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EXHIBIT 4.6
                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement ("AGREEMENT") is made and entered
into effective as of the Closing. At the Closing, the Company will issue shares
of Common Stock and Subscriber Warrants to the Subscribers upon the terms set
forth in the Subscription Agreement. As an inducement to the Subscribers to
enter into the Subscription Agreement, the Company agrees with each Subscriber,
and with D & D, Octagon, Wellington and ECS, as follows:

         1. DEFINITIONS. As used in this Agreement (including the preamble
above), the following defined terms shall have the following meanings:

         "AFFILIATE" of any specified person means any other person, which,
directly or indirectly, is in control of, is controlled by, or is under common
control with such specified person. For purposes of this definition, control of
a person means the power, direct or indirect, to direct or cause the direction
of the management and policies of such person whether by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

         "BUSINESS DAY" means each Monday, Tuesday, Wednesday, Thursday and
Friday that is not a day on which banking institutions in Los Angeles,
California are authorized or obligated by law or executive order to close.

         "CLOSING" has the meaning set forth in the Subscription Agreement.

         "COMMISSION" means the United States Securities and Exchange
Commission, or any other federal agency at the time administering the Exchange
Act or the Securities Act, whichever is the relevant statute for the particular
purpose.

         "COMMON STOCK" means the Company'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.

         "COMPANY" means Pacific Energy Resources Ltd., a Delaware corporation.

         "D & D" means D & D Securities Company.

         "D & D SHARES" means the shares of Common Stock comprising part of the
D&D Units and the shares issuable upon exercise of the common stock purchase
warrants comprising a part of the D&D Units.

         "D&D UNITS" means the units of the Corporation issuable upon exercise
of the placement agent's compensation warrant to be issued to D&D at the
Closing, with each D&D Unit being comprised of one share of Common Stock and
one-half of one common stock purchase warrant.

         "ECS" means Energy Capital Solutions, L.P.

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         "ECS SHARES" means the shares of Common Stock comprising part of the
ECS Units and the shares issuable upon exercise of the common stock purchase
warrants comprising a part of the ECS Units.

         "ECS UNITS" means the units of the Corporation issuable upon exercise
of the placement agent's compensation warrant to be issued to ECS at the
Closing, with each ECS Unit being comprised of one share of Common Stock and
one-half of one common stock purchase warrant.

         "EFFECTIVENESS PERIOD" has the meaning assigned thereto in SECTION
2(A).

         "ELECTING HOLDER" has the meaning assigned thereto in SECTION 3(A).

         "EXCHANGE ACT" means the United States Securities Exchange Act of 1934,
as amended.

         "HOLDER" means, when used with respect to any Security, the record
holder of such Security.

         "MAJORITY HOLDERS" has the meaning assigned thereto in SECTION 6(A).

         "OCTAGON" means Octagon Capital Corporation.

         "OCTAGON SHARES" means the shares of Common Stock comprising part of
the Octagon Units and the shares issuable upon exercise of the common stock
purchase warrants comprising a part of the Octagon Units.

         "OCTAGON UNITS" means the units of the Corporation issuable upon
exercise of the placement agent's compensation warrant to be issued to Octagon
at the Closing, with each Octagon Unit being comprised of one share of Common
Stock and one-half of one common stock purchase warrant.

         "PERSON" means an individual, partnership, corporation, trust or
unincorporated organization, or a government or agency or political subdivision
thereof.

         "PLANNED REGISTRATION STATEMENT" has the meaning assigned thereto in
SECTION 2(b).

         "PROSPECTUS" means the prospectus (including, without limitation, any
preliminary prospectus, any final prospectus and any prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A or Rule 430B under the
Securities Act) included in the Registration Statement, as amended or
supplemented by any prospectus supplement with respect to the terms of the
offering of any portion of the Registrable Securities covered by the
Registration Statement and by all other amendments and supplements to such
prospectus, including all material incorporated by reference in such prospectus
and all documents filed after the date of such prospectus by the Company under
the Exchange Act and incorporated by reference therein.

         "QUESTIONNAIRE" means a Selling Security Holder Questionnaire,
substantially in the form of EXHIBIT A attached hereto, relating to the
Registrable Securities.

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         "REGISTRABLE SECURITIES" means the shares of Common Stock issued to
Subscribers at the Closing, the Subscriber Warrant Shares, the D & D Shares, the
Octagon Shares, the Wellington Shares, the ECS Shares and any securities issued
with respect to any of the foregoing as a stock dividend or in connection with a
stock split or recapitalization occurring prior to the filing of the
Registration Statement, or, if occurring following the filing of the
Registration Statement, as contemplated by Rule 416 of the Securities Act;
provided, however, that any such securities shall cease to be Registrable
Securities when they are no longer Restricted Securities; and provided further,
that all or any portion of the shares issuable upon exercise of the common stock
purchase warrants comprising a part of the D&D Units, Octagon Units, Wellington
Units and ECS Units shall not be deemed Registrable Securities if and to the
extent the staff of the Commission determine that such shares are not eligible
to be included in the Registration Statement.

         "REGISTRATION" means a registration effected pursuant to SECTION 2.

         "REGISTRATION STATEMENT" means a registration statement filed under the
Securities Act providing for the registration of, and the sale on a continuous
or delayed basis by the holders of, Registrable Securities pursuant to Rule 415
under the Securities Act and/or any similar rule that may be adopted by the
Commission, filed by the Company pursuant to the provisions of SECTION 2,
including the Prospectus contained therein, any amendments and supplements to
such registration statement, including post-effective amendments, and all
exhibits and all material incorporated by reference in such registration
statement.

         "RESTRICTED SECURITIES" means securities other than securities that (i)
have been registered pursuant to an effective registration statement under the
Securities Act and sold in a manner contemplated by the Registration Statement,
(ii) have been transferred in compliance with Rule 144 under the Securities Act
(or any successor provision thereto) or are transferable pursuant to paragraph
(k) of such Rule 144 (or any successor provision thereto), or (iii) have
otherwise been transferred and new securities not subject to transfer
restrictions under the Securities Act have been delivered by or on behalf of the
Company.

