Document:

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EXHIBIT 4.32

THE ISSUANCE OF THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"). AS SUCH, THE SECURITIES REPRESENTED BY THIS WARRANT 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 WARRANT 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 WARRANT
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
WARRANT 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.

THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF, OR TRANSFERRED TO, ANY
"U.S. PERSON" AS DEFINED IN REGULATION S UNDER THE ACT UNLESS REGISTERED UNDER
THE ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST
NOT TRADE THE SECURITY BEFORE MAY 19, 2008.

            Right to Purchase up to _______ Shares of Common Stock of

                          PACIFIC ENERGY RESOURCES LTD.

                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

Certificate No. IC-01                                Number of Warrants: _______
                                                    Issue Date: January 18, 2008

                VOID AFTER 5:00 P.M. LOCAL TIME, JANUARY 18, 2013

         PACIFIC ENERGY RESOURCES LTD., a corporation organized under the laws
of the State of Delaware (the "Corporation"), hereby certifies that, for value
received, _____________________________________________________________________
_____________________ or its assigns (the "Holder"), is entitled, subject to the
terms set forth below, to purchase from the Corporation (as defined herein) from
and after the Issue Date of this Common Stock Purchase Warrant ("Warrant") and
at any time or from time to time before 5:00 p.m. local time through the close
of business on January 18, 2013 (the "Expiration Date"), up to 50,000 fully paid
and

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nonassessable shares of Common Stock (as hereinafter defined), at the applicable
Exercise Price (as defined below) per share. The number and character of such
shares of Common Stock and the applicable Exercise Price per share are subject
to adjustment as provided herein.

         As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:

                  (a) The term "Common Stock" includes (i) the Corporation's
         common stock, par value $0.0001 per share; and (ii) any other
         securities into which or for which any of the securities described in
         the preceding clause (i) may be converted or exchanged pursuant to a
         plan of recapitalization, reorganization, merger, sale of assets or
         otherwise.

                  (b) The term "Corporation" includes Pacific Energy Resources
         Ltd. and any corporation which shall succeed to, or assume the
         obligations of, Pacific Energy Resources Ltd. hereunder.

                  (c) The term "Exchange Rate" means, in relation to any amount
         of currency to be converted into U.S. dollars pursuant to this Warrant,
         the U.S. dollar exchange rate as published in the Wall Street Journal
         from time to time.

                  (d) The "Exercise Price" applicable under this Warrant shall
         be CAD $2.50 per Common Share (subject to adjustment pursuant to
         Section 5).

                  (e) The term "Other Securities" refers to any stock (other
         than Common Stock) and other securities of the Corporation or any other
         person (corporate or otherwise) which the holder of the Warrant at any
         time shall be entitled to receive, or shall have received, on the
         exercise of the Warrant, in lieu of or in addition to Common Stock, or
         which at any time shall be issuable or shall have been issued in
         exchange for or in replacement of Common Stock or Other Securities
         pursuant to Section 4 or otherwise.

                  (f) The term "Subscription Agreement" means the Subscriber
         Information and Representation Statement Regarding Incentive Warrants
         between the Corporation and the Holder, duly accepted by the
         Corporation on January 18, 2008.

         All other defined terms have the meaning attributed to them in the
Subscription Agreement.

1.       EXERCISE OF WARRANT.
         -------------------

         1.1 NUMBER OF SHARES ISSUABLE UPON EXERCISE. From and after the date
hereof through and including the Expiration Date, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, by delivery to
the Corporation of this Warrant Certificate, an original copy of an exercise
notice in the form attached hereto as Exhibit A (the "Subscription Form") duly
completed and executed and the satisfaction of the surrender and payment
requirements of Section 2, the number of shares of Common Stock of the
Corporation set forth in the Subscription Form, subject to adjustment pursuant
to Section 5.

         1.2 FAIR MARKET VALUE. For purposes hereof, the "Fair Market Value" of
a share of Common Stock as of a particular date (the "Determination Date") shall
mean:

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                  (a) If the Corporation's Common Stock is traded on the Toronto
         Stock Exchange ("TSX"), then the average of the closing or last sale
         price reported for the twenty (20) trading days immediately preceding
         the Determination Date.

                  (b) If the Corporation's Common Stock is not traded on the TSX
         but is traded on the Nasdaq Global Select Market, Global Market or
         Capital Market (collectively, "Nasdaq"), the American Stock Exchange
         ("AMEX") or another national exchange, the average of the Canadian
         dollar equivalent (calculated at the prevailing Exchange Rate on each
         day) of closing or last sale price reported for the twenty (20) trading
         days immediately preceding the Determination Date.

                  (c) If the Corporation's Common Stock is not traded on the
         TSX, Nasdaq or AMEX, but is quoted on the NASD OTC Bulletin Board, then
         the Canadian dollar equivalent (calculated at the prevailing Exchange
         Rate on each day) mean of (i) the average of the closing bid price and
         (ii) the average of the closing ask price, in each case reported for
         the twenty (20) trading days immediately preceding the Determination
         Date.

                  (d) If the Corporation's Common Stock is not publicly traded,
         then as the Holder and the Corporation agree or in the absence of
         agreement by arbitration in accordance with the rules then in effect of
         the American Arbitration Association before a single arbitrator to be
         chosen from a panel of persons qualified by education and training to
         pass on the matter to be decided.

         1.3 CORPORATION ACKNOWLEDGMENT. The Corporation will, at the time of
the exercise of the Warrant, upon the request of the Holder acknowledge in
writing its continuing obligation to afford to such Holder any rights to which
such Holder shall continue to be entitled after such exercise in accordance with
the provisions of this Warrant. If the Holder shall fail to make any such
request, such failure shall not affect the continuing obligation of the
Corporation to afford to such Holder any such rights.

