, EXCHANGE, AND REPLACEMENT OF WARRANT; REGISTRATION RIGHTS.

         (a) WARRANT TRANSFERABLE. The transfer of this Warrant and all rights
hereunder, in whole or in part, is registrable at the office or agency of the
Company referred to in SECTION 8(e) hereof by the holder hereof in person or by
his duly authorized attorney, upon surrender of this Warrant properly endorsed.
Upon any transfer of this Warrant to any person, other than a person who is at
that time a holder of other Warrants, the Company shall have the right to
require the holder and the transferee to make customary representations to the
extent reasonably necessary to assure that the transfer will comply with the
Securities Act and applicable securities laws of the provinces of Canada. Each
holder of this Warrant, by taking or holding the same, consents and agrees that

                                      -12-

<page>

this Warrant, when endorsed in blank, shall be deemed negotiable, and that the
holder hereof, when this Warrant shall have been so endorsed, may be treated by
the Company and all other persons dealing with this Warrant as the absolute
owner and holder hereof for any purpose and as the person entitled to exercise
the rights represented by this Warrant and to the registration of transfer
hereof on the books of the Company; but until due presentment for registration
of transfer on such books the Company may treat the registered holder hereof as
the owner and holder hereof for all purposes, and the Company shall not be
affected by any notice to the contrary.

         (b) WARRANT EXCHANGEABLE FOR DIFFERENT DENOMINATIONS. This Warrant is
exchangeable, upon the surrender hereof by the holder hereof at the office or
agency of the Company referred to in SECTION 8(e) hereof, for new Warrants of
like tenor representing in the aggregate the right to purchase the number of
shares of Common Stock which may be purchased hereunder, each of such new
Warrants to be imprinted with the same legend appearing on the face of this
Warrant and to represent the right to purchase such number of shares as shall be
designated by said holder hereof at the time of such surrender. For purposes
hereof, the term "WARRANT" shall be deemed to include any and all such
replacement Warrants, whether issued pursuant to this SUBSECTION (b) or any
other Section hereof.

         (c) REPLACEMENT OF WARRANT. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction, or mutilation of
this Warrant and, in the case of any such loss, theft, or destruction, upon
delivery of an indemnity agreement reasonably satisfactory in form and amount to
the Company, or, in the case of any such mutilation, upon surrender and
cancellation of this Warrant, the Company, at its expense, will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

         (d) CANCELLATION; PAYMENT OF EXPENSES. Upon the surrender of this
Warrant in connection with any transfer, exchange, or replacement as provided in
this SECTION 8, this Warrant shall be promptly cancelled by the Company. The
Company shall pay all taxes (other than securities transfer taxes) and all other
expenses and charges payable in connection with the preparation, execution, and
delivery of Warrants pursuant to this SECTION 8.

         (e) REGISTER. The Company shall maintain, at its principal office in
Long Beach, California (or such other office or agency of the Company as it may
designate by notice to the holder hereof), a register for this Warrant, in which
the Company shall record the name and address of the person in whose name this
Warrant has been issued, as well as the name and address of each transferee and
each prior owner of this Warrant.

         (f) REGISTRATION RIGHTS. The issuance of any Warrant Shares required to
be reserved for purposes of exercise of this Warrant and the resale of such
Warrant Shares are entitled to the benefits of the registration rights provided
by the registration rights agreement provided for by the Purchase Agreement.

         9. NOTICES. All notices, requests, and other communications required or
permitted to be given or delivered hereunder to the holder of this Warrant shall
be in writing, and shall be personally delivered, or shall be sent by certified
or registered mail, postage prepaid and addressed, to such holder at the address
shown for such holder on the books of the Company, or at such other address as

                                      -13-

<page>

shall have been furnished to the Company by notice from such holder. All
notices, requests, and other communications required or permitted to be given or
delivered hereunder to the Company shall be in writing, and shall be personally
delivered, or shall be sent by certified or registered mail, postage prepaid and
addressed, to the office of the Company at 111 West Ocean Blvd., Suite 1240,
Long Beach, California 90802, Attention: President, or at such other address as
shall have been furnished to the holder of this Warrant by notice from the
Company. Any such notice, request, or other communication may be sent by
facsimile, but shall in such case be subsequently confirmed by a writing
personally delivered or sent by certified or registered mail as provided above.
All notices, requests, and other communications shall be deemed to have been
given either at the time of the delivery thereof to (or the receipt by, in the
case of a facsimile) the person entitled to receive such notice at the address
of such person for purposes of this Section 9, or, if mailed, at the completion
of the third full day following the time of such mailing thereof to such
address, as the case may be.

         10. GOVERNING LAW. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO ANY CHOICE
OF LAW PRINCIPLES OF SUCH STATE.

         11. REMEDIES. The Company stipulates that the remedies at law of the
holder of this Warrant in the event of any default or threatened default by the
Company in the performance of or compliance with any of the terms of this
Warrant are not and will not be adequate, and that such terms may be
specifically enforced by a decree for the specific enforcement of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise.

         12. MISCELLANEOUS.

         (a) AMENDMENTS. This Warrant and any provision hereof may not be
changed, waived, discharged, or terminated orally, but only by an instrument in
writing signed by the party (or any predecessor in interest thereof) against
which enforcement of the same is sought.

         (b) DESCRIPTIVE HEADINGS. The descriptive headings of the several
sections of this Warrant are inserted for purposes of reference only, and shall
not affect the meaning or construction of any of the provisions hereof.

         (c) SUCCESSORS AND ASSIGNS. This Warrant shall, to the extent provided
in SECTION 5(h), be binding upon any entity succeeding to the Company by merger,
consolidation, or acquisition of all or substantially all the Company's assets.

                            [SIGNATURE PAGE FOLLOWS]

                                      -14-

<page>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer on this 30th day of November, 2006.

                                                  PACIFIC ENERGY RESOURCES LTD.

                                                  By:
                                                      --------------------------
                                                  Name: Darren Katic
                                                        ------------------------
                                                  Title: President
                                                         -----------------------

                                      -15-

<page>

                           FORM OF EXERCISE AGREEMENT

Dated:   ___________________

To:      ___________________

         -------------------

Attention: ________________________

         The undersigned, the Holder of the foregoing Warrant, hereby elects to
exercise purchase rights represented thereby for, and to purchase thereunder,
________ shares of the Common Stock covered by such Warrant through a "cashless"
or "net issue" exercise of such Warrant ("Cashless Exercise") pursuant to
Section 1 of such Warrant, and request that certificates for such shares (and
any other securities or other property issuable upon such exercise) be issued in
the name of, and delivered to __________________ and __________________.

The calculation upon which the Cashless Exercise is based is as follows:

(No. of Warrants) ((Market Price - Exercise Price)/Market Price) = No. of shares
of common stock

         - OR -

         The undersigned, the Holder of the foregoing Warrant, hereby elect to
exercise purchase rights represented thereby for, and to purchase thereunder,
________ shares of the Common Stock covered by such Warrant, and herewith makes
payment in full for such shares, and requests that certificates for such shares
(and any other securities or other property issuable upon such exercise) be
issued in the name of, and delivered to _________________ and _______________.

                       Signature:
                                  ----------------------------------------------
                       Title of Signing Officer or Agent (if any)
                                                                  --------------

                       Note: The above signature should correspond exactly with
                             the name on the face of the within Warrant or with
                             the name of the assignee appearing in the
                             assignment form.

<page>

                               FORM OF ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers all the rights represented by and under the within Warrant, with
respect to the number of shares of Common Stock covered thereby set forth
hereinbelow, to:

NAME OF ASSIGNEE           ADDRESS         NO. OF SHARES
----------------           -------         -------------

, and hereby irrevocably constitutes and appoints _________________________ as
agent and attorney-in-fact to transfer said Warrant on the books of the
within-named corporation, with full power of substitution in the premises.

Dated: ________________, _____

In the presence of

------------------------------

                                Name:
                                      ------------------------------------------

                                Signature:
                                           -------------------------------------
                                Title of Signing Officer or Agent (if any):
                                          --------------------------------------

                                         ---------------------------------------

                                Address:
                                         ---------------------------------------

                                         ---------------------------------------

                                Note: The above signature should correspond
                                      exactly with the name on the face of the
                                      within Warrant.