         "RULES AND REGULATIONS" means the published rules and regulations of
the Commission promulgated under the Securities Act or the Exchange Act, as in
effect at any relevant time.

         "SECURITIES ACT" means the United States Securities Act of 1933, as
amended.

         "SUBSCRIBER WARRANT SHARES" means shares of Common Stock issued or
issuable under Subscriber Warrants issued by the Company to Subscribers at the
Closing.

         "SUBSCRIBER WARRANTS" means warrants issued at the Closing by the
Company to the Subscribers pursuant to the Subscription Agreement.

         "SUBSCRIBERS" means the Subscribers named on the signature pages of the
Subscription Agreement and this Agreement.

         "SUBSCRIPTION AGREEMENT" means the Pacific Energy Resources Ltd.
Subscription Agreements by and among the Company and the Subscribers.

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         "WELLINGTON" means Wellington West Capital Markets Inc.

         "WELLINGTON SHARES" means the shares of Common Stock comprising part of
the Wellington Units and the shares issuable upon exercise of the common stock
purchase warrants comprising a part of the Wellington Units.

         "WELLINGTON UNITS" means the units of the Corporation issuable upon
exercise of the placement agent's compensation warrant to be issued to
Wellington at the Closing, with each Wellington Unit being comprised of one
share of Common Stock and one-half of one common stock purchase warrant.

                  2. REGISTRATION.

                  (a) During the period beginning on the date of the Closing and
ending on the earliest to occur of (A) the date which is 24 months after the
Closing, (B) the date upon which all Registrable Securities registered under a
Registration Statement have been sold thereunder, and (C) the date upon which
all of the shares of Common Stock issued to a holder at the Closing and
Subscriber Warrant Shares cease to be Restricted Securities (such period being
referred to herein as the "EFFECTIVENESS PERIOD"), that holder shall have
incidental registration rights with respect to that holder's Registrable
Securities that are not then included on a Registration Statement. If the
Company shall determine to file with the Commission a registration statement
relating to an offering for its own account or the account of others under the
Securities Act of any of its equity securities (other than on Form S-4 or Form
S-8 or their then equivalents relating to equity securities to be issued solely
in connection with any acquisition of any entity or business or equity
securities issuable in connection with stock option or other employee benefit
plans), the Company shall send to each such holder written notice of such
determination and, if within ten (10) days after the effective date of such
notice, the holder shall so request in writing, the Company shall include in
such registration statement all or any part of the Registrable Securities that
are not then included on a Registration Statement and that the holder requests
to be registered, except that if, in connection with any underwritten public
offering the managing underwriter(s) thereof shall impose a limitation on the
number of shares of Common Stock that may be included in the Registration
Statement because, in such underwriter(s)' judgment, marketing or other factors
dictate such limitation is necessary to facilitate public distribution, then the
Company shall be obligated to include in the Registration Statement only such
limited portion of the Registrable Securities with respect to which the holder
has requested inclusion hereunder as the underwriter shall permit. Any exclusion
of Registrable Securities shall be made pro rata with holders of other
securities having the right to include such securities in the Registration
Statement other than holders of securities entitled to inclusion of their
securities in the Registration Statement by reason of demand registration
rights. If an offering in connection with which a holder elects to participate
in registration under this SECTION 2 is an underwritten offering, then the
holder shall, unless otherwise agreed by the Company, offer and sell such
Registrable Securities in an underwritten offering using the same underwriter or
underwriters and, subject to the provisions of this Agreement, on the same terms
and conditions as other shares of Common Stock included in such underwritten
offering.

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                  (b) This SECTION 2(b) shall serve as notice from the Company
to all other parties to this Agreement that the Company has determined to file
as soon as practicable after the Closing a registration statement that is
subject to the incidental registration rights provided in SECTION 2(a) ("PLANNED
REGISTRATION STATEMENT"). The parties hereby acknowledge and agree that the ten
(10)-day notice period provided in SECTION 2(a) has been satisfied and/or waived
with respect to the Planned Registration Statement.

         3. REGISTRATION PROCEDURES. In connection with the Registration
Statement, the following provisions shall apply:

                  (a) Notwithstanding anything to the contrary contained in this
Agreement, the Subscription Agreement or otherwise, no holder shall be entitled
to be named as a selling security holder in the Registration Statement, and no
holder shall be entitled to use the Prospectus for resales of Registrable
Securities at any time, unless such holder has returned a completed and signed
Questionnaire to the Company by the deadline for response set forth therein. The
term "ELECTING HOLDER" means any holder of Registrable Securities that has
returned a completed and signed Questionnaire to the Company in accordance with
this SECTION 3(a). The information provided by each Electing Holder in the
signed Questionnaire shall be for use in the Registration Statement.

                  (b) The Company shall furnish to each Electing Holder prior to
the initial filing of the Registration Statement, a draft of the selling
security holder information contained in such Registration Statement, and shall
furnish to such holders prior to the filing of any amendment or supplement to
the Prospectus that contains material revisions to the selling security holder
information, a draft of such amendment or supplement and shall reflect in each
such document when so filed with the Commission such comments as such holders
reasonably may propose with regard to the selling security holder information;
provided, however, that the Company shall make the final decision as to the form
and content of each such document.