1.4      LEGENDS.
         -------

         (a) Each certificate for Common Stock issued upon exercise of this
Warrant shall bear the following legend:

         "THE ISSUANCE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT
         BEEN REGISTERED 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

                                      -3-

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         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."

         and

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE
         TORONTO STOCK EXCHANGE ("TSX"); HOWEVER, 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."

(b)      If shares of Common Stock are issued to a Canadian resident upon
         exercise of this Warrant prior to May 19, 2008, each certificate for
         such shares of Common Stock shall, in addition to the legends in
         Section 1.5(a), bear the following legend:

         "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS
         SECURITY MUST NOT TRADE THE SECURITY BEFORE MAY 19, 2008."

2.       PROCEDURE FOR EXERCISE.

         2.1 DELIVERY OF STOCK CERTIFICATES, ETC., ON EXERCISE. The Corporation
agrees that the shares of Common Stock purchased upon exercise of this Warrant
shall be deemed to be issued to the Holder as the owner of record of such shares
as of the close of business on the date on which the duly completed and executed
Subscription Form, this Warrant Certificate and payment for such shares shall
have been received by the Corporation in accordance herewith. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within five (5) business days thereafter, the Corporation at the
Corporation's expense (including the payment by it of any applicable issue
taxes) will cause to be issued in the name of and delivered to the Holder, or as
such Holder (upon payment by such Holder of any applicable transfer taxes) may
direct in compliance with applicable securities laws, a certificate or
certificates for the number of duly and validly issued, fully paid and
nonassessable shares of Common Stock (or Other Securities) to which such Holder
shall be entitled on such exercise. As to any fraction of a share that the
Holder of one or more Warrants, the rights under which are exercised in the same
transaction, would otherwise be entitled to purchase upon such exercise, the
Corporation shall pay to such Holder an amount in cash equal to such fraction
multiplied by the Fair Market Value of one share of Common Stock on the date of
exercise. Following a partial exercise of this

                                      -4-

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Warrant prior to the Expiration Date, the Corporation shall cancel this Warrant
Certificate and, within five business days, execute and deliver to the Holder a
new Warrant Certificate of like tenor covering the remaining balance of the
shares of Common Stock subject to this Warrant Certificate.

         2.2 EXERCISE. Payment may be made by certified check or bank draft
payable to the order of the Corporation equal to the applicable aggregate
Exercise Price, for the number of Common Shares specified in such Subscription
Form (as such exercise number shall be adjusted to reflect any adjustment in the
total number of shares of Common Stock issuable to the Holder in accordance with
the terms of this Warrant) and the Holder shall thereupon be entitled to receive
the number of duly authorized, validly issued, fully-paid and non-assessable
shares of Common Stock (or Other Securities) determined as provided herein.

         2.3 REPRESENTATION. The Holder of this Warrant has represented to the
Corporation that it is acquiring this Warrant for its own account and not with a
view toward, or for resale in connection with, the public sale or distribution
of this Warrant or the underlying shares of Common Stock, except pursuant to
sales registered or exempted under the Securities Act of 1933, as amended (the
"Securities Act"). The Holder of this Warrant further represented that as of the
Issue Date, the Holder was an "accredited investor" as that term is defined in
National Instrument 45-106 Prospectus and Registration Exemptions and/or in Rule
501(a)(3) of Regulation D promulgated by the Securities and Exchange Commission
under the Securities Act and met other investor suitability standards. Upon
exercise of this Warrant, the Holder shall, if requested by the Corporation,
confirm in writing, in a form satisfactory to the Corporation, representations
concerning the matters described in this Section 2.3.

3.       EFFECT OF REORGANIZATION, ETC.; ADJUSTMENT OF EXERCISE PRICE.

3.1 REORGANIZATION, CONSOLIDATION, MERGER, ETC. If at any time or from time to
time, the Corporation (a) effects a reorganization, (b) consolidates with or
merges into any other person, or (c) transfers all or substantially all of its
properties or assets to any other person under any plan or arrangement
contemplating the dissolution of the Corporation, then, in each such case, as a
condition to the consummation of such a transaction, proper and adequate
provision shall be made by the Corporation whereby the Holder of this Warrant,
         on the exercise hereof as provided in Section 1 at any time after the
consummation of such reorganization, consolidation or merger or the effective
date of such dissolution, as the case may be, shall receive, in lieu of the
Common Stock (or Other Securities) issuable on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including cash) to which such Holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant, immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

         3.2 DISSOLUTION. In the event of any dissolution of the Corporation
following the transfer of all or substantially all of its properties or assets,
the Corporation, concurrently with any distributions made to holders of its
Common Stock, shall at its expense deliver or cause to be delivered to the
Holder the stock and other securities and property (including cash, where
applicable) receivable by the Holder of this Warrant pursuant to Section 3.1, or
if the Holder also instructs the Corporation, to a bank or trust company
specified by the Holder as trustee for the Holder (the "Trustee").

                                      -5-

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3.3 CONTINUATION OF TERMS. Upon any reorganization, consolidation, merger or
transfer (and any dissolution following any transfer) referred to in this
Section 3, this Warrant shall continue in full force and effect and the terms
hereof shall be applicable to the shares of stock and other securities and
property receivable on the exercise of this Warrant after the consummation of
such reorganization, consolidation or merger or the effective date of
dissolution following any such transfer, as the case may be, and shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer, the person acquiring all or substantially all of the
properties or assets of the Corporation, whether or not such person shall have
expressly assumed the terms of this Warrant as provided in Section 4. If this
Warrant does not continue in full force and effect after the consummation of the
transactions described in this Section 3, then the Corporation's securities and
property (including cash, where applicable) receivable by the Holder of this
Warrant will be delivered to the Holder or the Trustee as contemplated by
Section 3.2.