                                       -2-

<PAGE>
<TABLE>
<S>       <C>

                                  ATTACHMENT TO
                                  -------------

                                  EXHIBIT 4.18
                                  ------------

                        [FORM OF STOCK PURCHASE WARRANT]

      ROW           PARAGRAPH
                    REFERENCE
----------------- --------------- ------------------------ ------------------------- ---------------------------------

Holder            Preamble        GOLDMAN SACHS & CO.      SPCP GROUP LLC            SPCP GROUP III LLC
----------------- --------------- ------------------------ ------------------------- ---------------------------------

A                 1               16,543,387               6,680,983                 2,226,994
----------------- --------------- ------------------------ ------------------------- ---------------------------------

B                 3               0.0975                   0.039375                  0.013125
----------------- --------------- ------------------------ ------------------------- ---------------------------------

C                 3               9.75                     3.9375                    1.3125
----------------- --------------- ------------------------ ------------------------- ---------------------------------

</TABLE><PAGE>

EXHIBIT 4.19

                          PACIFIC ENERGY RESOURCES LTD.
                      111 West Ocean Boulevard, Suite 1240
                          Long Beach, California 90802

                        SUBSCRIPTION AGREEMENT FOR UNITS
                              (NON-U.S. RESIDENTS)

TO:       Pacific Energy Resources Ltd. (the "Corporation")
AND TO:   Octagon Capital Corporation
AND TO:   D & D Securities Company
AND TO:   Wellington West Capital Markets Inc. (individually, each an "Agent"
          or together, the "Agents")

The undersigned (the "Subscriber") hereby irrevocably subscribes for and agrees
to purchase from the Corporation units ("Units") of the Corporation in the
number set forth below at a subscription price equal to CAD$2.20 per Unit (the
"Subscription Price"), with each Unit consisting of one (1) share of common
stock of the Corporation (a "Common Share") and one-half (1/2) Common Share
purchase warrant of the Corporation ("Warrants"). Each one (1) whole Warrant
shall entitle the holder to acquire one (1) Common Share (a "Warrant Share") at
a price equal to CAD$2.65 per Warrant Share for a period of 18 months from the
date of issue of the Warrants. The Units will separate at Closing. The
Subscriber agrees to be bound by the attached terms and conditions of
subscription (the "Terms and Conditions") and agrees that the Agents, the
Corporation and their agents and attorneys may rely upon the representations,
warranties and covenants contained therein and in the Subscriber Certificate (as
hereinafter defined). This subscription, plus the Terms and Conditions and the
completed and executed Subscriber Certificate are collectively referred to as
the "Subscription Agreement" or the "Agreement".

<TABLE>
<S>     <C>
                                SUBSCRIPTION AND SUBSCRIBER INFORMATION

                 PLEASE PRINT ALL INFORMATION (OTHER THAN SIGNATURES), AS APPLICABLE,
                                      IN THE SPACE PROVIDED BELOW

_____________________________________________
(Name of Subscriber - please print)                   NUMBER OF UNITS:____________________________

By:__________________________________________
   (Authorized Signature)
                                                      AGGREGATE SUBSCRIPTION PRICE:_______________
_____________________________________________
(Official Capacity or Title - please print)

_____________________________________________         IF THE SUBSCRIBER IS SIGNING AS AGENT FOR A
(Please print name of individual whose signature      PRINCIPAL AND IS NOT PURCHASING AS TRUSTEE OR
appears above if different than the name of the       AGENT FOR ACCOUNTS FULLY MANAGED BY IT, COMPLETE
subscriber printed above.)                            THE FOLLOWING AND ENSURE THAT THE APPLICABLE
                                                      EXHIBIT(S) ARE COMPLETED ON BEHALF OF SUCH
_____________________________________________         PRINCIPAL:
(Subscriber's Address)
                                                      _____________________________________________
_____________________________________________         (Name of Principal)
(Subscriber's Address)
                                                      _____________________________________________
_____________________________________________         (Principal's Address)
(Telephone Number)          (E-Mail Address)
                                                      _____________________________________________

    THIS IS THE FIRST PAGE OF AN AGREEMENT COMPRISED OF 16 PAGES (NOT INCLUDING EXHIBITS A - F).

<page>

REGISTER THE UNITS AS SET FORTH BELOW:                DELIVER THE UNITS AS SET FORTH BELOW:

_____________________________________________         _____________________________________________
(Name)                                                (Name)

_____________________________________________         _____________________________________________
(Account reference, if applicable)                    (Account reference, if applicable)

_____________________________________________         _____________________________________________
(Address)                                             (Contact Name)

_____________________________________________         _____________________________________________
(Address)                                             (Address)

                                                      _____________________________________________
                                                      (Address)
</TABLE>

                          TYPE OF OWNERSHIP (CHECK ONE)

SUBSCRIBERS PRESENT HOLDINGS:

The Subscriber represents that securities of the Corporation presently owned
(beneficially, directly or indirectly) by the Subscriber are as follows (PLEASE
INDICATE "NIL" IF YOU DO NOT CURRENTLY OWN ANY SECURITIES OF THE CORPORATION):

                                                   NUMBER OR AMOUNT
                                     -------------------------------------------
                                                             INDIRECT OWNERSHIP
 TYPE OF SECURITIES PRESENTLY OWNED    DIRECT OWNERSHIP      (INCLUDING CONTROL
                                                                OR DIRECTION)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

ACCEPTANCE: The Corporation hereby accepts the subscription as set forth above
on the terms and conditions contained in this Subscription Agreement and the
Corporation represents and warrants to the Subscriber that the representations
and warranties made by the Corporation to the Agents in the Agency Agreement (as
defined herein) are true and correct in all material respects as of the Closing
(save and except as waived by the Agents) and that the Subscriber is entitled to
rely thereon and on the terms, conditions and covenants contained in the Agency
Agreement as if the Subscriber were a party thereto.

_________________________, 2007

                                                     ------------------------
PACIFIC ENERGY RESOURCES LTD.                         Subscription No:

By:_________________________________                 ------------------------

               THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

<page>

                 TERMS AND CONDITIONS OF SUBSCRIPTION FOR UNITS

                                   DEFINITIONS

1.1   In this Agreement, which includes the cover page and all of the
      appendices, the following words have the following meanings unless
      otherwise indicated:

      (a)   "1933 Act" means Securities Act of 1933, as amended, and the rules
            and regulations promulgated thereunder;

      (b)   "Agency Agreement" has the meaning ascribed to it in paragraph 5.3;

      (c)   "Agents" has the meaning ascribed to it on the cover page of this
            Agreement;

      (d)   "Closing" means the completion of the issue and sale of the Units to
            the Subscriber hereunder;

      (e)   "Common Share" has the meaning ascribed to it on the cover page of
            this Agreement;

      (f)   "Corporation" means Pacific Energy Resources Ltd.;

      (g)   "Disclosure Documents" has the meaning ascribed to it in paragraph
            4.1(n);

      (h)   "Exchange" means the Toronto Stock Exchange;

      (i)   "Offering" means this private placement;

      (j)   "Registration Rights Agreement" means the registration rights
            agreement attached hereto as Exhibit "C";

      (k)   "Regulation S" means Regulation S of the 1933 Act;

      (l)   "SEC" means the United States Securities and Exchange Commission;

      (m)   "Securities" means collectively, the Units, the Common Shares, the
            Warrants and the Warrant Shares;

      (n)   "Subscriber" has the meaning ascribed to it on the cover page of
            this Agreement;

      (o)   "Subscriber Certificate" means the Canadian accredited investor
            certificate attached hereto as Exhibit "A" or the additional
            representations, warranties and covenants for non-Canadian
            subscribers (other than U.S. subscribers) attached hereto as Exhibit
            "D", as applicable;

      (p)   "Unit" has the meaning ascribed to it on the cover page of this
            Agreement;

      (q)   "U.S. Person" has the meaning attributed to it in Regulation S,
            which meaning is reproduced in Exhibit "B" attached hereto;

      (r)   "Warrants" has the meaning ascribed to it on the cover page of this
            Agreement; and

<page>
                                       4

      (s)   "Warrant Shares" has the meaning ascribed to it on the cover page of
            this Agreement.

1.2   All capitalized terms in this Agreement not defined above have the
      meanings ascribed to them in this Agreement.

2.    PURCHASE AND SALE OF UNITS

2.1   The Subscriber acknowledges that:

      (a)   the Securities will be registered in accordance with the
            registration instructions provided on the face page of this
            Agreement, and if no registration instructions are provided, will be
            registered in the name of the Subscriber;

      (b)   fractional Warrants will not be issued to the Subscriber. Instead,
            the number of Warrants issued to any one Subscriber will be rounded
            down to the nearest whole number of Warrants issuable to such
            Subscriber at the Closing;

      (c)   the issue of the Common Shares and the Warrants will not restrict or
            prevent the Corporation from obtaining any other financing, or from
            issuing additional securities from time to time; and

      (d)   the Corporation shall have the right to reject this Subscription
            Agreement if it reasonably believes for any reason that, if a
            Subscriber is a Canadian resident, the Subscriber is not an
            "accredited investor" within the meaning of applicable Canadian
            securities laws, or for any other reason in its sole and absolute
            discretion. Acceptance is evidenced only by execution of this
            Subscription Agreement by the Corporation in the space provided
            above.