                  (c) Each Electing Holder shall promptly advise the Company in
writing if changes in the Registration Statement or the Prospectus are required
in order that disclosures made in the Registration Statement and Prospectus
based upon information previously provided by the Electing Holder for use in the
Registration Statement and the Prospectus do not contain an untrue statement of
a material fact and do not omit to state a material fact required to be stated
therein or necessary to make the statements therein (in the case of the
Prospectus, in light of the circumstances under which they are made) not
misleading. The Company shall promptly advise each Electing Holder in writing
(which notice pursuant to clauses (iii) through (v) hereof shall be accompanied
by an instruction to suspend the use of the Prospectus until the requisite
changes have been made):

                          (i) when the Registration Statement and any amendment
         thereto has been filed with the Commission and when the Registration
         Statement or any post-effective amendment thereto has become effective;

                          (ii) when the Commission notifies the Company whether
         there will be a "review" of the Registration Statement and whenever the
         Commission comments in writing on the selling security holder
         information or Plan of Distribution in the Registration Statement (the

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         Company shall provide true and complete copies thereof and all written
         responses thereto to each of the Electing Holders that pertain to such
         holders as a selling security holder or to the Plan of Distribution,
         but not information which the Company believes would constitute
         material and non-public information);

                          (iii) of the issuance by the Commission of any stop
         order suspending the effectiveness of the Registration Statement or the
         initiation of any proceedings for such purpose;

                          (iv) of the receipt by the Company of any notification
         with respect to the suspension of the qualification of the securities
         included in the Registration Statement for sale in any jurisdiction or
         the initiation of any proceeding for such purpose (including, but not
         limited to, an order issued by any state securities commission or other
         regulatory authority suspending the qualification, or exemption from
         qualification, of the sale of the Registrable Securities under state
         securities laws); and

                          (v) if changes in the Registration Statement or the
         Prospectus are required in order that the Registration Statement and
         Prospectus do not contain an untrue statement of a material fact and do
         not omit to state a material fact required to be stated therein or
         necessary to make the statements therein (in the case of the
         Prospectus, in light of the circumstances under which they were made)
         not misleading.

                  (d) The Company shall promptly furnish to each requesting
Electing Holder, without charge, at least one copy of the Registration Statement
and all post-effective amendments thereto, including financial statements and
schedules, and, if such holder so requests in writing, all reports, other
documents and exhibits that are filed with or incorporated by reference in the
Registration Statement.

                  (e) The Company shall, during the Effectiveness Period,
promptly deliver to each Electing Holder, without charge, as many copies of the
Prospectus (including each preliminary Prospectus) and any amendment or
supplement thereto as such Electing Holder may reasonably request; and the
Company consents (except during the continuance of any event described in
clauses (iii) through (v) of SECTION 3(c)) to the use of the Prospectus and any
amendment or supplement thereto by each of the Electing Holders in connection
with the offering and sale of the Registrable Securities covered by the
Prospectus and any amendment or supplement thereto during the Effectiveness
Period.

                  (f) Prior to any offering of Registrable Securities pursuant
to the Registration Statement, the Company shall, unless appropriate exemptions
are available, use its reasonable best efforts to (i) register or qualify the
registration or qualification of such Registrable Securities for offer and sale
under the securities or "blue sky" laws of such jurisdictions within the United
States as the Majority Holders may reasonably request, (ii) keep such
registrations or qualifications in effect and comply with such laws so as to
permit the continuance of offers and sales in such jurisdictions for so long
during the Effectiveness Period as may be necessary to enable any Electing
Holder to complete its distribution of Registrable Securities pursuant to the

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Registration Statement, and (iii) take any and all other actions necessary or
advisable to enable the disposition in such jurisdictions of such Registrable
Securities; provided, however, that in no event shall the Company be obligated
to (A) qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where it would not otherwise be required to so qualify but for this
SECTION 3(f), or (B) file any general consent to service of process in any
jurisdiction where it is not then so subject.

                  (g) The Company shall cooperate with the Electing Holders to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold pursuant to the Registration Statement, which
certificates shall meet the requirements of any securities exchange on which the
Company's Common Stock is then listed and which certificates shall be in such
permitted denominations as Electing Holders may request in connection with the
sale of Registrable Securities pursuant to the Registration Statement.

                  (h) If the Company notifies the Electing Holders in accordance
with clauses (iii) through (v) of SECTION 3(c) to suspend the use of the
Prospectus until the requisite changes to the Prospectus have been made, then
each Electing Holder shall suspend the use of the Prospectus until (i) such
Electing Holder has received from the Company copies of a supplemented or
amended Prospectus, or (ii) such Electing Holder is advised in writing by the
Company that the use of the Prospectus may be resumed and has received copies of
any additional or supplemental filings that are incorporated by reference in the
Prospectus. Notwithstanding the foregoing, the Company shall not be required to
amend or supplement the Registration Statement, any related Prospectus or any
document incorporated by reference therein for a period not to exceed 30
consecutive days (or 60 days in the aggregate in any calendar year) if there
occurs or exists any pending corporate development the disclosure of which
would, in the good faith judgment of the Board of Directors of the Company, be
harmful to the business, operations, prospects, or condition (financial or
otherwise) of the Company and its subsidiaries, taken as a whole.

                  (i) The Company shall cause all Registrable Securities
registered hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed.

                  (j) The Company shall provide a transfer agent and registrar
for all Registrable Securities registered pursuant to the Registration Statement
and a CUSIP number for all such Registrable Securities, in each case not later
than the effective date of such registration.

                  (k) The Company shall use commercially reasonable efforts to
comply with all applicable rules and regulations of the Commission.

                  (l) The Company shall use commercially reasonable efforts to
enable the holders of the Registrable Securities to sell the Registrable
Securities under Rule 144 of the Securities Act.

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                  (m) Each Electing Holder acknowledges that when such Electing
Holder provides information to the Company under this SECTION 3, such Electing
Holder must provide the information in a written statement signed by or on
behalf of such Electing Holder that expressly states that such information is
for use in the subject Registration Statement, Prospectus or amendment or
supplement thereto. The Company reserves the right not to rely on information
provided by an Electing Holder if such information is not contained in a written
statement meeting the foregoing requirements.

         4. REGISTRATION EXPENSES. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by it whether or not any Registration Statement is filed or becomes effective
and whether or not any securities are issued or sold pursuant to any
Registration Statement. Notwithstanding the foregoing or anything in this
Agreement to the contrary, each holder of the Registrable Securities being
registered shall pay all commissions and underwriting discounts with respect to
any Registrable Securities sold by it and the fees and disbursements of any
counsel or other advisors or experts retained by such holders (severally or
jointly).