4.       EXTRAORDINARY EVENTS REGARDING COMMON STOCK.

         If the Corporation (a) issues additional shares of the Common Stock as
a dividend or other distribution on outstanding Common Stock or any preferred
stock issued by the Corporation, (b) subdivides its outstanding shares of Common
Stock, or (c) combines its outstanding shares of the Common Stock into a smaller
number of shares of the Common Stock, then, in each such event, the Exercise
Price shall, simultaneously with the happening of such event, be adjusted by
multiplying the then Exercise Price by a fraction, the numerator of which shall
be the number of shares of Common Stock outstanding immediately prior to such
event and the denominator of which shall be the number of shares of Common Stock
outstanding immediately after such event, and the product so obtained shall
thereafter be the Exercise Price then in effect. The Exercise Price, as so
adjusted, shall be readjusted in the same manner upon the happening of any
successive event or events described herein in this Section 4. The number of
shares of Common Stock that the Holder of this Warrant shall thereafter, on the
exercise hereof as provided herein in Section 1, be entitled to receive shall be
adjusted to a number determined by multiplying the number of shares of Common
Stock that would otherwise (but for the provisions of this Section 4) be
issuable on such exercise by a fraction of which (a) the numerator is the
Exercise Price that would otherwise (but for the provisions of this Section 4)
be in effect, and (b) the denominator is the Exercise Price in effect on the
date of such exercise.

5.       CERTIFICATE AS TO ADJUSTMENTS.

         In each case of any adjustment or readjustment in the shares of Common
Stock (or Other Securities) issuable on the exercise of the Warrant as provided
for in Section 3 or 4 above, the Corporation at its expense will promptly cause
its Chief Financial Officer or other appropriate designee to compute such
adjustment or readjustment in accordance with the terms of the Warrant and
prepare a certificate setting forth such adjustment or readjustment and showing
in detail the facts upon which such adjustment or readjustment is based,
including a statement of (a) the consideration received or receivable by the
Corporation for any additional shares of Common Stock (or Other Securities)
issued or sold or deemed to have been issued or sold, (b) the number of shares
of Common Stock (or Other Securities) outstanding or deemed to be outstanding,
and (c) the Exercise Price and the number of shares of Common Stock to be
received upon exercise of this Warrant, in effect immediately prior to such
adjustment or readjustment and as adjusted or

                                      -6-

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readjusted as provided in this Warrant. The Corporation will forthwith mail or
cause to be mailed a copy of each such certificate to the Holder of this
Warrant.

6.       RESERVATION OF STOCK, ETC. ISSUABLE ON EXERCISE OF WARRANT.

         The Corporation will at all times reserve and keep available, solely
for issuance and delivery on the exercise of this Warrant, shares of Common
Stock (or Other Securities) from time to time issuable on the exercise of this
Warrant.

7.       ASSIGNMENT; EXCHANGE OF WARRANT.

         Subject to compliance with applicable securities laws, this Warrant,
and the rights evidenced hereby, may be transferred by any registered holder
hereof (a "Transferor") in whole or in part. On the surrender for exchange of
this Warrant, with the Transferor's endorsement in the form of Exhibit B (the
"Transferor Endorsement Form"), together with evidence reasonably satisfactory
to the Corporation demonstrating compliance with applicable securities laws in a
manner consistent with the restrictive legend on this Warrant, the Corporation
at the Corporation's expense (but with payment by the Transferor of any
applicable transfer taxes), will cause to be issued and delivered to or on the
order of the Transferor thereof a new Warrant of like tenor, in the name of the
Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a "Transferee"), calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant so surrendered by the Transferor.

8.       REPLACEMENT OF WARRANT.

         On receipt of evidence reasonably satisfactory to the Corporation of
the loss, theft, destruction or mutilation of this Warrant and, in the case of
any such loss, theft or destruction of this Warrant, on delivery of an indemnity
agreement and surety bond reasonably satisfactory in form and amount to the
Corporation, the Corporation at the Holder's expense and Holder's payment of
charges of the Corporation, will execute and deliver, in lieu thereof, a new
Warrant of like tenor.

9.       EXERCISE RESTRICTIONS.

         9.1 LIMITATION ON NUMBER OF SHARES ISSUABLE. Notwithstanding anything
contained herein to the contrary, the rights represented by this Warrant shall
not be exercisable by the Holder and the Corporation 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
Corporation (the "Joint Actors") would in the aggregate directly or indirectly
own or exercise control or direction over the voting of that number of voting
securities of the Corporation (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 Corporation after giving effect to such exercise.

                                      -7-

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         9.2 PROVISION OF OFFICER'S CERTIFICATE. Prior to exercising the rights
represented by this Warrant, the Holder shall provide the Corporation with an
officer's certificate stating the number of voting securities of the Corporation
held by the Holder and its Joint Actors, if any, as of the date provided for in
the exercise notice (the "Officer's Certificate") and the Corporation shall be
entitled to rely on the Officer's Certificate in making any determinations
regarding the total issued and outstanding voting securities of the Corporation
to be held by the Holder and its Joint Actors, if any, after giving effect to
the exercise. The execution of the Subscription Form by the Holder will suffice
as the Holder's acknowledgement of compliance with such exercise limits as set
forth in this Section 9.

10.      TRANSFER ON THE CORPORATION'S BOOKS.

         Until this Warrant is transferred on the books of the Corporation, the
Corporation may treat the registered Holder hereof as the absolute owner hereof
for all purposes, notwithstanding any notice to the contrary.

11.      NOTICES, ETC.

         All notices and other communications from the Corporation to the Holder
of this Warrant shall be delivered by ordinary surface or air mail, postage
prepaid, addressed to the Holder or delivered at their respective address
appearing on the register of Holders.