3.    REPRESENTATIONS, WARRANTIES AND COVENANTS BY THE CORPORATION

3.1   The Corporation hereby represents and warrants to the Subscriber (and
      acknowledges that the Subscriber is relying thereon) that:

      (a)   the Corporation has the full corporate right, power and authority to
            execute and deliver this Subscription Agreement and to issue the
            Securities, and at Closing the Common Shares, the Warrants, and the
            Warrant Shares issuable upon exercise of the Warrants, will be duly
            authorized, and the Common Shares when issued, and the Warrant
            Shares when issued upon the exercise of the Warrants, as the case
            may be, will be issued as fully paid and non-assessable Common
            Shares;

      (b)   this Subscription Agreement and the Registration Rights Agreement
            each constitute a binding obligation of the Corporation enforceable
            in accordance with its terms except as enforceability may be limited
            by applicable bankruptcy, insolvency, reorganization, moratorium and
            other laws of general application affecting enforcement of
            creditors' rights generally and as limited by laws relating to the
            availability of specific performance, injunctive relief or other
            equitable remedies;

      (c)   the execution and delivery of, and the performance of the terms of
            this Subscription Agreement by the Corporation, including the issue
            of the Common Shares and the Warrants, and the issue of the Warrant

<page>
                                       5

            Shares upon exercise of the Warrants as the case may be, does not
            and will not constitute a breach of or default under the constating
            documents of the Corporation or any law, regulation, order or ruling
            applicable to the Corporation or any agreement, contract or
            indenture to which the Corporation is a party or by which it is
            bound; and

      (d)   the Corporation is a duly incorporated and validly subsisting
            corporation under the laws of its jurisdiction of incorporation and
            has full corporate power and authority to perform each of its
            obligations as herein contemplated.

4.    REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS OF THE SUBSCRIBER

4.1   The Subscriber represents and warrants, as at the date of this Agreement
      and at the Closing, that:

      (a)   the Subscriber is purchasing the Securities as principal for the
            Subscriber's own account or for accounts fully-managed by it, or for
            long-term investment, and not with a view to, or for sale in
            connection with, the distribution thereof. The Subscriber has no
            present intention of selling, granting any participation in, or
            otherwise distributing the Securities. The Securities will not be
            resold without registration under the 1933 Act and qualification
            under the securities laws of all applicable states and other
            jurisdictions, unless such sale would be exempt therefrom;

      (b)   the Subscriber:

            (i)   if a Canadian resident, is also an "accredited investor" as
                  that term is defined in National Instrument 45-106 PROSPECTUS
                  AND REGISTRATION EXEMPTIONS; or

            (ii)  if a non-Canadian, is purchasing the Securities pursuant to
                  this Subscription Agreement, in compliance with the securities
                  laws in its jurisdiction of residence and the Subscriber makes
                  to the Corporation and the Agents the additional
                  representations, warranties and covenants set out in Exhibit
                  "D" attached to this Subscription Agreement;

      (c)   the Subscriber has received, completed and returned to the
            Corporation the Subscriber Certificate relating to the eligibility
            to participate as an investor in a private offering, and hereby
            affirms the correctness of the Subscriber's answers in the
            Subscriber Certificate;

      (d)   the Subscriber (i) has adequate means of providing for his or her
            current needs and possible personal contingencies, and has no need
            for and may never have liquidity of his or her investment in the
            Corporation; (ii) can bear the economic risk of losing his or her
            entire investment herein and may lose the entire investment, which
            is highly speculative and very risky; (iii) has such knowledge and
            experience in financial and business matters that he or she is
            capable of evaluating the relative risks and merits of this
            investment; and (iv) has an overall commitment to investments which
            are not readily marketable that is not disproportionate to his or
            her net worth and the investment subscribed for herein will not
            cause such overall commitment to become excessive;

<page>
                                       6

      (e)   the Subscriber is aware that no prospectus has been prepared or
            filed by the Corporation with any securities commission or similar
            authority in connection with the Offering, and that:

            (i)   the Subscriber may be restricted from using most of the civil
                  remedies available under applicable securities legislation;

            (ii)  the Subscriber may not receive information that would
                  otherwise be required to be provided under applicable Canadian
                  securities legislation and the Corporation is relieved from
                  certain obligations that would otherwise be required to be
                  given if a prospectus were provided under applicable Canadian
                  securities legislation in connection with the Offering; and

            (iii) the issue and sale of the Common Shares, the Warrants, and the
                  Warrant Shares upon exercise of the Warrants as the case may
                  be, to the Subscriber is subject to such sale and issue being
                  exempt from the requirements of applicable Canadian securities
                  laws as to the filing of a prospectus;

      (f)   no prospectus or offering memorandum within the meaning of
            applicable Canadian securities laws has been delivered to the
            Subscriber in connection with the Offering;

      (g)   the Subscriber's purchase of the Securities has not been made
            through or as a result of, and the distribution of the Securities is
            not being accompanied by and the Subscriber is not aware of, any
            advertisement of the Securities in printed media of general and
            regular paid circulation, radio, television or telecommunications,
            including electronic display (such as the Internet), or any other
            advertisement or general solicitation with respect to the
            Securities;

      (h)   no person has made to the Subscriber any written or oral
            representation:

            (i)   that any person will resell or repurchase any of the
                  Securities;

            (ii)  that any person will refund the purchase price of the
                  Securities;

            (iii) as to the future price or value of any of the Securities; or

            (iv)  that any of the Securities will be listed and posted for
                  trading on a stock exchange or that application has been made
                  to list and post any of the Securities for trading on a stock
                  exchange, other than the Exchange;

      (i)   none of the Securities are being purchased by the Subscriber with
            knowledge of any material fact about the Corporation that has not
            been generally disclosed;

      (j)   it never has been represented, guaranteed or warranted to the
            Subscriber by the Corporation, its agents, or employees or any other
            person, expressly or by implication, any of the following:

            (i)   the approximate or exact length of time that Subscriber will
                  be required to remain as owner of the Securities;

<page>
                                       7

            (ii)  the profit or return, if any, to be realized as a result of
                  the Corporation's venture; or

            (iii) that the past performance or experience on the part of the
                  Corporation or any affiliate, its agents, or employees or of
                  any other person, will in any way indicate the predictable
                  results of the ownership of the Securities or the overall
                  Corporation's venture;

      (k)   while the Common Shares and Warrant Shares will be listed on the
            Exchange, there is no trading market for the Units or the Warrants,
            and no such market is expected to develop;

      (l)   the Subscriber, if an individual, is at least twenty-one (21) years
            of age;

      (m)   the Subscriber has no reason to anticipate any change in the
            Subscriber's personal circumstances, financial or otherwise, which
            may cause or require any sale or distribution by the Subscriber of
            all or any part of the Securities subscribed for herein;

      (n)   the Subscriber has reviewed the documents regarding the Corporation
            available on SEDAR (www.sedar.com) and the Exchange's web site
            (www.tsx.com) (collectively, the "Disclosure Documents") carefully,
            so as to be fully familiar with and understand the contents thereof,
            and is responsible for conducting its own due diligence under the
            Offering in order to determine whether to proceed with a
            subscription under the Offering;

      (o)   the Subscriber has had the opportunity to review all facts
            concerning the Corporation which the Subscriber deems pertinent;

      (p)   the Subscriber, if a partnership, corporation, trust, or other
            entity, declares:

            (i)   the person executing this Subscription Agreement has the
                  necessary power and authority to do so; and

            (ii)  the Subscriber was not organized for the specific purpose of
                  acquiring the Securities;

      (q)   the exhibits to this Agreement will be completed truthfully and with
            reasonable diligence;

      (r)   as to the source of subscription funds,

            (i)   to the best of the Subscriber's knowledge, none of the
                  subscription funds used for the purchase of the Subscriber's
                  Securities (A) have been or will be derived from or related to
                  any activity that is deemed criminal under the laws of the
                  United States, Canada or any other jurisdiction; or (B) are
                  being tendered on behalf of a person or entity who has not
                  been identified to the Subscriber; and

            (ii)  the Subscriber will promptly notify the Corporation if the
                  Subscriber discovers that any of the representations in
                  subparagraph (q)(i) above ceases to be true, and to provide
                  the Corporation with appropriate information in connection
                  therewith;

      (s)   the Subscriber understands that the foregoing representations and
            warranties are to be relied upon by the Corporation as a basis for
            exemption of the sale of the Securities under applicable Canadian
            securities laws and the 1933 Act, and for other purposes;

<page>
                                       8

      (t)   the Subscriber has had an opportunity prior to entering into this
            Agreement to ask questions of and receive answers from the
            Corporation concerning the terms and conditions of the Offering and
            to obtain additional information that the Corporation possesses or
            can acquire without unreasonable effort or expense necessary to
            verify the accuracy of information furnished by the Corporation to
            the Subscriber that the Subscriber considers necessary or
            appropriate for deciding whether to purchase the Securities;

      (u)   the Subscriber, if an individual, has the legal capacity to enter
            into and execute this Agreement and to take all actions required
            pursuant to this Agreement;

      (v)   the offer was not made to the Subscriber when the Subscriber was in
            the United States and, at the time the Subscriber's buy order was
            made to the Agents, the Subscriber was outside the United States;

      (w)   the Corporation's U.S. counsel, Rutan & Tucker, LLP, and its
            Canadian counsel, Devlin Jensen, are acting solely for the
            Corporation, and the Agents' counsel, Stikeman, Graham, Keeley &
            Spiegel LLP, and the Agents' U.S. counsel, Reed Smith LLP, are
            acting solely for the Agents, in connection with the Offering and
            the Subscriber may not rely upon either such counsel in any respect;

      (x)   the Subscriber is not a U.S. Person;

      (y)   the Subscriber is not and will not be purchasing the Securities for
            the account or benefit of any U.S. Person;

      (z)   the entering into of this Agreement and the transactions
            contemplated hereby will not result in the violation of any of the
            terms and provisions of any law applicable to, or the constating
            documents of, the Subscriber or of any agreement, written or oral,
            to which the Subscriber may be a party or by which the Subscriber is
            or may be bound;

      (aa)  this Agreement has been duly executed and delivered by the
            Subscriber and constitutes a legal, valid and binding agreement of
            the Subscriber enforceable against the Subscriber;

      (bb)  the Subscriber warrants that the information herein provided to the
            Corporation by the Subscriber is true and correct as of the date
            hereof, and the Subscriber agrees to advise the Corporation, prior
            to its acceptance of this Subscription, of any material change in
            any such information; and

      (cc)  the Subscriber agrees that the representations and warranties of the
            Subscriber set forth in this Section 4 shall survive the acceptance
            of this subscription, in the event the subscription is accepted.