         5. INDEMNIFICATION AND CONTRIBUTION.

                  (a) INDEMNIFICATION BY THE COMPANY. Upon the registration of
the Registrable Securities pursuant to SECTION 2, the Company shall indemnify
and hold harmless each Electing Holder and its affiliates and each underwriter,
selling agent or other securities professional, if any, which facilitates the
disposition of Registrable Securities, and each of their respective officers and
directors and each person who controls such Electing Holder, underwriter,
selling agent or other securities professional within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act (each such person being
sometimes referred to as an "Indemnified Person") against any losses, claims,
damages, liabilities or expenses, joint or several, to which such Indemnified
Person may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages, liabilities or expenses (or actions in respect thereof)
arise out of or are based upon an untrue statement of a material fact contained
in any Registration Statement or any Prospectus contained therein or furnished
by the Company to any Indemnified Person, or any amendment or supplement
thereto, or arise out of or are based upon the omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading
or any violation by the Company of any rule or regulation promulgated under the
Securities Act, the Exchange Act or any state securities laws applicable to the
Company in connection with the registration hereunder, and the Company hereby
agrees to reimburse such Indemnified Person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such action or claim as such expenses are incurred; provided, however, that the
Company shall not be liable to any such Indemnified Person in any such case to
the extent that any such loss, claim, damage, liability or expense arises out of
or is based upon an untrue statement or omission made in such Registration
Statement or Prospectus, or amendment or supplement thereto, in reliance upon
and in conformity with written information furnished to the Company by an
instrument duly executed by or on behalf of such Indemnified Person expressly
for use therein; provided, further, however, that the foregoing indemnity
agreement with respect to any Prospectus shall not inure to the benefit of any
Indemnified Person who failed to deliver a final Prospectus or an amendment or
supplement thereto (provided by the Company to the several Indemnified Persons
in the requisite quantity and on a timely basis to permit proper delivery on or

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prior to the relevant transaction date) to the person asserting any losses,
claims, damages and liabilities and judgments caused by any untrue statement of
a material fact contained in any Prospectus, or caused by any omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading, if such material misstatement or omission was cured in such
final Prospectus or amendment or supplement thereto. For the purposes of this
subsection (a), the Company may rely on written information furnished to the
Company by an Indemnified Person via electronic mail.

                  (b) INDEMNIFICATION BY THE HOLDERS. Each Electing Holder
agrees, as a consequence of the inclusion of any of such holder's Registrable
Securities in any Registration Statement, severally and not jointly, to (i)
indemnify and hold harmless the Company, its directors, its officers who sign
such Registration Statement and each person, if any, who controls the Company
within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act, against any losses, claims, damages or liabilities to which
the Company or such other persons may become subject, under the Securities Act
or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue statement of a
material fact contained in such Registration Statement or Prospectus, or any
amendment or supplement thereto, or arise out of or are based upon the omission
to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, in each case to the extent, but only
to the extent, that such untrue statement or omission was made in reliance upon
and in conformity with written information furnished to the Company by an
instrument duly executed by or on behalf of such holder and stated to be
expressly for use therein and (ii) reimburse the Company and its directors and
its officers who sign such Registration Statement for any legal or other
expenses reasonably incurred by the Company and such directors and officers in
connection with investigating or defending any such action or claim as such
expenses are incurred. For the purposes of this subsection (b), the Company may
rely on written information furnished to the Company by an Indemnified Person
via electronic mail if such electronic mail is followed within five (5) days
thereof by a written instrument meeting the requirements set forth in the
foregoing sentence. The liability of each Electing Holder shall be in proportion
to and limited to the net amount received by such Electing Holder from the sale
of Registrable Securities pursuant to such Registration Statement.

                  (c) NOTICES OF CLAIMS, ETC. Promptly after receipt by an
indemnified party under this SECTION 5 of notice of the commencement of any
action (including any governmental action), such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this
SECTION 5, deliver to the indemnifying party a written notice of the
commencement thereof and the indemnifying party shall have the right to
participate in and to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party shall
have the right to retain its own counsel, with the reasonably incurred fees and
expenses of one such counsel for all indemnified parties to be reimbursed by the
indemnifying party if representation of any such indemnified party by the
counsel retained by the indemnifying party would be inappropriate under
applicable standards of professional conduct due to actual or potential
conflicting interests between such indemnified party and any other party
represented by such counsel in such proceeding. Except as specified in the
immediately preceding sentence, after notice from an indemnifying party to an
indemnified party of such indemnifying party's election to assume the defense
pursuant to the immediately preceding sentence, such indemnifying party shall

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not be liable to the indemnified party under this SECTION 5 for any legal
expenses of other counsel or any other expenses, in each case subsequently
incurred by such indemnified party, in connection with the defense thereof other
than reasonable costs of investigation. The failure to deliver written notice to
the indemnifying party within a reasonable time of the commencement of any such
action shall not relieve such indemnifying party of liability to the indemnified
party under this SECTION 5 with respect to such action, except to the extent the
indemnifying party is materially prejudiced as a result of not receiving such
notice, and shall not relieve it of any liability that it may have to any
indemnified party otherwise than under this SECTION 5 or with respect to any
other action except to the extent the indemnifying party is materially
prejudiced as a result of not receiving such notice. No indemnifying party
shall, without the written consent of the indemnified party, which consent will
not be unreasonably withheld, effect the settlement or compromise of, or consent
to the entry of any judgment with respect to, any pending or threatened action
or claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i)
includes an unconditional release of the indemnified party from all liability
arising out of such action or claim and (ii) does not include a statement as to,
or an admission of, fault, culpability or a failure to act, by or on behalf of
any indemnified party.