12.      MISCELLANEOUS.

         Notwithstanding any provision to the contrary contained in this
Warrant, no Common Stock will be issued pursuant to the exercise of this Warrant
if the issuance of such securities may constitute a violation of the securities
laws of any applicable jurisdiction. This Warrant and any term hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF STATE OF CALIFORNIA WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED
BY THIS WARRANT SHALL BE BROUGHT ONLY IN THE STATE COURTS OF CALIFORNIA OR IN
THE FEDERAL COURTS LOCATED IN THE STATE OF CALIFORNIA. The Holder and the
Corporation shall submit to the jurisdiction of such courts and waive trial by
jury. The prevailing party shall be entitled to recover from the other party its
reasonable attorney's fees and costs. If any provision of this Warrant is
invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable

                                      -8-

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under any law shall not affect the validity or enforceability of any other
provision of this Warrant. The headings in this Warrant are for purposes of
reference only, and shall not limit or otherwise affect any of the terms hereof.
The invalidity or unenforceability of any provision hereof shall in no way
affect the validity or enforceability of any other provision hereof.

         IN WITNESS WHEREOF, the Corporation has executed this Warrant as of the
date first written above.

                                     PACIFIC ENERGY RESOURCES LTD.

                                     By:
                                        --------------------------------
                                          Kathleen MacInnes, Secretary

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                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (To Be Signed Only On Exercise Of Warrant)

TO:      Pacific Energy Resources Ltd.
         111 W. Ocean Blvd., Suite 1240
         Long Beach, CA 90802
         Attention:        President

         The undersigned, pursuant to the provisions set forth in the attached
Warrant (No.____), hereby irrevocably elects to purchase:

                  ________ shares of the Common Stock covered by such Warrant

         The undersigned herewith makes payment of the full Exercise Price for
such shares at the price per share provided for in such Warrant, which is CAD
$2.50. Such payment takes the form of:

         CAD$
                  -----------------------------------

         by way of a certified check or bank draft to the order of Pacific
         Energy Resources Ltd.

         The undersigned requests that the certificates for such shares be
issued in the name of, and delivered to ___________________________________
whose address is

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

-------------------------------------------------------------------------------.

         (Please print full name in which share certificates are to be issued.
If any shares are to be issued to a person or persons other than the
Warrantholder, the Warrantholder must pay all required transfer taxes or other
government charges and comply with all applicable securities law requirements.)

         Terms not defined herein shall have the same meanings ascribed to them
in the Warrant Certificate.

         The undersigned represents and warrants that all offers and sales by
the undersigned of the securities issuable upon exercise of the within Warrant
shall be made in reliance upon available exemptions from the prospectus and
registration or equivalent requirements of applicable securities laws, and that
on such exercise of this Warrant for the Shares stated above, the limitation
referred to in Section 9 of this Warrant Certificate has not been exceeded.

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         In addition, the undersigned Warrantholder reaffirms the accuracy as of
the date hereof of the Warrantholder's representations made in the Subscription
Agreement, including without limitation, the following:

(a)      The Warrantholder is an "accredited investor" as that term is defined
         in Rule 501(a)(3) of Regulation D promulgated by the Securities and
         Exchange Commission under the Securities Act of 1933 ("1933 Act") and
         under National Instrument 45-106, and is purchasing the Shares as
         principal for the Warrantholder's own account, or for long-term
         investment, and not with a view to, or for sale in connection with, the
         distribution thereof other than in a transaction complying with the
         registration requirements of the 1933 Act, and applicable state
         securities or "blue sky" laws, or pursuant to an exemption therefrom.
         The Warrantholder also represents that the entire legal and beneficial
         interest of the Shares is being purchased for, and will be held for,
         the Warrantholder's account only, and neither in whole nor in part for
         any other person or entity. The Warrantholder has no present intention
         of selling, granting any participation in, or otherwise distributing
         the Shares. The Shares 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 Warrantholder is a citizen or legal resident of and permanently
         resides in Canada; and

(c)      The Warrantholder is knowledgeable of, and has been independently
         advised as to, the securities laws of the jurisdiction as applicable to
         this Subscription Form.

Dated: _________________________
                                   ---------------------------------------------
                                   (Signature must conform to name of holder as
                                   specified on the face of the Warrant)

                                   Name:    ____________________________________

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

                                   --------------------------------
                                   Signature Guaranteed By:

The signature of the Holder to this Form must correspond exactly with the name
of the Holder as set forth on the face of this Warrant Certificate in every
particular, without alteration or enlargement or any change whatsoever and the
signature must be guaranteed by a U.S. or Canadian chartered bank or by a
medallion signature guarantee from a member of a recognized Signature Medallion
Guarantee Program.

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                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To Be Signed Only On Transfer Of Warrant)

         For value received, the undersigned hereby sells, assigns, and
transfers unto the person(s) named below under the heading "Transferees" the
right represented by the within Warrant to purchase shares of Common Stock of
Pacific Energy Resources Ltd. into which the within Warrant relates specified
under the headings "Number of Warrants Transferred," respectively, opposite the
name(s) of such person(s) and appoints __________________________ the Attorney
to transfer its respective right on the register of warrants maintained by the
Corporation with full power of substitution in the premises.

                                                          Number of Warrants
    Transferees                  Address                    Transferred

   __________________        ___________________          _____________________

   __________________        ___________________          _____________________

   __________________        ___________________          _____________________

Dated: _________________
                                    --------------------------------------------
                                    (Signature must conform to name of holder as
                                    specified on the face of the Warrant)

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

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

                                   --------------------------------------------
                                  Signature Guarantee
ACCEPTED AND AGREED:
[TRANSFEREE]

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

The signature of the Holder to this Form must correspond exactly with the name
of the Holder as set forth on the face of this Warrant Certificate in every
particular, without alteration or enlargement or any change whatsoever and the
signature must be guaranteed by a U.S. chartered bank or by a medallion
signature guarantee from a member of a recognized Signature Medallion Guarantee
Program.<PAGE>

EXHIBIT 4.33

THE ISSUANCE OF THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"). AS SUCH, THE SECURITIES REPRESENTED BY THIS WARRANT 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 WARRANT 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 WARRANT
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
WARRANT 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.

THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF, OR TRANSFERRED TO, ANY
"U.S. PERSON" AS DEFINED IN REGULATION S UNDER THE ACT UNLESS REGISTERED UNDER
THE ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST
NOT TRADE THE SECURITY BEFORE MAY 19, 2008.

            Right to Purchase up to 401,400 Shares of Common Stock of

                          PACIFIC ENERGY RESOURCES LTD.

                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

Certificate No. IN-01                                Number of Warrants: 401,400
                                                    Issue Date: January 18, 2008

                VOID AFTER 5:00 P.M. LOCAL TIME, JANUARY 18, 2013

         PACIFIC ENERGY RESOURCES LTD., a corporation organized under the laws
of the State of Delaware (the "Corporation"), hereby certifies that, for value
received, BATEMAN & COMPANY LTD. of UNIT D, TRAFALGAR PLACE, WEST BAY ROAD,
GRAND CAYMAN, CAYMAN ISLANDS or its assigns (the "Holder"), is entitled, subject
to the terms set forth below, to purchase from the Corporation (as defined
herein) from and after the Issue Date of this Common Stock Purchase Warrant
("Warrant") and at any time or from time to time before 5:00 p.m. local time
through the close of business on January 18, 2013 (the "Expiration Date"), up to
401,400 fully

<page>

paid and nonassessable shares of Common Stock (as hereinafter defined), at the
applicable Exercise Price (as defined below) per share. The number and character
of such shares of Common Stock and the applicable Exercise Price per share are
subject to adjustment as provided herein.

         As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:

                  (a) The term "Common Stock" includes (i) the Corporation's
         common stock, par value $0.0001 per share; and (ii) any other
         securities into which or for which any of the securities described in
         the preceding clause (i) may be converted or exchanged pursuant to a
         plan of recapitalization, reorganization, merger, sale of assets or
         otherwise.

                  (b) The term "Corporation" includes Pacific Energy Resources
         Ltd. and any corporation which shall succeed to, or assume the
         obligations of, Pacific Energy Resources Ltd. hereunder.

                  (c) The term "Exchange Rate" means, in relation to any amount
         of currency to be converted into U.S. dollars pursuant to this Warrant,
         the U.S. dollar exchange rate as published in the Wall Street Journal
         from time to time.

                  (d) The "Exercise Price" applicable under this Warrant shall
         be CAD $2.50 per Common Share (subject to adjustment pursuant to
         Section 5).

                  (e) The term "Other Securities" refers to any stock (other
         than Common Stock) and other securities of the Corporation or any other
         person (corporate or otherwise) which the holder of the Warrant at any
         time shall be entitled to receive, or shall have received, on the
         exercise of the Warrant, in lieu of or in addition to Common Stock, or
         which at any time shall be issuable or shall have been issued in
         exchange for or in replacement of Common Stock or Other Securities
         pursuant to Section 4 or otherwise.

                  (f) The term "Subscription Agreement" means the Subscriber
         Information and Representation Statement Regarding Incentive Warrants
         between the Corporation and the Holder, duly accepted by the
         Corporation on January 18, 2008.

         All other defined terms have the meaning attributed to them in the
Subscription Agreement.

1.       EXERCISE OF WARRANT.
         -------------------

         1.1 NUMBER OF SHARES ISSUABLE UPON EXERCISE. From and after the date
hereof through and including the Expiration Date, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, by delivery to
the Corporation of this Warrant Certificate, an original copy of an exercise
notice in the form attached hereto as Exhibit A (the "Subscription Form") duly
completed and executed and the satisfaction of the surrender and payment
requirements of Section 2, the number of shares of Common Stock of the
Corporation set forth in the Subscription Form, subject to adjustment pursuant
to Section 5.

                                      -2-

<page>

         1.2 FAIR MARKET VALUE. For purposes hereof, the "Fair Market Value" of
a share of Common Stock as of a particular date (the "Determination Date") shall
mean:

                  (a) If the Corporation's Common Stock is traded on the Toronto
         Stock Exchange ("TSX"), then the average of the closing or last sale
         price reported for the twenty (20) trading days immediately preceding
         the Determination Date.

                  (b) If the Corporation's Common Stock is not traded on the TSX
         but is traded on the Nasdaq Global Select Market, Global Market or
         Capital Market (collectively, "Nasdaq"), the American Stock Exchange
         ("AMEX") or another national exchange, the average of the Canadian
         dollar equivalent (calculated at the prevailing Exchange Rate on each
         day) of closing or last sale price reported for the twenty (20) trading
         days immediately preceding the Determination Date.

                  (c) If the Corporation's Common Stock is not traded on the
         TSX, Nasdaq or AMEX, but is quoted on the NASD OTC Bulletin Board, then
         the Canadian dollar equivalent (calculated at the prevailing Exchange
         Rate on each day) mean of (i) the average of the closing bid price and
         (ii) the average of the closing ask price, in each case reported for
         the twenty (20) trading days immediately preceding the Determination
         Date.

                  (d) If the Corporation's Common Stock is not publicly traded,
         then as the Holder and the Corporation agree or in the absence of
         agreement by arbitration in accordance with the rules then in effect of
         the American Arbitration Association before a single arbitrator to be
         chosen from a panel of persons qualified by education and training to
         pass on the matter to be decided.

                  1.3 CORPORATION ACKNOWLEDGMENT. The Corporation will, at the
         time of the exercise of the Warrant, upon the request of the Holder
         acknowledge in writing its continuing obligation to afford to such
         Holder any rights to which such Holder shall continue to be entitled
         after such exercise in accordance with the provisions of this Warrant.
         If the Holder shall fail to make any such request, such failure shall
         not affect the continuing obligation of the Corporation to afford to
         such Holder any such rights.

