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EXHIBIT 4.30

THE SECURITIES REPRESENTED BY THIS BROKER COMPENSATION WARRANT 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 BROKER
COMPENSATION 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 BROKER COMPENSATION 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 BROKER COMPENSATION 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 BROKER
COMPENSATION 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.

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

                      Right to Purchase up to [o] Units of

                          PACIFIC ENERGY RESOURCES LTD.

                   (subject to adjustment as provided herein)

                           BROKER COMPENSATION WARRANT

Certificate No. CAD[o]                              Issue Date: October 18, 2007

                 VOID AFTER 5:00 P.M. LOCAL TIME, APRIL 18, 2009

      PACIFIC ENERGY RESOURCES LTD., a corporation organized under the laws of
the State of Delaware (the "Corporation"), hereby certifies that, for value
received, [HOLDER] of [ADDRESS] 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 Broker Compensation
Warrant ("Broker Compensation Warrant") and at any time or from time to time
before 5:00 p.m. local time through the close of business on April 18, 2009 (the
"Expiration Date"), up to [o] Units (as hereinafter defined), at the applicable
Exercise Price (as defined below) per Unit. The number and character of such
Units and the applicable Exercise Price per share are subject to adjustment as
provided herein.

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      Each Unit shall consist of one fully paid and nonassessable share of
Common Stock of the Corporation (a "Share") and one-half of one Common Stock
purchase warrant (each whole Common Stock purchase warrant a "Warrant"). Each
Warrant shall entitle the Holder to purchase one additional share of Common
Stock (a "Warrant Share") at any time or from time to time before 5:00 p.m.
local time through the close of business on April 18, 2009 at the applicable
Warrant Exercise Price per Warrant Share, in accordance with and pursuant to the
terms of the form of Warrant Certificate attached hereto as Exhibit "C".

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

            (a)   The term "Agency Agreement" means the Agency Agreement between
      the Corporation, Octagon Capital Corporation, D&D Securities Company and
      Wellington West Capital Markets Inc., dated October 18, 2007.

            (b)   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.

            (c)   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.

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

            (e)   The "Exercise Price" applicable under this Broker Compensation
      Warrant shall be CAD $2.65 per Broker Compensation Warrant (subject to
      adjustment pursuant to Section 5).

            (f)   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 Broker Compensation
      Warrant at any time shall be entitled to receive, or shall have received,
      on the exercise of the Broker Compensation Warrant, in lieu of or in
      addition to Units, or which at any time shall be issuable or shall have
      been issued in exchange for or in replacement of Units or Other Securities
      pursuant to Section 4 or otherwise.

            (g)   The term "Securities" refers to the Shares, Warrants and
      Warrant Shares.

            (h)   The term "Units" means the units of the Corporation, each of
      which is comprised of one Share and one-half of one Warrant, issuable upon
      the exercise of the Broker Compensation Warrants.

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            (i)   The term "Warrant Exercise Price" means the exercise price for
      the Warrants which shall be CAD$2.65 per Warrant Share (subject to
      adjustment pursuant to the terms of the Warrants).

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

1.    EXERCISE OF BROKER COMPENSATION WARRANT.

      1.1   NUMBER OF UNITS 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 Broker Compensation Warrant in whole or in
part, by delivery to the Corporation of this Broker Compensation 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 Units of the Corporation set forth in the Subscription Form, subject to
adjustment pursuant to Section 4.

      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 that day) of the 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
      mean of (i) the average of the Canadian dollar equivalent (calculated at
      the prevailing Exchange Rate on that day) of the closing bid price and
      (ii) the average of the Canadian dollar equivalent (calculated at the
      prevailing Exchange Rate on that day) 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 Broker Compensation 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 Broker Compensation 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.

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      1.4   REGISTRATION STATEMENT. The Holder shall, with respect to the Shares
issuable upon the exercise of this Broker Compensation Warrant, have incidental
registration rights in accordance with the terms of the Registration Rights
Agreement dated October 18, 2007 (the "Registration Rights Agreement"), to which
the Corporation, Octagon Capital Corporation, D&D Securities Company, Wellington
West Capital Markets Inc., Energy Capital Solutions L.P. and the Subscribers (as
this term is defined in the Registration Rights Agreement) are parties.

      1.5   LEGENDS.

            (a)   Each certificate for the Shares and the Warrants issued upon
      exercise of this Broker Compensation Warrant, and the certificate for the
      Warrant Shares issued upon exercise of the Warrant, shall bear the
      following legend:

      "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."

      and

      "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO
      STOCK EXCHANGE ("TSX"); HOWEVER, PRIOR TO FEBRUARY 19, 2008, 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 PRIOR TO SUCH DATE."