                  (d) CONTRIBUTION. If the indemnification provided for in this
SECTION 5 is unavailable to or insufficient to hold harmless an indemnified
party under subsection (a) or (b) of this SECTION 5 in respect of any losses,
claims, damages or liabilities (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages or
liabilities (or actions in respect thereof) in such proportion as is appropriate
to reflect the relative fault of the indemnifying party and the indemnified
party in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities (or actions in respect thereof), as well
as any other relevant equitable considerations. The relative fault of such
indemnifying party and indemnified party shall be determined by reference to,
among other things, whether the untrue statement of a material fact or omission
to state a material fact relates to information about such indemnifying party or
indemnified party supplied by such indemnifying party or by such indemnified
party, and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties hereto
agree that it would not be just and equitable if contribution pursuant to this
SECTION 5(D) were determined by PRO RATA allocation (even if the Electing
Holders or any underwriters, selling agents or other securities professionals or
all of them were treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable considerations
referred to in this SECTION 5(d). In no event shall the liability of any
Electing Holder be greater in amount than the amount of net proceeds received by
such Electing Holder upon such sale or the amount for which such indemnifying
party would have been obligated to pay by way of indemnification if the
indemnification provided for under this SECTION 5 had been available under the
circumstances. The amount paid or payable by an indemnified party as a result of
the losses, claims, damages or liabilities (or actions in respect thereof)
referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such indemnified party in connection with investigating

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or defending any such action or claim. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The obligations of the Electing Holders and any
underwriters, selling agents or other securities professionals in this SECTION
5(d) to contribute shall be several in proportion to the percentage of
Registrable Securities registered or underwritten, as the case may be, by them
and not joint.

                  (e) The obligations of the Company under this SECTION 5 shall
be in addition to any liability that the Company may otherwise have to any
Indemnified Person and the obligations of any Indemnified Person under this
SECTION 5 shall be in addition to any liability that such Indemnified Person may
otherwise have to the Company. The remedies provided in this SECTION 5 are not
exclusive and shall not limit any rights or remedies that may otherwise be
available to an indemnified party at law or in equity.

         6. MISCELLANEOUS.

                  (a) AMENDMENTS AND WAIVERS. The provisions of this Agreement
may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given unless the Company has
obtained the written consent of Electing Holders holding not less than 50.1% of
the Registrable Securities then held by the Electing Holders at such time
("MAJORITY HOLDERS"). In addition, no amendment to this Agreement that adversely
discriminates against an Electing Holder shall be effective as to such Electing
Holder without such Electing Holder's written consent.

                  (b) NOTICES. All notices and other communications required or
permitted to be provided to a party hereunder shall be in writing and shall be
deemed given and effective on the earliest of (i) the date of transmission, if
such notice or communication is delivered via facsimile (provided the sender
receives a machine-generated confirmation of successful transmission) or e-mail
prior to 5:00 p.m. (Los Angeles, California time) on a Business Day, (ii) the
next Business Day after the date of transmission, if such notice or
communication is delivered via facsimile or e-mail on a day that is not a
Business Day or later than 4:59 p.m. (Los Angeles, California time) on any
Business Day, (iii) the Business Day following the date of mailing, if sent
overnight by an overnight courier service nationally recognized in the United
States, or (iv) upon actual receipt by the party to whom such notice is required
to be given. The address for such notices and communications for a party shall
be as set forth on the signature pages to this Agreement or such other address
as may be designated in writing hereafter, in the same manner, by such party.

                  (c) PARTIES IN INTEREST. The parties to this Agreement intend
that all holders of Registrable Securities shall be entitled to receive the
benefits of this Agreement and that any Electing Holder shall be bound by the
terms and provisions of this Agreement by reason of such election with respect
to the Registrable Securities that are included in a Registration Statement. All
the terms and provisions of this Agreement shall be binding upon, shall inure to
the benefit of and shall be enforceable by the respective successors and assigns
of the parties hereto and any holder from time to time of the Registrable
Securities to the aforesaid extent. If any transferee of any holder of
Registrable Securities shall acquire Registrable Securities, in any manner,
whether by gift, bequest, purchase, operation of law or otherwise, such
transferee shall, without any further writing or action of any kind, be entitled
to receive the benefits of and, if an Electing Holder, be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of
this Agreement to the aforesaid extent.

                                       11

<page>

                  (d) COUNTERPARTS. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

                  (e) HEADINGS. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning, construction or interpretation hereof.

                  (f) GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of California
without giving effect to provisions relating to conflicts of law to the extent
the application of the laws of another jurisdiction would be required thereby.

                  (g) SEVERABILITY. If any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties
hereto shall be enforceable to the fullest extent permitted by law.

                  (h) SURVIVAL. The respective indemnities, agreements,
representations, warranties and other provisions set forth in this Agreement or
made pursuant hereto shall remain in full force and effect, regardless of any
investigation (or any statement as to the results thereof) made by or on behalf
of any Electing Holder, any director, officer or partner of such holder, any
agent or underwriter, any director, officer or partner of such agent or
underwriter, or any controlling person of any of the foregoing, and shall
survive the transfer and registration of the Registrable Securities of such
holder.

                  (i) ENTIRE AGREEMENT. This Agreement is intended by the
parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter hereof. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein,
with respect to the registration rights granted with respect to the Registrable
Securities. This Agreement supersedes all prior agreements and understandings
between the parties with respect to such subject matter.

                   (Remainder of page intentionally left blank)

                                       12

<page>

                  REGISTRATION RIGHTS AGREEMENT SIGNATURE PAGE

         IN WITNESS WHEREOF, the Company has caused this Registration Rights
Agreement to be duly executed by its authorized signatory as of the date first
indicated above.

                                           Very truly yours,

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

                                           By:  ____________________________
Name: Darren Katic
Title:   President
With a copy to:

Rutan & Tucker, LLP
611 Anton Blvd., 14th Floor
Costa Mesa, California  92626
Fax:  (714) 546-9035
Attn: Gregg Amber, Esq.

<PAGE>

                  REGISTRATION RIGHTS AGREEMENT SIGNATURE PAGE

Please confirm by signing in the space provided below that the foregoing
correctly sets forth the agreement between the Company and you.