         1.4      LEGENDS.

         (a) Each certificate for Common Stock issued upon exercise of this
Warrant shall bear the following legend:

         "THE ISSUANCE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT
         BEEN REGISTERED 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

                                      -3-

<page>

         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."

         and

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE
         TORONTO STOCK EXCHANGE ("TSX"); HOWEVER, 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."

         (b) If shares of Common Stock are issued to a Canadian resident upon
exercise of this Warrant prior to May 19, 2008, each certificate for such shares
of Common Stock shall, in addition to the legends in Section 1.5(a), bear the
following legend:

         "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS
         SECURITY MUST NOT TRADE THE SECURITY BEFORE MAY 19, 2008."

2.       PROCEDURE FOR EXERCISE.

         2.1 DELIVERY OF STOCK CERTIFICATES, ETC., ON EXERCISE. The Corporation
agrees that the shares of Common Stock purchased upon exercise of this Warrant
shall be deemed to be issued to the Holder as the owner of record of such shares
as of the close of business on the date on which the duly completed and executed
Subscription Form, this Warrant Certificate and payment for such shares shall
have been received by the Corporation in accordance herewith. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within five (5) business days thereafter, the Corporation at the
Corporation's expense (including the payment by it of any applicable issue
taxes) will cause to be issued in the name of and delivered to the Holder, or as
such Holder (upon payment by such Holder of any applicable transfer taxes) may
direct in compliance with applicable securities laws, a certificate or
certificates for the number of duly and validly issued, fully paid and
nonassessable shares of Common Stock (or Other Securities) to which such Holder
shall be entitled on such exercise. As to any fraction of a share that the
Holder of one or more Warrants, the rights under which are exercised in the same
transaction, would otherwise be entitled to purchase upon such exercise, the
Corporation shall

                                      -4-

<page>

pay to such Holder an amount in cash equal to such fraction multiplied by the
Fair Market Value of one share of Common Stock on the date of exercise.
Following a partial exercise of this Warrant prior to the Expiration Date, the
Corporation shall cancel this Warrant Certificate and, within five business
days, execute and deliver to the Holder a new Warrant Certificate of like tenor
covering the remaining balance of the shares of Common Stock subject to this
Warrant Certificate.

         2.2 EXERCISE. Payment may be made by certified check or bank draft
payable to the order of the Corporation equal to the applicable aggregate
Exercise Price, for the number of Common Shares specified in such Subscription
Form (as such exercise number shall be adjusted to reflect any adjustment in the
total number of shares of Common Stock issuable to the Holder in accordance with
the terms of this Warrant) and the Holder shall thereupon be entitled to receive
the number of duly authorized, validly issued, fully-paid and non-assessable
shares of Common Stock (or Other Securities) determined as provided herein.

         2.3 REPRESENTATION. The Holder of this Warrant has represented to the
Corporation that it is acquiring this Warrant for its own account and not with a
view toward, or for resale in connection with, the public sale or distribution
of this Warrant or the underlying shares of Common Stock, except pursuant to
sales registered or exempted under the Securities Act of 1933, as amended (the
"Securities Act"). The Holder of this Warrant further represented that as of the
Issue Date, the Holder was an "accredited investor" as that term is defined in
Rule 501(a)(3) of Regulation D promulgated by the Securities and Exchange
Commission under the Securities Act and was purchasing the Shares in compliance
with securities laws in its jurisdiction of residence and pursuant to an
exemption from any prospectus or securities registration requirements available
to the Corporation and the Holder under applicable securities laws of their
jurisdiction of resident or to which the Holder is otherwise subject and met
other investor suitability standards. Upon exercise of this Warrant, the Holder
shall, if requested by the Corporation, confirm in writing, in a form
satisfactory to the Corporation, representations concerning the matters
described in this Section 2.3.

3.       EFFECT OF REORGANIZATION, ETC.; ADJUSTMENT OF EXERCISE PRICE.

         3.1 REORGANIZATION, CONSOLIDATION, MERGER, ETC. If at any time or from
time to time, the Corporation (a) effects a reorganization, (b) consolidates
with or merges into any other person, or (c) transfers all or substantially all
of its properties or assets to any other person under any plan or arrangement
contemplating the dissolution of the Corporation, then, in each such case, as a
condition to the consummation of such a transaction, proper and adequate
provision shall be made by the Corporation whereby the Holder of this Warrant,
on the exercise hereof as provided in Section 1 at any time after the
consummation of such reorganization, consolidation or merger or the effective
date of such dissolution, as the case may be, shall receive, in lieu of the
Common Stock (or Other Securities) issuable on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including cash) to which such Holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant, immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

         3.2 DISSOLUTION. In the event of any dissolution of the Corporation
following the transfer of all or substantially all of its properties or assets,
the Corporation, concurrently with

                                      -5-

<page>

any distributions made to holders of its Common Stock, shall at its expense
deliver or cause to be delivered to the Holder the stock and other securities
and property (including cash, where applicable) receivable by the Holder of this
Warrant pursuant to Section 3.1, or if the Holder also instructs the
Corporation, to a bank or trust company specified by the Holder as trustee for
the Holder (the "Trustee").

         3.3 CONTINUATION OF TERMS. Upon any reorganization, consolidation,
merger or transfer (and any dissolution following any transfer) referred to in
this Section 3, this Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property receivable on the exercise of this Warrant after the consummation of
such reorganization, consolidation or merger or the effective date of
dissolution following any such transfer, as the case may be, and shall be
binding upon the issuer of any such stock or other securities, including, in the
case of any such transfer, the person acquiring all or substantially all of the
properties or assets of the Corporation, whether or not such person shall have
expressly assumed the terms of this Warrant as provided in Section 4. If this
Warrant does not continue in full force and effect after the consummation of the
transactions described in this Section 3, then the Corporation's securities and
property (including cash, where applicable) receivable by the Holder of this
Warrant will be delivered to the Holder or the Trustee as contemplated by
Section 3.2.