4.2   The Subscriber understands and acknowledges that:

      (a)   (on its own behalf and, if applicable, on behalf of each person on
            whose behalf the Subscriber is contracting) that the Securities
            subscribed for by it hereunder form part of a larger issuance and
            sale by the Corporation of up to CAD$75 million in Units;

<page>
                                       9

      (b)   no federal or state agency has made any finding or determination as
            to the fairness of the offering of the Securities for investment or
            any recommendation or endorsement of the Offering and no Canadian
            securities commission or similar regulatory authority has reviewed
            or passed on the merits of the Securities;

      (c)   the Subscriber acknowledges being told that the Corporation is
            relying on an exemption from the requirements to provide the
            Subscriber with a prospectus and to sell the Securities through a
            person registered to sell securities under applicable Canadian
            securities laws and, as a consequence of acquiring the Securities
            pursuant to this exemption, certain protections, rights and remedies
            provided by applicable Canadian securities legislation, including
            statutory rights of rescission or damages, will not be available to
            the Subscriber;

      (d)   the Securities have not been registered under the 1933 Act or
            qualified under any state securities laws in reliance on exemptions
            from registration and may not be offered or sold in the United
            States unless registered under the 1933 Act and the securities laws
            of all applicable states of the United States or an exemption from
            such registration requirements is available;

      (e)   the Common Shares and Warrant Shares will bear incidental
            registration rights in accordance with the terms of the Registration
            Rights Agreement;

      (f)   there are U.S. restrictions on the Subscriber's ability to resell
            the Securities and it is the responsibility of the Subscriber to
            find out what those restrictions are and to comply with them before
            selling any of the Securities;

      (g)   the offer and sale of the Securities, and the issuance of the Common
            Shares, the Warrants, and the Warrant Shares upon exercise of the
            Warrants, as the case may be, is being made in reliance upon
            Regulation S. Regulation S requires that, for a one (1) year
            "distribution compliance period" (as defined in Regulation S), no
            offer or sale of any of the Securities issued in reliance on
            Regulation S may be made to a U.S. Person or for the account or
            benefit of a U.S. Person. Specifically, the offer or sale of any of
            the Securities issued in reliance on Regulation S, if made prior to
            the expiration of the one-year "distribution compliance period,"
            must be made pursuant to the following conditions:

            (i)   The purchaser of the Securities certifies that it is not a
                  U.S. Person and is not acquiring the Securities for the
                  account or benefit of any U.S. Person or is a U.S. Person who
                  purchased the Securities in a transaction that did not require
                  registration under the 1933 Act;

            (ii)  The purchaser of the Securities agrees to resell such
                  securities only in accordance with the provisions of
                  Regulation S, Rule 144, pursuant to registration under the
                  1933 Act, or pursuant to an available exemption from
                  registration; and agrees not to engage in hedging transactions
                  with regard to such Securities unless in compliance with the
                  1933 Act;

            (iii) The certificate(s) representing the Common Shares, the
                  Warrants, and the Warrant Shares upon exercise of the
                  Warrants, as the case may be, contain(s) a legend to the
                  effect that transfer is prohibited except in accordance with
                  the provisions of Regulation S, pursuant to registration under
                  the 1933 Act, or pursuant to an available exemption from
                  registration; and that hedging transactions involving the
                  Securities may not be conducted unless in compliance with the
                  1933 Act; such legend is set forth in Section 7 hereof;

<page>
                                       10

            The Securities may be resold only in compliance with Regulation S or
            pursuant to an effective registration statement under the 1933 Act
            or an exemption from the registration requirements of the 1933 Act.
            Rule 904 of Regulation S provides that a resale of an outstanding
            security may be made pursuant thereto if the offer and sale of the
            security are made in an "offshore transaction" and if no directed
            selling efforts are made in the United States with regard to the
            securities to be sold by the seller, an affiliate of the seller, or
            any person acting on their behalf. An offer or sale of securities is
            made in an "offshore transaction" if the offer is not made to a
            person in the United States and either (i) at the time the buy order
            is originated, the buyer is outside the United States, or the seller
            and any person acting on its behalf have good reason to believe that
            the buyer is outside the United States and (ii) the transaction is
            executed in, on or through the facilities of a designated offshore
            securities market and neither the seller nor any person acting on
            its behalf knows that the transaction has been prearranged with a
            buyer in the United States. Offers and sales of securities
            specifically targeted at identifiable groups of United States
            citizens abroad shall, in no event, be deemed to be made in an
            offshore transaction. Rule 904 of Regulation S imposes additional
            limitations on resales by dealers and persons receiving selling
            concessions and affiliates of the issuer.

            If the Securities are being sold under Rule 904 of Regulation S of
            the 1933 Act, and applicable state securities laws, any legend may
            be removed by (i) providing a certification to the Corporation to
            the effect set out in attached Exhibit "E" (or in such other form as
            the Corporation may prescribe from time to time); (ii) causing a
            broker, dealer or any other person receiving a selling concession,
            fee or other remuneration in connection with such resale to provide
            a certification to the Corporation to the effect set out in attached
            Exhibit "F" (or in such other form as the Corporation may prescribe
            from time to time); (iii) obtaining the Corporation's signed
            acknowledgement that, at the time of the resale, there is no
            "substantial U.S. market interest" (as defined under Regulation S of
            the 1933 Act) and (iv) obtaining a legal opinion of the
            Corporation's counsel that such legend is no longer required under
            applicable requirements of the 1933 Act or state securities laws.
            The Corporation may instruct its transfer agent not to record a
            transfer without first being notified by the Corporation that it is
            satisfied that such transfer is exempt from or not subject to
            registration under the 1933 Act or state securities laws.

            Under Rule 905 of Regulation S, because the Corporation is a U.S.
            corporation, the Securities will be deemed to be "restricted
            securities" (as defined in Rule 144 of the 1933 Act) and as such may
            be resold or otherwise transferred only in accordance with
            Regulation S or pursuant to a registration under the 1933 Act or an
            exemption from the registration requirements of the 1933 Act; the
            Securities will continue to be deemed to be restricted securities,
            notwithstanding that they are acquired by another purchaser in a
            resale transaction made pursuant to Rule 901 or Rule 904 of
            Regulation S. Subject to listing approval of the Exchange, the
            trading symbol for the Common Shares and the Warrant Shares shall
            bear a designation separate from the currently listed "PFE" and
            "PFE.S" designations and the CUSIP number for the Common Shares and
            the Warrant Shares issued upon the exercise of the Warrants will be
            a different CUSIP number than the CUSIP number for outstanding
            common shares that currently trade under the "PFE" and "PFE.S"
            designations, to indicate that they are restricted securities.
            Restricted securities may have significantly less liquidity than
            unrestricted securities that do not bear such separate designation
            and are not fungible securities with "PFE" and "PFE.S" listed shares
            and, if listed, may be limited to trading in a market restricted to
            the Common Shares or Warrant Shares issued under the Offering. There
            is no assurance that the Common Shares or Warrant Shares will be
            listed.

<page>
                                       11

            Rule 144 under the 1933 Act permits limited public resales of
            securities acquired in non-public offerings, subject to the
            satisfaction of certain conditions. Under Rule 144 the conditions
            include, among other things: the availability of certain current
            public information about the issuer, the resale occurring not fewer
            than one (1) year or two (2) years, as applicable, after the party
            has purchased and paid for the securities to be sold, the sale being
            through a broker in an unsolicited "broker's transaction" and the
            amount of securities being sold during any three-month period not
            exceeding specified volume limitations. The Corporation may not be
            satisfying the current public information requirement of Rule 144 at
            the time the Subscriber wishes to sell any of the Securities, or
            other conditions under Rule 144 which are required of the
            Corporation.