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            (b)   If any Shares and Warrants are issued to a Canadian resident
      upon exercise of this Broker Compensation Warrant, or Warrant Shares are
      issued to a Canadian resident upon exercise of the Warrants, prior to
      February 19, 2008, each certificate for such Securities shall, in addition
      to the legend 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 FEBRUARY 19, 2008."

2.    PROCEDURE FOR EXERCISE.

      2.1   DELIVERY OF STOCK CERTIFICATES, ETC., ON EXERCISE. The Corporation
agrees that the Shares and Warrants purchased upon exercise of this Broker
Compensation Warrant shall be deemed to be issued to the Holder as the owner of
record of such Shares and Warrants as of the close of business on the date on
which the duly completed and executed Subscription Form, this Broker
Compensation Warrant Certificate and payment for such Units shall have been
received by the Corporation in accordance herewith. As soon as practicable after
the exercise of this Broker Compensation 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 (or Other Securities) and a certificate for the number of
validly issued Warrants (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 Broker Compensation 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 Broker
Compensation Warrant prior to the Expiration Date, the Corporation shall cancel
this Broker Compensation Warrant Certificate and, within five business days,
execute and deliver to the Holder a new Broker Compensation Warrant Certificate
of like tenor covering the remaining balance of the Units subject to this Broker
Compensation Warrant Certificate.

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

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      2.3   REPRESENTATION. The Holder of this Broker Compensation Warrant has
represented to the Corporation that it is acquiring this Broker Compensation
Warrant for its own account and not with a view toward, or for resale in
connection with, the public sale or distribution of this Broker Compensation
Warrant or the underlying Securities, except pursuant to sales registered or
exempted under the Securities Act of 1933, as amended (the "Securities Act").
The Holder of this Broker Compensation Warrant Certificate has further
represented that as of the Issue Date, the Holder, if a Canadian resident, is an
"accredited investor" as that term is defined in National Instrument 45-106, or
if not a Canadian resident, is acquiring this Broker Compensation Warrant in
compliance with the 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 residence or to which the Holder is
otherwise subject. Upon exercise of this Broker Compensation Warrant and upon
exercise of the 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 Broker
Compensation 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 Units (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 Broker Compensation 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 Broker Compensation 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 Broker Compensation 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 Broker
Compensation 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

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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 Broker Compensation Warrant as provided in Section 4. If this Broker
Compensation 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 Broker Compensation 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:

      (a)   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 Units that the
            Holder of this Broker Compensation 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 Units 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; and

      (b)   the Warrant Exercise Price shall, simultaneously with the happening
            of such event, be adjusted by multiplying the then Warrant 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 Warrant Exercise Price then in
            effect. The Warrant 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
            Warrant Shares that the Holder of a Warrant shall thereafter, on the
            exercise thereof in accordance with the terms of the Warrant, be
            entitled to receive shall be adjusted to a number determined by
            multiplying the number of Warrant Shares 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 Warrant Exercise
            Price that would otherwise (but for the provisions of this Section
            4) be in effect, and (b) the denominator is the Warrant Exercise
            Price in effect on the date of such exercise.

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5.    CERTIFICATE AS TO ADJUSTMENTS.

      In each case of any adjustment or readjustment in the Units (or Other
Securities) issuable on the exercise of this Broker Compensation 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
Broker Compensation 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 Units
(or Other Securities) issued or sold or deemed to have been issued or sold, (b)
the number of Units (or Other Securities) outstanding or deemed to be
outstanding, (c) the Exercise Price and the number of Units to be received upon
exercise of this Broker Compensation Warrant, in effect immediately prior to
such adjustment or readjustment and as adjusted or readjusted as provided in
this Broker Compensation Warrant, and (d) the Warrant Exercise Price and the
number of Warrant Shares to be received upon exercise of the Warrant, in effect
immediately prior to such adjustment or readjustment and as adjusted or
readjusted as provided in this Broker Compensation Warrant. The Corporation will
forthwith mail or cause to be mailed a copy of each such certificate to the
Holder of this Broker Compensation Warrant. 5.1 RESOLUTION OF QUESTIONS. If any
question arises with respect to the adjustments provided in Sections 3, 4 or 5
above, such question shall be conclusively determined by the Corporation's
auditors or, if they are unable or unwilling to act, by such firm of chartered
accountants certified by either the Canadian Public Accountability Board or the
United States Public Accounting Oversight Board as is appointed by the
Corporation. Such accountants shall have access to all necessary records of the
Corporation and such determination shall be binding upon the Corporation and the
Holder.

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

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

7.    ASSIGNMENT; EXCHANGE OF BROKER COMPENSATION WARRANT.

      Subject to compliance with applicable securities laws, this Broker
Compensation 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 Broker Compensation 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 Broker Compensation 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 Broker Compensation 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 Units called for on the face or faces of the
Broker Compensation Warrant so surrendered by the Transferor.

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8.    REPLACEMENT OF BROKER COMPENSATION WARRANT.