Accepted and Agreed

_________________________________________________________________
Name (Print)

By:             _____________________________________________
Name:
Title:

Date:           _____________________________________________

Address:        _____________________________________________

                _____________________________________________

                _____________________________________________

Telephone:      _____________________________________________

Facsimile:      _____________________________________________

E-mail:         _____________________________________________<PAGE>

EXHIBIT 4.7

                          PACIFIC ENERGY RESOURCES LTD.
                              1065 W Pier E Street
                        Long Beach, California 90802-1015

                           UNIT SUBSCRIPTION AGREEMENT
                              (CANADIAN RESIDENTS)

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

The undersigned (the "Subscriber") hereby irrevocably subscribes for and agrees
to purchase from the Corporation units of the Corporation (the "Units") in the
number set forth below at a subscription price equal to CAD$1.30 per Unit (the
"Share Price"). Each Unit consists of one (1) share of common stock of the
Corporation (a "Common Share") and one-half (1/2) Common Share purchase warrant
of the Corporation ("Warrants"). Each one (1) whole Warrant shall entitle the
holder to acquire one (1) Common Share (a "Warrant Share") at a price equal to
CAD$1.70 per Warrant Share for a period of three years from the date of issue of
the Units. The Subscriber agrees to be bound by the attached terms and
conditions of subscription (the "Terms and Conditions") and agrees that the
Agents and the Corporation, its agents and its attorneys may rely upon the
representations, warranties and covenants contained therein and in each of the
Subscriber Certificates (as hereinafter defined). This subscription, plus the
Terms and Conditions and each of the completed and executed Subscriber
Certificates are collectively referred to as the "Subscription Agreement" or the
"Agreement".

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

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

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

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

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

      THIS IS THE FIRST PAGE OF AN AGREEMENT COMPRISED OF 9 PAGES (NOT INCLUDING EXHIBITS 1 - 5).

<PAGE>

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

_____________________________________________         _____________________________________________
(Name)                                                (Name)

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

_____________________________________________         _____________________________________________
(Address)                                             (Contact Name)

_____________________________________________         _____________________________________________
(Address)                                             (Address)

                                                      _____________________________________________
                                                      (Address)
</TABLE>

                          TYPE OF OWNERSHIP (CHECK ONE)

SUBSCRIBERS PRESENT HOLDINGS:

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

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

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

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

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

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

_________________________, 2006

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

PACIFIC ENERGY RESOURCES LTD.                         Subscription No:

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

               THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

<page>

                 TERMS AND CONDITIONS OF SUBSCRIPTION FOR UNITS

                                   DEFINITIONS

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

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

      (b)   "AERA" means AERA Energy LLC;

      (c)   "AERA Closing" means the date on which all conditions to completion
            of the closing under the Escrow Agreement have been satisfied;

      (d)   "AERA Closing Deadline" means not later than March 31, 2007 (unless
            a later date is agreed to by the parties to the Escrow Agreement);

      (e)   "AERA Purchase and Sale Agreement" means the Purchase and Sale
            Agreement between AERA and the Corporation which includes the
            acquisition of certain offshore oil and gas fields including the
            Eureka Platform located in Federal Waters in the San Pedro area,
            California;

      (f)   "Agency Agreement" has the meaning ascribed to it in paragraph 6.4;

      (g)   "Agents" mean D & D Securities Company, as lead Agent, and Octagon
            Capital Corporation, as co-Agent;

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

      (i)   "Common Share" means a share of common stock in the capital of the
            Corporation;

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

      (k)   "Disclosure Document" has the meaning ascribed to it in paragraph
            4.1(n);

      (l)   "Escrow Agent" means U.S. Bank National Association;

      (m)   "Escrow Agreement" means the Escrow Agreement by and among the
            Corporation, J. Aron & Company, Laurus Master Fund, Ltd., Erato
            Corp. and the Agent;

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

      (o)   "MMS" means the Minerals Management Service of the United States
            Department of the Interior;

      (p)   "Offering" means this private placement;

<page>

      (q)   "Offering Memorandum" means the offering document of the Company
            delivered to subscribers and prepared in accordance with Ontario
            Securities Commission Rule 45-501;

      (r)   "Registration Rights Agreement" has the meaning ascribed to it in
            paragraph 6.1;

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

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

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

      (v)   "Subscriber" means the purchaser of Units hereunder;

      (w)   "Subscriber Certificates" means the Canadian accredited investor
            certificate attached hereto as Exhibit "A" and the U.S. accredited
            investor certificate attached hereto as Exhibit "B", collectively;

      (x)   "Units" means the units of the Corporation, each Unit consisting of
            one (1) Common Share and one-half (1/2) Warrant;

      (y)   "U.S. Person" has the meaning attributed to it in Regulation S;

      (z)   "Warrants" means the Common Share purchase warrants of the
            Corporation comprising part of the Units; and

      (aa)  "Warrant Shares" means the Common Shares issuable upon exercise of
            the Warrants.

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

2.    PURCHASE AND SALE OF UNITS

2.1   The Common Shares and Warrants comprising the Units will be registered in
      accordance with the registration instructions, and if no registration
      instructions are provided, will be registered in the name of the
      Subscriber.

2.2   Fractional Warrants will not be issued. Instead, the number of Warrants
      issued to the Subscriber will be rounded down to the nearest whole number
      of Warrants subscribed for pursuant to this Subscription Agreement.

2.3   The issue of the Units and the underlying securities will not restrict or
      prevent the Corporation from obtaining any other financing, or from
      issuing additional securities from time to time.

2.4   The Corporation shall have the right to reject this Subscription Agreement
      if it reasonably believes for any reason that a Subscriber is not an
      "accredited investor" within the meaning of Rule 501 of Regulation D
      promulgated by the SEC as presently in effect, and, if a Subscriber is a
      Canadian resident, that the Subscriber is not an "accredited investor"
      within the meaning of applicable Canadian securities laws, or for any
      other reason in its sole and absolute discretion acting reasonably.
      Acceptance is evidenced only by execution of this Subscription Agreement
      by the Corporation in the space provided above.