      (h)   the Subscriber acknowledges being told that the Securities may not
            be sold or otherwise disposed of in Canada for a period of four
            months from the date of distribution of the Securities and may be
            subject to additional resale restrictions if such sale or other
            disposition would be a "control distribution", as that term is
            defined in Multilateral Instrument 45-102 RESALE OF SECURITIES;

      (i)   the Subscriber acknowledges and agrees with the Corporation that the
            Corporation shall refuse to register any transfer of the Securities
            not made pursuant to registration under the 1933 Act, or pursuant to
            an available exemption from registration under the 1933 Act
            (including Regulation S) or, if applicable, pursuant to an available
            prospectus exemption under Canadian securities laws;

      (j)   the Subscriber acknowledges that there are risks associated with the
            purchase of the Securities and that the Subscriber is aware that
            there is no government or other insurance covering the Securities;

      (k)   the Corporation may be required to provide applicable securities
            regulatory authorities with a list setting forth the identities of
            the beneficial purchasers of the Securities and the Subscriber
            acknowledges and agrees that it will provide, on request,
            particulars as to the identity of such beneficial purchasers as may
            be required by the Corporation in order to comply with the
            foregoing;

      (l)   if required by applicable securities laws or the Corporation, the
            Subscriber will execute, deliver and file, or assist the Corporation
            in filing, such reports, undertakings and other documents with
            respect to the issue and/or sale of the Securities as may be
            required by any securities commission, stock exchange or other
            regulatory authority;

      (m)   by providing personal information to the Corporation, the Subscriber
            and each person for whom it is contracting hereunder, is consenting
            to the Corporation's collection, use and disclosure of that
            information for the purposes of the subscription of the Securities
            and the offering in general, for corporate governance purposes and
            to contact the Subscriber as an investor. The Subscriber, and each
            person for whom it is contracting hereunder, acknowledges that, from
            time to time, the Corporation may be required to disclose such
            personal information and, by providing such personal information to
            the Corporation, the Subscriber and each person for whom it is
            contracting hereunder, hereby expressly consents to such disclosure,
            and the Subscriber and each person for whom it is contracting agrees
            and acknowledges that the Corporation may use and disclose personal
            information as follows:

<page>
                                       12

            (i)   for internal use with respect to managing the relationships
                  between and contractual obligations of the Corporation and the
                  Subscriber and each person for whom it is contracting;

            (ii)  for use and disclosure for income tax related purposes,
                  including without limitation, where required by law,
                  disclosure to the Internal Revenue Service;

            (iii) disclosure to securities regulatory authorities and other
                  regulatory bodies with jurisdiction with respect to reports of
                  trades and similar regulatory filings;

            (iv)  disclosure to a governmental or other authority to which the
                  disclosure is required by court order or subpoena compelling
                  such disclosure and where there is no reasonable alternative
                  to such disclosure;

            (v)   disclosure to professional advisers of the Corporation in
                  connection with the performance of their professional
                  services;

            (vi)  disclosure to any person where such disclosure is necessary
                  for legitimate business reasons and is made with the prior
                  written consent of the Subscriber and each person for whom it
                  is contracting;

            (vii) disclosure to a court determining the rights of the parties
                  under this Agreement; or

            (viii) for use and disclosure as otherwise required or permitted by
                  law;

      (n)   if the Subscriber is resident in or otherwise subject to the
            securities laws applicable in the Province of Ontario, the
            information provided by the Subscriber on the face page of this
            Subscription Agreement identifying the name, address and telephone
            number of the Subscriber, the number of Units being purchased
            hereunder and the total purchase price as well as the date of
            Closing and the exemption that the Corporation is relying on in
            selling the Units to the Subscriber will be disclosed to the Ontario
            Securities Commission, and such information is being indirectly
            collected by the Ontario Securities Commission under the authority
            granted to it under securities legislation. This information is
            being collected for the purposes of the administration and
            enforcement of the securities legislation of the Province of
            Ontario. Each Subscriber hereby authorizes the indirect collection
            of such information by the Ontario Securities Commission. In the
            event the Subscriber has any questions with respect to the indirect
            collection of such information by the Ontario Securities Commission,
            the Subscriber should contact the Ontario Securities Commission,
            Administrative Assistant to the Director of Corporate Finance at
            (416) 593-8086 or in person or writing at Suite 1900, Box 55, 20
            Queen Street West, Toronto, Ontario M5H 3S8;

      (o)   the Subscriber acknowledges that the initial US$50 million of the
            proceeds of the Offering will be used to repay a portion of the debt
            associated with the acquisition of the offshore producing Alaskan
            assets of Forest Oil Corporation, with any balance of funds to be
            used for general working capital and business purposes; and

<page>
                                       13

      (p)   the Agents and/or their directors, officers, employees, agents and
            representatives assume no responsibility or liability of any nature
            whatsoever for the accuracy or adequacy of any publicly available
            information concerning the Corporation or as to whether all
            information concerning the Corporation that is required to be
            disclosed or filed by the Corporation under applicable securities
            laws has been so disclosed or filed.

5.    ISSUANCE OF UNITS

5.1   The Subscriber agrees to deliver to the Agents, as soon as possible and,
      in any event, not later than 1:00 p.m. (Pacific time) on October [9],
      2007: (a) this duly completed and executed Subscription Agreement; (b) a
      duly executed Canadian Accredited Investor Certificate attached hereto as
      Exhibit "A", if applicable; (c) a duly executed Registration Rights
      Agreement attached hereto as Exhibit "C" (required from ALL Subscribers),
      together with a duly completed selling security holder questionnaire
      attached thereto as an exhibit; (d) a duly executed Certificate of
      Additional Representations, Warranties and Covenants for Non-Canadian
      Subscribers (Other Than U.S. Subscribers) attached hereto as Exhibit "D",
      if applicable; (e) such other documents as may be required under
      applicable securities laws; and (f) a certified cheque or bank draft
      payable to the Agents for the aggregate subscription price or payment of
      the same amount in such other manner as is acceptable to the Agents.

5.2   The Subscriber hereby irrevocably authorizes the Agents, in their
      discretion: (a) to act as its representative at the Closing and to execute
      in its name and on its behalf all Closing receipts and documents required;
      (b) to complete or correct any errors or omissions in any form or document
      provided by the Subscriber; (c) to waive, in whole or in part, any
      representation, warranty, covenant or condition for the benefit of the
      Subscriber and contained in any agreement between the Corporation and the
      Agents; (d) to receive on its behalf certificates representing the Common
      Shares and the Warrants subscribed for under this subscription; and (e) to
      approve any opinions, certificates or other documents addressed to the
      Subscriber.

5.3   The Subscriber acknowledges that the Agents have been appointed by the
      Corporation to act as the Agents of the Corporation to offer the
      Securities on a private placement basis and, in connection therewith, the
      Corporation and the Agents have entered into an agreement (the "Agency
      Agreement") pursuant to which the Agents, in connection with the issue and
      sale of the Securities, will receive a fee and compensation options from
      the Corporation.

5.4   The Subscriber expressly waives and releases the Corporation from, to the
      fullest extent permitted by law, all rights of withdrawal to which it
      might otherwise be entitled pursuant to the provisions of securities laws
      of the jurisdiction in which the Subscriber is resident.

6.    REGISTRATION STATEMENT

6.1   The Common Shares and the Warrant Shares will bear incidental registration
      rights in accordance with the terms of the Registration Rights Agreement.

<page>
                                       14

7.    LEGENDS

7.1   The certificates representing the Common Shares, the Warrants, and the
      Warrant Shares upon exercise of the Warrants as the case may be, will bear
      a legend denoting the restrictions on transfer. The Subscriber agrees to
      sell, assign or transfer the Securities only in accordance with such
      restrictions.

      The legend for certificates for the Common Shares, the Warrants, and the
      Warrant Shares issued upon exercise of the Warrants as the case may be,
      will be in substantially the following form:

            (i)   "UNLESS PERMITTED UNDER SECURITIES LEGISLATIONS, THE HOLDER OF
                  THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE
                  THAT IS FOUR MONTHS AND ONE DAY FOLLOWING THE CLOSING]."

            and

            (ii)  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON
                  THE TORONTO STOCK EXCHANGE ("TSX"). HOWEVER, PRIOR TO [THE
                  DATE THAT IS FOUR MONTHS AND ONE DAY FOLLOWING THE CLOSING].
                  THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF
                  TSX SINCE THEY ARE NOT FREELY TRANSFERABLE AND CONSEQUENTLY
                  ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT "GOOD
                  DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON TSX."

            and

            (iii) THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
                  ISSUED PURSUANT TO REGULATION S PROMULGATED UNDER THE U.S.
                  SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). AS SUCH, THE
                  SECURITIES REPRESENTED BY THIS CERTIFICATE ARE "RESTRICTED
                  SECURITIES" AND MAY NOT BE SOLD, OFFERED FOR SALE,
                  TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE
                  TRANSFERRED OR DISPOSED OF OTHER THAN (I) PURSUANT TO AN
                  EFFECTIVE REGISTRATION STATEMENT AS TO THE SHARES REPRESENTED
                  BY THIS CERTIFICATE UNDER THE ACT, (II) OUTSIDE THE UNITED
                  STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904
                  UNDER THE ACT, (III) PURSUANT TO RULE 144 UNDER THE ACT, OR
                  (IV) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
                  REGISTRATION REQUIREMENTS OF THE ACT. THE HOLDER HEREOF AGREES
                  THAT (A) ANY HEDGING TRANSACTION WITH RESPECT TO THE
                  SECURITIES REPRESENTED BY THIS CERTIFICATE WILL BE CONDUCTED
                  IN COMPLIANCE WITH THE ACT AND (B) IT WILL DELIVER, OR CAUSE
                  TO BE DELIVERED, TO EACH PERSON TO WHOM THE SECURITIES
                  REPRESENTED BY THIS CERTIFICATE ARE TRANSFERRED A NOTICE
                  SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN,
                  THE TERMS "OFFSHORE TRANSACTION" AND "UNITED STATES" HAVE THE
                  RESPECTIVE MEANINGS ASSIGNED TO THEM IN REGULATION S UNDER THE
                  ACT.