4.       EXTRAORDINARY EVENTS REGARDING COMMON STOCK.

         If the Corporation (a) issues additional shares of the Common Stock as
a dividend or other distribution on outstanding Common Stock or any preferred
stock issued by the Corporation, (b) subdivides its outstanding shares of Common
Stock, or (c) combines its outstanding shares of the Common Stock into a smaller
number of shares of the Common Stock, then, in each such event, the Exercise
Price shall, simultaneously with the happening of such event, be adjusted by
multiplying the then Exercise Price by a fraction, the numerator of which shall
be the number of shares of Common Stock outstanding immediately prior to such
event and the denominator of which shall be the number of shares of Common Stock
outstanding immediately after such event, and the product so obtained shall
thereafter be the Exercise Price then in effect. The Exercise Price, as so
adjusted, shall be readjusted in the same manner upon the happening of any
successive event or events described herein in this Section 4. The number of
shares of Common Stock that the Holder of this Warrant shall thereafter, on the
exercise hereof as provided herein in Section 1, be entitled to receive shall be
adjusted to a number determined by multiplying the number of shares of Common
Stock that would otherwise (but for the provisions of this Section 4) be
issuable on such exercise by a fraction of which (a) the numerator is the
Exercise Price that would otherwise (but for the provisions of this Section 4)
be in effect, and (b) the denominator is the Exercise Price in effect on the
date of such exercise.

5.       CERTIFICATE AS TO ADJUSTMENTS.

         In each case of any adjustment or readjustment in the shares of Common
Stock (or Other Securities) issuable on the exercise of the Warrant as provided
for in Section 3 or 4 above, the Corporation at its expense will promptly cause
its Chief Financial Officer or other appropriate designee to compute such
adjustment or readjustment in accordance with the terms of the Warrant and
prepare a certificate setting forth such adjustment or readjustment and showing
in detail the facts upon which such adjustment or readjustment is based,
including a statement of (a)

                                      -6-

<page>

the consideration received or receivable by the Corporation for any additional
shares of Common Stock (or Other Securities) issued or sold or deemed to have
been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price
and the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Corporation will
forthwith mail or cause to be mailed a copy of each such certificate to the
Holder of this Warrant.

6.       RESERVATION OF STOCK, ETC. ISSUABLE ON EXERCISE OF WARRANT.

         The Corporation will at all times reserve and keep available, solely
for issuance and delivery on the exercise of this Warrant, shares of Common
Stock (or Other Securities) from time to time issuable on the exercise of this
Warrant.

7.       ASSIGNMENT; EXCHANGE OF WARRANT.

         Subject to compliance with applicable securities laws, this Warrant,
and the rights evidenced hereby, may be transferred by any registered holder
hereof (a "Transferor") in whole or in part. On the surrender for exchange of
this Warrant, with the Transferor's endorsement in the form of Exhibit B (the
"Transferor Endorsement Form"), together with evidence reasonably satisfactory
to the Corporation demonstrating compliance with applicable securities laws in a
manner consistent with the restrictive legend on this Warrant, the Corporation
at the Corporation's expense (but with payment by the Transferor of any
applicable transfer taxes), will cause to be issued and delivered to or on the
order of the Transferor thereof a new Warrant of like tenor, in the name of the
Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a "Transferee"), calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant so surrendered by the Transferor.

8.       REPLACEMENT OF WARRANT.

         On receipt of evidence reasonably satisfactory to the Corporation of
the loss, theft, destruction or mutilation of this Warrant and, in the case of
any such loss, theft or destruction of this Warrant, on delivery of an indemnity
agreement and surety bond reasonably satisfactory in form and amount to the
Corporation, the Corporation at the Holder's expense and Holder's payment of
charges of the Corporation, will execute and deliver, in lieu thereof, a new
Warrant of like tenor.

9.       EXERCISE RESTRICTIONS.

         9.1 LIMITATION ON NUMBER OF SHARES ISSUABLE. Notwithstanding anything
contained herein to the contrary, the rights represented by this Warrant shall
not be exercisable by the Holder and the Corporation 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
Corporation (the "Joint Actors") would in the aggregate directly or indirectly
own or exercise control or direction over the voting of that number of voting
securities of the Corporation (not including shares subject to a warrant as to
which no notice of exercise and corresponding

                                      -7-

<page>

payment has been delivered) that is 19.99% or greater of the total issued and
outstanding voting securities of the Corporation after giving effect to such
exercise.

         9.2 PROVISION OF OFFICER'S CERTIFICATE. Prior to exercising the rights
represented by this Warrant, the Holder shall provide the Corporation with an
officer's certificate stating the number of voting securities of the Corporation
held by the Holder and its Joint Actors, if any, as of the date provided for in
the exercise notice (the "Officer's Certificate") and the Corporation shall be
entitled to rely on the Officer's Certificate in making any determinations
regarding the total issued and outstanding voting securities of the Corporation
to be held by the Holder and its Joint Actors, if any, after giving effect to
the exercise. The execution of the Subscription Form by the Holder will suffice
as the Holder's acknowledgement of compliance with such exercise limits as set
forth in this Section 9.

10.      TRANSFER ON THE CORPORATION'S BOOKS.

         Until this Warrant is transferred on the books of the Corporation, the
Corporation may treat the registered Holder hereof as the absolute owner hereof
for all purposes, notwithstanding any notice to the contrary.

11.      NOTICES, ETC.

         All notices and other communications from the Corporation to the Holder
of this Warrant shall be delivered by ordinary surface or air mail, postage
prepaid, addressed to the Holder or delivered at their respective address
appearing on the register of Holders.