<page>

3.    REPRESENTATIONS, WARRANTIES AND COVENANTS BY THE CORPORATION

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

      (a)   the Corporation has the full corporate right, power and authority to
            execute and deliver this Subscription Agreement and to issue the
            Units, and at Closing the Common Shares and Warrants comprising the
            Units will be duly and validly created, authorized and issued, and
            all Warrant Shares issuable upon exercise of the Warrants will be
            duly and validly authorized, allotted and reserved for issuance upon
            exercise of the Warrants, and will, upon due exercise of the
            Warrants, be issued as fully paid and non-assessable Common Shares;

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

      (c)   the execution and delivery of, and the performance of the terms of
            this Subscription Agreement by the Corporation, including the issue
            of the Common Shares and Warrants comprising the Units and the issue
            of the Warrant Shares upon exercise of the Warrants, as the case may
            be, does not and will not constitute a breach of or default under
            the constating documents of the Corporation or any law, regulation,
            order or ruling applicable to the Corporation or any agreement,
            contract or indenture to which the Corporation is a party or by
            which it is bound;

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

      (e)   the Offering Memorandum contains full, true and plain disclosure
            regarding the acquisition of certain offshore oil and gas fields
            including the Eureka Platform located in Federal Waters in the San
            Pedro area, California pursuant to the terms of the AERA Purchase
            and Sale Agreement, all material facts and risks related thereto,
            contains no untrue statement of a material fact and does not omit to
            state a material fact that is required to be stated or that is
            necessary to make a statement not misleading in light of the
            circumstances in which it is made.

4.    REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS OF THE SUBSCRIBER

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

<page>

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

      (b)   the Subscriber is an "accredited investor" under Rule 501(a) of
            Regulation D promulgated under the 1933 Act and if a Canadian
            resident, the Subscriber is also an "accredited investor" as that
            term is defined in National Instrument 45-106 PROSPECTUS AND
            REGISTRATION EXEMPTIONS;

      (c)   the Subscriber has received, completed and returned to the
            Corporation the Subscriber Certificates relating to the Subscriber's
            general ability to bear the risks of an investment in the
            Corporation and the Subscriber's suitability as an investor in a
            private offering, and hereby affirms the correctness of the
            Subscriber's answers in each of such Subscriber Certificates;

      (d)   the Subscriber (i) has adequate means of providing for his or her
            current needs and possible personal contingencies, and has no need
            for liquidity of his or her investment in the Corporation; (ii) can
            bear the economic risk of losing his or her entire investment
            herein; (iii) has such knowledge and experience in financial and
            business matters that he or she is capable of evaluating the
            relative risks and merits of this investment; and (iv) has an
            overall commitment to investments which are not readily marketable
            that is not disproportionate to his or her net worth and the
            investment subscribed for herein will not cause such overall
            commitment to become excessive;

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

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

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

            (iii) the issue and sale of the Units to the Subscriber is subject
                  to such sale being exempt from the requirements of applicable
                  Canadian securities laws as to the filing of a prospectus;

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

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

<page>

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

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

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

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

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

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

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

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

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

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

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

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

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

      (n)   the Subscriber has reviewed the documents (the "Disclosure
            Documents") regarding the Corporation available on SEDAR
            (www.sedar.com) and the Exchange's web site (www.tsx.com) carefully,
            is fully familiar with and understands the contents thereof, and has
            received no other written communication;

      (o)   the Subscriber confirms that all documents, records and books
            pertaining to the Corporation and to the investment requested by the
            Subscriber have been made available to the Subscriber and that the
            Subscriber has been given an opportunity to make further inquiries
            of the Corporation and its representatives in order to verify the
            accuracy of the information contained in the Disclosure Documents
            and has had the opportunity to review all facts concerning the
            Corporation which the Subscriber deems pertinent;

<page>

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

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

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

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

      (r)   as to the source of subscription funds,

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

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

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

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

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

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

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

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

<page>

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

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

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

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

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

4.2   The Subscriber understands and acknowledges that:

      (a)   (on its own behalf and, if applicable, on behalf of each person on
            whose behalf the Subscriber is contracting) that the Common Shares
            and Warrants subscribed for by it hereunder form part of a larger
            issuance and sale by the Corporation of up to US$85 million,
            comprised of approximately 60,000,000 common shares and
            approximately 30,000,000 warrants to be issued by the Corporation,
            and funds will be available for use subject to the terms of the
            Escrow Agreement; in addition, concurrent with this Offering, a debt
            facility in the amount of US$55 million will be established to fund
            the closing of the transactions under the AERA Purchase and Sale
            Agreement and will issue warrants to the lender(s) under the debt
            facility at the time of any draw-downs under the debt facility;

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

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

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

<page>

      (e)   the Corporation will undertake to file a Registration Statement in
            accordance with the terms of Section 6 hereof;

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

      (g)   the offer and sale of the Units has been made, and the issuance of
            the Securities (and Warrant Shares issued prior to the effectiveness
            of a registration statement to be filed with regard to such
            issuance) will be made, in reliance upon Regulation S and Regulation
            D. Regulation S requires that, for a one (1) year "distribution
            compliance period" (as defined in Regulation S), no offer or sale of
            a Security or Warrant Share issued in reliance on Regulation S may
            be made to a U.S. Person or for the account or benefit of a U.S.
            Person. Specifically, the offer or sale of a Security or Warrant
            Share issued in reliance on Regulation S, if made prior to the
            expiration of the one-year "distribution compliance period," must be
            made pursuant to the following conditions:

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

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

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

            Regulation S also requires that each Warrant bear a legend stating
            that the Warrant and the securities to be issued upon its exercise
            have not been registered under the 1933 Act and that the Warrant may
            not be exercised by or on behalf of any U.S. Person unless
            registered under the 1933 Act or an exemption from such registration
            is available. Each person exercising a Warrant must provide the
            Corporation with either (i) written certification that it is not a
            U.S. Person and that the Warrant is not being exercised on behalf of
            a U.S. Person, or (ii) a written opinion of counsel satisfactory to
            the Corporation that the Warrant and the issuance of securities upon
            exercise thereof has been registered under the 1933 Act and any
            securities laws of all applicable states of the United States, or
            are exempt from such registration requirements.