<page>
                                       15

8.    RELIANCE UPON REPRESENTATIONS, WARRANTIES AND COVENANTS

8.1   The Subscriber acknowledges that the representations and warranties and
      covenants and acknowledgements contained in this Agreement are made with
      the intent that they may be relied upon by the Corporation in determining
      the Subscriber's eligibility to purchase the Securities and the Subscriber
      hereby agrees to indemnify the Corporation against all losses, claims,
      costs, expenses and damages or liabilities which it may suffer or incur
      caused or arising from its reliance thereon. The Subscriber further agrees
      that by accepting the Securities the Subscriber shall be representing and
      warranting that the foregoing representations and warranties are true as
      at the date of Closing and as at the dates of exercise of the Warrants,
      with the same force and effect as if they had been made by the Subscriber
      on each such date, and that they shall survive the purchase by the
      Subscriber of the Securities and shall continue in full force and effect
      notwithstanding any subsequent disposition by the Subscriber of any of the
      Securities.

9.    MISCELLANEOUS

9.1   The Corporation shall be entitled to rely on delivery by facsimile machine
      of an executed copy of this subscription, and acceptance by the
      Corporation of such facsimile copy shall be equally effective to create a
      valid and binding agreement between the Subscriber and the Corporation in
      accordance with the terms hereof.

9.2   Without limitation, this Agreement and the transactions contemplated
      hereby are conditional upon and subject to the Corporation receiving
      Exchange approval of this Agreement and the transactions contemplated
      hereby.

9.3   This Agreement is not assignable or transferable by the parties hereto
      without the express written consent of the other party hereto.

9.4   Time is of the essence of this Agreement.

9.5   Except as expressly provided in this Agreement and in the agreements,
      instruments and other documents contemplated or provided for herein, this
      Agreement contains the entire agreement between the parties with respect
      to the Securities and there are no other terms, conditions,
      representations or warranties whether expressed, implied, oral or written,
      by statute, by common law, by the Corporation or by anyone else.

9.6   The parties to this Agreement may amend this Agreement only in writing.

9.7   This Agreement inures to the benefit of and is binding upon the parties to
      this Agreement and their successors and permitted assigns.

<page>
                                       16

9.8   A party to this Agreement will give all notices to or other written
      communications with the other party to this Agreement concerning this
      Agreement by hand or by registered mail addressed to the address given
      above.

9.9   This Agreement will be governed by and construed in accordance with the
      laws of the State of California, without regard to choice of law
      principles.

9.10  This Agreement, including without limitation the representations,
      warranties and covenants contained herein and in the Subscriber
      Certificate, shall survive and continue in full force and effect and be
      binding upon the Corporation and the Subscriber, notwithstanding the
      completion of the purchase of the Securities by the Subscriber pursuant
      hereto, the completion of the Offering and any subsequent disposition by
      the Subscriber of the Securities.

9.11  Without limitation, each Subscriber's obligations hereunder are
      conditional upon and subject to the delivery by the Corporation's counsel
      to each Subscriber a legal opinion to the effect that the Securities are
      eligible for resale under Rule 904 and 905 of Regulation S after the
      expiration of the holding period prescribed by Canadian laws but subject
      to the requirements set forth in Section 4.2(g) hereunder.

<page>
                                       17

                                   EXHIBIT "A"

                    CANADIAN ACCREDITED INVESTOR CERTIFICATE
                    ----------------------------------------

Capitalized terms used herein have the meaning ascribed thereto in the
subscription agreement (the "Subscription Agreement") of which this Exhibit "A"
forms a part. The Subscriber, in connection with the acquisition of Units of the
Corporation pursuant to the Subscription Agreement, hereby makes the following
representations and warranties:

The Subscriber understands that the Corporation is relying on this information
in determining to offer the Units to the undersigned in a manner exempt from the
registration requirements of applicable Canadian securities laws.

The Subscriber covenants, represents and warrants to the Corporation that the
Subscriber is an "accredited investor" as defined in National Instrument 45-106
PROSPECTUS AND REGISTRATION EXEMPTIONS ("NI 45-106"), by reason of the fact that
the Subscriber is, as defined in NI 45-106 or National Instrument 14-101
DEFINITIONS (place an "X" on the appropriate line or lines):

____  (a)   a Canadian financial institution, or an authorized foreign bank
            listed in Schedule III of the BANK ACT (Canada);

____  (b)   the Business Development Bank of Canada incorporated under the
            BUSINESS DEVELOPMENT BANK OF CANADA ACT (Canada);

____  (c)   a subsidiary of any person or company referred to in paragraphs
            1.(a) or 1.(b), if the person or company owns all of the voting
            securities of the subsidiary, except the voting securities required
            by law to be owned by directors of that subsidiary;

____  (d)   a person or company registered under the securities legislation of a
            jurisdiction of Canada, as an adviser or dealer, other than a person
            registered solely as a limited market dealer under one or both of
            the SECURITIES ACT (Ontario) or the SECURITIES ACT (Newfoundland and
            Labrador);

____  (e)   an individual registered or formerly registered under the securities
            legislation of a jurisdiction of Canada, as a representative of a
            person or company referred to in paragraph 1.(d);

____  (f)   the Government of Canada or a jurisdiction of Canada, or any crown
            corporation, agency or wholly owned entity of the Government of
            Canada or a jurisdiction of Canada;

____  (g)   a municipality, public board or commission in Canada;

____  (h)   any national, federal, state, provincial, territorial or municipal
            government of or in any foreign jurisdiction, or any agency of that
            government;

____  (i)   a pension fund that is regulated by either the Office of the
            Superintendent of Financial Institutions (Canada) or a pension
            commission or similar regulatory authority of a jurisdiction of
            Canada;

<page>
                                        2

____  (j)   an individual who, either alone or with a spouse, beneficially owns,
            directly or indirectly, financial assets having an aggregate
            realizable value that before taxes, but net of any related
            liabilities, exceeds CAD$1,000,000;

____  (k)   an individual whose net income before taxes exceeded CAD$200,000 in
            each of the two most recent calendar years or whose net income
            before taxes combined with that of a spouse exceeded CAD$300,000 in
            each of the two most recent calendar years and who, in either case,
            reasonably expects to exceed that net income level in the current
            calendar year;

____  (l)   an individual who, either alone or with a spouse, has net assets of
            at least CAD$5,000,000;

____  (m)   a person or company, other than an individual or investment fund,
            that has net assets of at least CAD$5,000,000, as shown on its most
            recently prepared financial statements;

____  (n)   an investment fund that distributes or has distributed its
            securities only to

            (i)   a person or company that is or was an accredited investor at
                  the time of the distribution;

            (ii)  a person or company that acquires or acquired securities in
                  the minimum amount of CAD$150,000 or additional investments as
                  allowed under section 2.19 of NI 45-106; or

            (iii) a person or company that acquires or acquired securities under
                  section 2.18 of NI 45-106;

____  (o)   an investment fund that distributes or has distributed securities
            under a prospectus in a jurisdiction of Canada for which the
            regulator or, in Quebec, the securities regulatory authority, has
            issued a receipt;

____  (p)   a trust company or trust corporation registered or authorized to
            carry on business under the TRUST AND LOAN COMPANIES ACT (Canada) or
            under comparable legislation in a jurisdiction of Canada or a
            foreign jurisdiction, acting on behalf of a fully managed account
            managed by the trust company or trust corporation, as the case may
            be;

____  (q)   a person or company acting on behalf of a fully managed account
            managed by that person or company, if that person or company

            (i)   is registered or authorized to carry on business as an adviser
                  or the equivalent under the securities legislation of a
                  jurisdiction of Canada or a foreign jurisdiction; and

            (ii)  Ontario, is purchasing a security that is not a security of an
                  investment fund;

<page>
                                        3

____  (r)   a registered charity under the INCOME TAX ACT (Canada) that, in
            regard to the trade, has obtained advice from an eligibility advisor
            or an adviser registered under the securities legislation of the
            jurisdiction of the registered charity to give advice on the
            securities being traded;

____  (s)   an entity organized in a foreign jurisdiction that is analogous to
            any of the entities referred to in paragraphs 1.(a) through 1.(d) or
            paragraph 1.(i) in form and function;

____  (t)   a person or company in respect of which all of the owners of
            interests, direct, indirect or beneficial, except the voting
            securities required by law to be owned by directors, are persons or
            companies that are accredited investors;

____  (u)   an investment fund that is advised by a person registered as an
            adviser or a person that is exempt from registration as an adviser;
            or

____  (v)   a person or company that is recognized or designated by the
            securities regulatory authority or, except in Ontario and Quebec,
            the regulator, as

            (i)   an accredited investor; or

            (ii)  an exempt purchaser in Alberta or British Columbia.