12.      MISCELLANEOUS.

         Notwithstanding any provision to the contrary contained in this
Warrant, no Common Stock will be issued pursuant to the exercise of this Warrant
if the issuance of such securities may constitute a violation of the securities
laws of any applicable jurisdiction. This Warrant and any term hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF STATE OF CALIFORNIA WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED
BY THIS WARRANT SHALL BE BROUGHT ONLY IN THE STATE COURTS OF CALIFORNIA OR IN
THE FEDERAL COURTS LOCATED IN THE STATE OF CALIFORNIA. The Holder and the
Corporation shall submit to the jurisdiction of such courts and waive trial by
jury. The prevailing party shall be entitled to recover from the other party its
reasonable attorney's fees and costs. If any provision of this Warrant is
invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law. Any such provision which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision of this
Warrant.

                                      -8-

<page>

         The headings in this Warrant are for purposes of reference only, and
shall not limit or otherwise affect any of the terms hereof. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or
enforceability of any other provision hereof.

         IN WITNESS WHEREOF, the Corporation has executed this Warrant as of the
date first written above.

                                           PACIFIC ENERGY RESOURCES LTD.

                                           By:
                                              ------------------------------
                                                Kathleen MacInnes, Secretary

                                      -9-

<page>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (To Be Signed Only On Exercise Of Warrant)

TO:      Pacific Energy Resources Ltd.
         111 W. Ocean Blvd., Suite 1240
         Long Beach, CA 90802
         Attention:        President

         The undersigned, pursuant to the provisions set forth in the attached
Warrant (No.____), hereby irrevocably elects to purchase:

                  ________ shares of the Common Stock covered by such Warrant

         The undersigned herewith makes payment of the full Exercise Price for
such shares at the price per share provided for in such Warrant, which is CAD
$2.50. Such payment takes the form of:

         CAD$
                  -----------------------------------

         by way of a certified check or bank draft to the order of Pacific
         Energy Resources Ltd.

         The undersigned requests that the certificates for such shares be
issued in the name of, and delivered to ____________________________________
whose address is

--------------------------------------------------------------------------------
-------------------------------------------------------------------------------.

         (Please print full name in which share certificates are to be issued.
If any shares are to be issued to a person or persons other than the
Warrantholder, the Warrantholder must pay all required transfer taxes or other
government charges and comply with all applicable securities law requirements.)

         Terms not defined herein shall have the same meanings ascribed to them
in the Warrant Certificate.

         The undersigned represents and warrants that all offers and sales by
the undersigned of the securities issuable upon exercise of the within Warrant
shall be made in reliance upon available exemptions from the prospectus and
registration or equivalent requirements of applicable securities laws, and that
on such exercise of this Warrant for the Shares stated above, the limitation
referred to in Section 9 of this Warrant Certificate has not been exceeded.

                                      -10-

<page>

         In addition, the undersigned Warrantholder reaffirms the accuracy as of
the date hereof of the Warrantholder's representations made in the Subscription
Agreement, including without limitation, the following:

(a)      The Warrantholder is an "accredited investor" as that term is defined
         in Rule 501(a)(3) of Regulation D promulgated by the Securities and
         Exchange Commission under the Securities Act of 1933 ("1933 Act") and
         is purchasing the Shares as principal for the Warrantholder's own
         account, or for long-term investment, and not with a view to, or for
         sale in connection with, the distribution thereof other than in a
         transaction complying with the registration requirements of the 1933
         Act, and applicable state securities or "blue sky" laws, or pursuant to
         an exemption therefrom. The Warrantholder also represents that the
         entire legal and beneficial interest of the Shares is being purchased
         for, and will be held for, the Warrantholder's account only, and
         neither in whole nor in part for any other person or entity. The
         Warrantholder has no present intention of selling, granting any
         participation in, or otherwise distributing the Shares;

(b)      The Warrantholder is not a citizen or legal resident of the U.S. or
         Canada and permanently resides outside of the U.S. and Canada. The
         Warrantholder is not a U.S. Person and is not acquiring the Shares for
         the account or benefit of any U.S. Person. The Warrantholder will only
         resell the Shares 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 the Shares unless in compliance
         with the 1933 Act; and

(c)      The Warrantholder is knowledgeable of, and has been independently
         advised as to, the securities laws of the jurisdiction as applicable to
         this Subscription Form.

Dated: _________________________
                                             -----------------------------------
                                             (Signature must conform to name of
                                             holder as specified on
                                             the face of the Warrant)

                                             Name:    __________________________

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

                                             --------------------------------
                                             Signature Guaranteed By:

The signature of the Holder to this Form must correspond exactly with the name
of the Holder as set forth on the face of this Warrant Certificate in every
particular, without alteration or enlargement or any change whatsoever and the
signature must be guaranteed by a U.S. or Canadian chartered bank or by a
medallion signature guarantee from a member of a recognized Signature Medallion
Guarantee Program.

<page>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To Be Signed Only On Transfer Of Warrant)

         For value received, the undersigned hereby sells, assigns, and
transfers unto the person(s) named below under the heading "Transferees" the
right represented by the within Warrant to purchase shares of Common Stock of
Pacific Energy Resources Ltd. into which the within Warrant relates specified
under the headings "Number of Warrants Transferred," respectively, opposite the
name(s) of such person(s) and appoints
 the Attorney to transfer its respective right on the register of warrants
maintained by the Corporation with full power of substitution in the premises.

                                                           Number of Warrants
          Transferees               Address                    Transferred

      _________________         _________________            _________________

      _________________         _________________            _________________

      _________________         _________________            _________________

Dated: _________________________
                                              ---------------------------
                                              (Signature must conform to
                                              name of holder as specified on
                                              the face of the Warrant)

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

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

                                                     --------------------------
                                                     Signature Guarantee

ACCEPTED AND AGREED:
[TRANSFEREE]

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

The signature of the Holder to this Form must correspond exactly with the name
of the Holder as set forth on the face of this Warrant Certificate in every
particular, without alteration or enlargement or any change whatsoever and the
signature must be guaranteed by a U.S. chartered bank or by a medallion
signature guarantee from a member of a recognized Signature Medallion Guarantee
Program.

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