      On receipt of evidence reasonably satisfactory to the Corporation of the
loss, theft, destruction or mutilation of this Broker Compensation Warrant and,
in the case of any such loss, theft or destruction of this Broker Compensation
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 Broker Compensation 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 Broker
Compensation 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.

      9.2   PROVISION OF HOLDER'S CERTIFICATE. Prior to exercising the rights
represented by this Broker Compensation Warrant, the Holder shall provide the
Corporation with a 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 "Holder's Certificate") and the
Corporation shall be entitled to rely on the Holder'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 Broker Compensation 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.

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11.   NOTICES, ETC.

      All notices and other communications from the Corporation to the Holder of
this Broker Compensation 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 Broker
Compensation Warrant, no Securities will be issued pursuant to the exercise of
this Broker Compensation Warrant if the issuance of such Securities may
constitute a violation of the securities laws of any applicable jurisdiction.
This Broker Compensation 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 BROKER COMPENSATION 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 BROKER COMPENSATION 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
Broker Compensation 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 Broker Compensation Warrant. The headings in this
Broker Compensation 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 Broker Compensation
Warrant as of the date first written above.

                                        PACIFIC ENERGY RESOURCES LTD.

                                        By:_____________________________________
                                           Kathleen MacInnes, Secretary

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EXHIBIT 4.31

                           FORM OF WARRANT CERTIFICATE

THE SECURITIES REPRESNTED BY THIS WARRANT 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 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.

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

              Right to Purchase up to [o] shares of Common Stock of

                          PACIFIC ENERGY RESOURCES LTD.

                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

Certificate No. CAD[o]                                           Issue Date: [o]

                 VOID AFTER 5:00 P.M. LOCAL TIME, APRIL 18, 2009

      PACIFIC ENERGY RESOURCES LTD., a corporation organized under the laws of
the State of Delaware (the "CORPORATION"), hereby certifies that, for value
received, [HOLDER] of [ADDRESS] 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 April 18, 2009 (the "EXPIRATION DATE"), up
to [o] fully 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.

<page>

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

            (a)   The term "AGENCY AGREEMENT" means the Agency Agreement between
      the Corporation, Octagon Capital Corporation, D&D Securities Company and
      Wellington West Capital Markets Inc., dated October 18, 2007.

            (b)   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.

            (c)   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.

            (d)   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.

            (e)   The "EXERCISE PRICE" applicable under this Warrant shall be
      CAD $2.65 per share of Common Stock (subject to adjustment pursuant to
      SECTION 5).

            (f)   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.

      All other defined terms have the meaning attributed to them in the Agency
      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 4.

      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.

                                      -2-

<page>

            (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 that day) of the 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
      mean of (i) the average of the Canadian dollar equivalent (calculated at
      the prevailing Exchange Rate on that day) of the closing bid price and
      (ii) the average of the Canadian dollar equivalent (calculated at the
      prevailing Exchange Rate on that day) 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 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."

                                      -3-

<page>

      and

      "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO
      STOCK EXCHANGE ("TSX"); HOWEVER, PRIOR TO FEBRUARY 19, 2008, 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 PRIOR TO SUCH DATE."

            (b)   If shares of Common Stock are issued to a Canadian resident
      upon exercise of this Warrant prior to February 19, 2008, each certificate
      for such shares of Common Stock shall, in addition to the legend in
      SECTION 1.4(A), bear the following legend:

      "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS
      SECURITY MUST NOT TRADE THE SECURITY BEFORE FEBRUARY 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 or Warrant
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 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.

                                      -4-

<page>

      2.2   EXERCISE. Payment may be made by certified or official bank check
payable to the order of the Corporation equal to the applicable aggregate
Exercise Price, for the number of share of Common Stock 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 has further represented that as of
the Issue Date, the Holder, if a Canadian resident, is an "accredited investor"
as that term is defined in National Instrument 45-106, or if not a Canadian
resident, is acquiring this Warrant in compliance with the 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 residence or to
which the Holder is otherwise subject. 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-

<page>

      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 this 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 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-

<page>

      5.1   RESOLUTION OF QUESTIONS. If any question arises with respect to the
adjustments provided in SECTIONS 3, 4 OR 5 above, such question shall be
conclusively determined by the Corporation's auditors or, if they are unable or
unwilling to act, by such firm of chartered accountants certified by either the
Canadian Public Accountability Board or the United States Public Accounting
Oversight Board as is appointed by the Corporation. Such accountants shall have
access to all necessary records of the Corporation and such determination shall
be binding upon the Corporation and the Holder.

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.

                                      -7-

<page>

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.

      9.2   PROVISION OF HOLDER'S CERTIFICATE. Prior to exercising the rights
represented by this Warrant, the Holder shall provide the Corporation with a
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 "HOLDER'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

                                      -8-

<page>

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. 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-

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