     IN WITNESS WHEREOF, Subscriber has executed this Certificate as of
______________, 2007.

                                         SUBSCRIBER

                                         --------------------------------------
                                         (Signature and office, if applicable)

                                         --------------------------------------
                                         (Print Name)

                                         --------------------------------------
                                         (Address)

                                         --------------------------------------
                                         (City/Province/Postal Code)

                                         --------------------------------------
                                         (Area Code/Telephone Number)

<page>

                                   EXHIBIT "B"

                           DEFINITION OF "U.S. PERSON"

The term "U.S. person" is defined in Rule 902(k) of Regulation S, which
definition shall apply for purposes of this Agreement, as follows:

(1)   "U.S. Person" means:

      (i)   Any natural person resident in the United States;

      (ii)  Any partnership or corporation organized or incorporated under the
            laws of the United States;

      (iii) Any estate of which any executor or administrator is a U.S. person;

      (iv)  Any trust of which any trustee is a U.S. person;

      (v)   Any agency or branch of a foreign entity located in the United
            States;

      (vi)  Any non-discretionary account or similar account (other than an
            estate or trust) held by a dealer or other fiduciary for the benefit
            or account of a U.S. person;

      (vii) Any discretionary account or similar account (other than an estate
            or trust) held by a dealer or other fiduciary organized,
            incorporated, or (if an individual) resident in the United States;
            and

      (viii) Any partnership or corporation if:

            (a)   Organized or incorporated under the laws of any foreign
                  jurisdiction; and

            (b)   Formed by a U.S. person principally for the purpose of
                  investing in securities not registered under the Securities
                  Act, unless it is organized or incorporated, and owned, by
                  accredited investors (as defined in Rule 501(a) of the 1933
                  Act) who are not natural persons, estates or trusts.

(2)   The following are not "U.S. persons":

      (i)   Any discretionary account or similar account (other than an estate
            or trust) held for the benefit or account of a non-U.S. person by a
            dealer or other professional fiduciary organized, incorporated, or
            (if an individual) resident in the United States;

      (ii)  Any estate of which any professional fiduciary acting as executor or
            administrator is a U.S. person if:

            (a)   An executor or administrator of the estate who is not a U.S.
                  person has sole or shared investment discretion with respect
                  to the assets of the estate; and

            (b)   The estate is governed by foreign law;

<page>
                                        2

      (iii) Any trust of which any professional fiduciary acting as trustee is a
            U.S. person, if a trustee who is not a U.S. person has sole or
            shared investment discretion with respect to the trust assets, and
            no beneficiary of the trust (and no settlor if the trust is
            revocable) is a U.S. person;

      (iv)  An employee benefit plan established and administered in accordance
            with the law of a country other than the United States and customary
            practices and documentation of such country;

      (v)   Any agency or branch of a U.S. person located outside the United
            States if:

            (a)   The agency or branch operates for valid business reasons; and

            (b)   The agency or branch is engaged in the business of insurance
                  or banking and is the subject to substantive insurance or
                  banking regulation, respectively, in the jurisdiction where
                  located; and

      (vi)  The International Monetary Fund, the International Bank for
            Reconstruction and Development, the Inter-American Development Bank,
            the Asian Development Bank, the African Development Bank, the United
            Nations, and their agencies, affiliates and pension plans, and any
            other similar international organizations, their agencies,
            affiliates and pension plans.

<page>

                                   EXHIBIT "D"

                                   CERTIFICATE

              ADDITIONAL REPRESENTATIONS, WARRANTIES AND COVENANTS
                          FOR NON-CANADIAN SUBSCRIBERS
                          (OTHER THAN U.S. SUBSCRIBERS)

Capitalized terms used herein have the meaning ascribed thereto in the
subscription agreement (the "Subscription Agreement") of which this Exhibit "D"
forms a part.

The Subscriber on its own behalf and (if applicable) on behalf of others for
whom it is acting hereunder, further represents, warrants and covenants to and
with the Corporation and the Agents and their respective counsel (and
acknowledges that the Corporation and the Agents and their respective counsel
are relying thereon) that it is a resident of, or otherwise subject to, the
securities legislation of a jurisdiction other than Canada or the United States,
and:

      (a)   the Subscriber is:

            (i)   a purchaser that is recognized by the securities regulators in
                  the jurisdiction in which it is resident or otherwise subject
                  to the securities laws of such jurisdiction as an exempt
                  purchaser and (subject to (b)(i) below) is purchasing the
                  Securities as principal for its own account, and not for the
                  benefit of any other person, corporation, firm or other
                  organization has a beneficial interest in the Securities being
                  purchased, or purchasing the Securities as agent or trustee
                  for the principal disclosed on the cover page of this
                  Subscription Agreement and each disclosed principal for whom
                  the Subscriber is acting is purchasing as principal for its
                  own account, and not a view to resale or distribution; or

            (ii)  a purchaser which is purchasing the Securities pursuant to an
                  exemption from any prospectus or securities registration
                  requirements (particulars of which are enclosed herewith)
                  available to the Corporation and the Subscriber under
                  applicable securities laws of their jurisdiction of residence
                  or to which the Subscriber is otherwise subject to, and the
                  Subscriber shall deliver to the Corporation such further
                  particulars of the exemption and their qualification
                  thereunder as the Corporation may reasonably request;

      (b)   if the Subscriber is resident in or otherwise subject to applicable
            securities laws of the United Kingdom:

            (i)   the Subscriber is a person in the United Kingdom: (A) who is a
                  `qualified investor' for the purpose of section 86(7) of the
                  FINANCIAL SERVICES AND MARKETS ACT 2000 ("FSMA") and is
                  purchasing the Securities as principal for its own account and
                  not for the benefit of others, other than on behalf of (A)
                  discretionary client(s) in circumstances where section 86 (2)
                  FSMA applies; and (B) is such a person as is referred to in
                  Article 19 (investment professionals) or 49 (high net worth
                  companies etc) of the FINANCIAL SERVICES AND MARKETS ACT 2000
                  (Financial Promotion) order 2005; and (C) and has complied
                  with and undertakes to comply with all applicable provisions
                  of the FSMA and other applicable securities laws with respect
                  to anything done by it in relation to the Securities in, from
                  or otherwise involving the United Kingdom; and

<page>

            (ii)  the Subscriber confirms that, to the extent applicable to it,
                  it is aware of, has complied and will comply with its
                  obligations in connection with the CRIMINAL JUSTICE ACT 1993,
                  the PROCEEDS OF CRIME ACT 2002 and Part VIII of the FSMA, it
                  has identified its clients in accordance with the MONEY
                  LAUNDERING REGULATIONS 2003 (the "Regulations") and has
                  complied fully with its obligations pursuant to the
                  Regulations and will, as a condition precedent of any
                  acceptance of this subscription, provide all such information
                  and documents as may be required in relation to it (or any
                  person on whose behalf it is acting as agent) that may be
                  required by the Corporation or any agent or person acting for
                  it in order to discharge any obligations under the
                  Regulations;

      (c)   the purchase of the Securities by the Subscriber does not contravene
            any of the applicable securities laws in such jurisdiction and does
            not trigger: (i) any obligations of the Corporation to prepare and
            file a prospectus, an offering memorandum or similar document; or
            (ii) any obligations of the Corporation to make any filings with or
            seek any approvals of any kind from any regulatory body in such
            jurisdiction or any other ongoing reporting requirements with
            respect to such purchase or otherwise; or (iii) any registration or
            other obligation on the part of the Corporation; and

      (d)   the Subscriber is knowledgeable of, and has been independently
            advised as to, the securities laws of such jurisdiction as
            applicable to this Subscription Agreement.

Dated at  ________________this______day of October, 2007.

                           ____________________________________________________
                           Print name of Subscriber, or person signing as agent
                           on behalf of Subscriber

                           ____________________________________________________
                           Signature

                           ____________________________________________________
                           Print name of Signatory (if different from Subscriber
                           or agent, as applicable)

                           ____________________________________________________
                           Title

<page>

                                   EXHIBIT "E"

                            RULE 904 OFFSHORE RESALE
                              SELLER CERTIFICATION

                                     [DATE]

The undersigned (the "Seller"), is the beneficial owner of ___________ shares
Common Stock (the "Shares") of Pacific Energy Resources Ltd. (the
"Corporation"), which Shares are represented by stock certificate number ______.
The undersigned desires to resell the Shares in, on or through the facilities of
the Toronto Stock Exchange (the "Resale") in accordance with Rule 904 of
Regulation S ("Regulation S") under the United States Securities Act of 1933, as
amended (the "Securities Act").

The undersigned desires to effectuate the Resale, and as a condition thereto,
hereby certifies to the Corporation, [name of law firm], and the custodian, if
applicable, who has custody of the Shares (the "Custodian"), as follows:

1.    The Seller is the beneficial owner of the Shares, having acquired and
      fully paid for the Shares by purchase of the Shares on [date].

2.    The Seller has notified the Corporation's transfer agent (the "Transfer
      Agent") in writing of his, her or its desire to resell the Shares in, on
      or through the facilities of the Toronto Stock Exchange.

3.    The Seller has delivered or caused to be delivered the certificates
      covering Shares to the Transfer Agent.

4.    The Seller certifies that (a) the Resale of the Shares was not and is not
      being made to a person in the United States; and (b) the transaction was
      or will be executed in, or through the facilities of the Toronto Stock
      Exchange, and neither the Seller nor any person acting on his, her or its
      behalf knows that the transaction has been pre-arranged with a buyer in
      the United States.

5.    None of the Seller, the Seller's affiliates, or any person acting on his,
      her or its behalf has engaged or will engage in any "directed selling
      efforts", as defined in Rule 902 of Regulation S of the Securities Act.
      "Directed selling efforts" include activities that are intended and could
      reasonably be expected to condition the market in the United States with
      respect to the Resale of the Shares.

6.    The Seller certifies that he, she or it is not, and was not at the time of
      the Resale, an "affiliate" of, or a person "affiliated" with, the
      Corporation (except solely by virtue of being an officer or director of
      the Corporation). An "affiliate" of, or person "affiliated" with, a
      specified person includes a person or entity that directly, or indirectly
      through one or more intermediaries, controls or is controlled by, or is
      under common control with, the person or entity specified.

7.    If the Seller is an affiliate of the Corporation solely by virtue of being
      an officer or director of the Corporation, he, she or it certifies that no
      selling concession, fee, or other remuneration has been or shall be paid
      in connection with the Resale of the Shares other than the usual and
      customary broker's commission that would be received by a person executing
      such transaction as agent.

8.    The Seller certifies that neither he, she or it nor any person acting on
      his, her or its behalf knows that the purchaser of the Shares is or will
      be a "dealer" or is or will be a person receiving a selling concession,
      fee or other remuneration in respect of the Resale of the Shares. A
      "dealer" shall mean any person who engages either for all or part of his,
      her or its time, directly or indirectly, as agents, broker, or principal,
      in the business of offering, buying, selling, or otherwise dealing or
      trading in securities issued by another person.

<page>

9.    The Seller acknowledges and understands that the Shares may not be offered
      to U.S. persons or resold in the United States without registration or
      pursuant to an exemption under the Securities Act.

10.   The Seller certifies that the Shares shall not be offered or sold in or
      through the facilities of any United States stock exchange without
      registration or pursuant to an exemption under the Securities Act.

11.   The Resale is not a transaction, or part of a series of transaction which,
      although in technical compliance with Regulation S, is part of a plan or
      scheme to evade the registration provisions of the Securities Act.

12.   The Resale is bona fide and not for the purpose of "washing off" the
      resale restrictions imposed because the securities are restricted
      securities (as such term is defined in Rule 144(a)(3) under the Securities
      Act).

13.   The Seller agrees to immediately notify the Corporation of any facts or
      circumstances that may hereafter come to the undersigned's attention which
      would render any of the above statements to be inaccurate.

                                             Tax Id. No.:
-------------------------------------        -----------------------------------
Signature                                    Advisor (if applicable):

-------------------------------------        -----------------------------------
Name of Seller                               Custodian:

-------------------------------------        -----------------------------------
Name and Title of Signatory (if applicable)  Account No.:
Address:
                                             -----------------------------------
-------------------------------------

-------------------------------------

Dated:

IMPORTANT - READ CAREFULLY The               SIGNATURE GUARANTEED BY:
signature(s) to this Certification must
correspond with the name(s) as written
upon the face of this certificate(s) or      Sign here__________________________
bond(s) in every particular without
alteration or enlargement or any change
whatever. Signature guarantee should be
made by a member or member organization
of the New York Stock Exchange, members
of other Exchanges having signatures on      ___________________________________
file with transfer agent or by a             (PERSON(S) EXECUTING THE POWER
commercial bank or trust company having      SIGN(S) HERE)
its principal office or correspondent in
the City of New York

<page>

                                   EXHIBIT "F"

                            RULE 904 OFFSHORE RESALE
                              BROKER CERTIFICATION

                                     [DATE]

The undersigned is the authorized broker appointed by ___________ (the "Seller")
to handle the offshore resale of _________ shares of Common Stock (the
"Shares"), of Pacific Energy Resources Ltd. (the "Corporation"), beneficially
owned by the Seller and represented by stock certificate number _____. The
Seller has instructed the undersigned to resell the Shares in, on or through the
facilities of the Toronto Stock Exchange (the "Resale") in accordance with Rule
904 of Regulation S ("Regulation S") under the United States Securities Act of
1933, as amended (the "Securities Act").

The Seller has advised the undersigned of the following:

      The Seller is the beneficial owner of the Shares, having acquired and
      fully paid for the Shares by purchase of the Shares on [date].

      The Seller wishes to sell the Shares in, on or through the facilities of
      the Toronto Stock Exchange in accordance with Rule 904 of Regulation S.

The undersigned desires to effectuate the Resale in, on or through the
facilities of the Toronto Stock Exchange, and as a condition thereto, hereby
certifies to the Corporation, [name of law firm], and the custodian, if
applicable, who has custody of the Shares (the "Custodian"), as follows:

1.    The Seller has submitted written instructions to the undersigned to sell
      the Shares on Seller's behalf in, on or through the facilities of the
      Toronto Stock Exchange.

2.    The undersigned has notified _______________, the Corporation's transfer
      agent (the "Transfer Agent") in writing of its desire to resell the Shares
      in, on or through the facilities of the Toronto Stock Exchange.

3.    The undersigned has delivered or caused to be delivered the Shares to the
      Transfer Agent.

4.    The undersigned certifies that (a) the Resale of the Shares was not and is
      not being made to a person in the United States; and (b) the transaction
      was or will be executed in, or through the facilities of the Toronto Stock
      Exchange, and neither the undersigned nor any person acting on its behalf
      knows that the transaction has been pre-arranged with a buyer in the
      United States.

5.    The undersigned, or an affiliate of the undersigned is, a member of the
      Toronto Stock Exchange.

6.    Neither the undersigned, the undersigned's affiliates, nor any person
      acting on its behalf has engaged or will engage in any "directed selling
      efforts", as defined in Rule 902 of Regulation S of the Securities Act.
      "Directed selling efforts" include activities that are intended and could
      reasonably be expected to condition the market in the United States with
      respect to the Resale of the Shares.

<page>

7.    The undersigned certifies that it is not, and at the time of the Resale
      was not, an "affiliate" of, or a person "affiliated" with, the
      Corporation, except the undersigned may be an officer or director of the
      Corporation who is an affiliate solely by virtue of holding such position.
      An "affiliate" of, or person "affiliated" with, a specified person
      includes a person or entity that directly, or indirectly through one or
      more intermediaries, controls or is controlled by, or is under common
      control with, the person or entity specified.

8.    The undersigned certifies that if the Seller is an affiliate of the
      Corporation solely by virtue of being an officer or director of the
      Corporation, no selling concession, fee, or other remuneration has been or
      shall be paid in connection with the Resale of the Shares other than the
      usual and customary broker's commission that would be received by a person
      executing such transaction as agent.

9.    The undersigned certifies that neither it nor any person acting on its
      behalf knows that the purchaser of the Shares is a "dealer" or is a person
      receiving a selling concession, fee or other remuneration in respect of
      the Resale of the Shares. A "dealer" shall mean any person who engages
      either for all or part of his, her or its time, directly or indirectly, as
      agent, broker, or principal, in the business of offering, buying, selling,
      or otherwise dealing or trading in securities issued by another person.

10.   The undersigned acknowledges and understands that the Shares may not be
      offered to U.S. persons or resold in the United States without
      registration or pursuant to an exemption under the Securities Act.

11.   The undersigned certifies that the Shares shall not be offered or sold in
      or through the facilities of any United States stock exchange or otherwise
      without registration under the Securities Act or pursuant to an exemption
      under the Securities Act.

12.   The Resale is not a transaction, or part of a series of transaction which,
      although in technical compliance with Regulation S, is part of a plan or
      scheme to evade the registration provisions of the Securities Act.

13.   The Resale is bona fide and not for the purpose of "washing off" the
      resale restrictions imposed because the securities are restricted
      securities (as such term is defined in Rule 144(a)(3) under the Securities
      Act).

14.   The undersigned agrees to immediately notify the Corporation of any facts
      or circumstances that may hereafter come to the undersigned's attention
      which would render any of the above statements to be inaccurate.

[NAME OF BROKER]
                                           Tax Id. No.:
By:__________________________________      _____________________________________
                                           Advisor (if applicable):
Name:
                                           _____________________________________
Title:                                     Custodian:

Address:                                   _____________________________________
                                           Account No.:
_____________________________________
                                           _____________________________________
_____________________________________

Dated:

<page>

IMPORTANT - READ CAREFULLY The               SIGNATURE GUARANTEED BY:
signature(s) to this Certification must
correspond with the name(s) as written
upon the face of this certificate(s) or      Sign here__________________________
bond(s) in every particular without
alteration or enlargement or any change
whatever. Signature guarantee should be
made by a member or member organization
of the New York Stock Exchange, members
of other Exchanges having signatures on      ___________________________________
file with transfer agent or by a             (PERSON(S) EXECUTING THE POWER
commercial bank or trust company having      SIGN(S) HERE)
its principal office or correspondent in
the City of New York

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]