            The Securities and Warrant Shares may be resold only in compliance
            with Regulation S or pursuant to an effective registration statement
            under the 1933 Act or an exemption from the registration
            requirements of the 1933 Act. Rule 904 of Regulation S provides that
            a resale of an outstanding security may be made pursuant thereto if
            the offer and sale of the security are made in an "offshore

<page>

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

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

            Under Rule 905 of Regulation S, because the Corporation is a U.S.
            corporation, the Securities and any Warrant Shares will be deemed to
            be "restricted securities" (as defined in Rule 144 of the 1933 Act)
            and as such may be resold or otherwise transferred only in
            accordance with Regulation S or pursuant to a registration under the
            1933 Act or an exemption from the registration requirements of the
            1933 Act; the Securities and any Warrant Shares will continue to be
            deemed to be restricted securities, notwithstanding that they are
            acquired by another purchaser in a resale transaction made pursuant
            to Rule 901 or Rule 904 of Regulation S. Subject to approval of the
            Exchange, the trading symbol for the Securities and any Warrant
            Shares shall bear an "S" designation and the CUSIP number for the
            Securities and any Warrant Shares will be a different CUSIP number
            than the CUSIP number for currently outstanding common shares to
            indicate that they are restricted securities. Restricted securities
            may have significantly less liquidity than unrestricted securities
            that do not bear such "S" designation.

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

<page>

            satisfying the current public information requirement of Rule 144 at
            the time the Subscriber wishes to sell any of the Securities or
            Warrant Shares, or other conditions under Rule 144 which are
            required of the Corporation.

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

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

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

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

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

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

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

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

<page>

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

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

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

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

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

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

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

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

5.    ESCROW AND ISSUANCE OF SECURITIES

5.1   The Subscriber agrees to deliver to the Agents, as soon as possible and,
      in any event, not later than 2:00 p.m. (Pacific Standard time) on November
      10, 2006: (a) this duly completed and executed Subscription Agreement; (b)
      a duly executed Canadian Accredited Investor Certificate attached hereto
      as Exhibit "A"; (c) a duly executed U.S. Accredited Investor Certificate
      attached hereto as Exhibit "B"; (d) a duly executed Registration Rights

<page>

      Agreement attached hereto as Exhibit "C", together with a duly completed
      selling security holder questionnaire attached thereto as an exhibit; (e)
      such other documents as may be required under applicable securities laws;
      and (f) a certified cheque or bank draft payable to the Agent for the
      aggregate subscription price or payment of the same amount in such other
      manner as is acceptable to the Agent.

5.2   All of the Subscriber's funds shall be placed into an interest-bearing
      escrow account with the Escrow Agent. At Closing, a notarial certified
      copy of the certificates representing the Common Shares and Warrants
      underlying the Units will be delivered to Subscribers, with the original
      certificates representing the Units being placed with the Escrow Agent
      pending the AERA Closing. At or immediately after the deemed time of AERA
      Closing, the Corporation will cause the Escrow Agent to forward to the
      Agents the original certificates representing the Units registered in the
      names of the Subscribers or their nominees as per the directions of the
      Subscriber on the face page of this Agreement. The Agents in turn will
      forward the original certificates representing the Units to the respective
      Subscribers. Following the AERA Closing, the Subscriber's funds will then
      be either (a) used to purchase a treasury note to support the
      Corporation's obligations to MMS to satisfy potential abandonment
      liabilities or (b) placed into the Corporation's general banking account
      to be used for working capital. If the AERA Closing does not occur on or
      before the AERA Closing Deadline, the Subscriber's funds will be returned
      promptly with interest.

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

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

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

5.6   The Subscriber shall not be required to complete this Agreement and may
      withdraw therefrom if, within 48 hours of Closing, a credit facility in
      the amount of US$45 million has not been made unconditionally available
      for drawdown by J. Aron & Company to fund the acquisition transactions
      under the AERA Purchase and Sale Agreement.

<page>

6.    REGISTRATION STATEMENT

6.1   The Corporation will prepare and file with the SEC a registration
      statement (the "Registration Statement") covering 110% of the Common
      Shares and 110% of the Warrant Shares within 120 trading days of the
      Closing and in accordance with the terms of the Registration Rights
      Agreement executed by the Corporation and attached hereto as Exhibit "C".
      The Corporation will use its reasonable best efforts to have the
      Registration Statement declared effective by the SEC within 210 trading
      days of the Closing.

7.    LEGENDS

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

      The legend for certificates for Common Shares and Warrant Shares will be
      in substantially the following form:

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

            and

            (ii)  "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON
                  THE TORONTO STOCK EXCHANGE ("TSX"). HOWEVER, THE SAID
                  SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF TSX
                  SINCE THEY ARE NOT FREELY TRANSFERABLE AND CONSEQUENTLY ANY
                  CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT "GOOD
                  DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON TSX."

            and

            (iii) "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
                  UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("U.S. SECURITIES
                  ACT"), OR ANY STATE SECURITIES LAWS. THE SECURITIES MAY BE
                  SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
                  OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S.
                  SECURITIES ACT ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE
                  UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S
                  UNDER THE U.S. SECURITIES ACT, IN COMPLIANCE WITH APPLICABLE
                  STATE SECURITIES LAWS AND IN ACCORDANCE WITH A SUBSCRIPTION
                  AGREEMENT BETWEEN THE HOLDER AND PACIFIC ENERGY RESOURCES LTD.
                  (THE "COMPANY") THAT IS ON FILE WITH THE COMPANY, OR (C) WITH
                  THE PRIOR WRITTEN CONSENT OF THE COMPANY, PURSUANT TO AN
                  OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
                  SUCH REGISTRATION IS NOT REQUIRED; HEDGING TRANSACTIONS
                  INVOLVING THESE SECURITIES AND THE SECURITIES ISSUABLE UPON
                  EXERCISE OF THE WARRANTS MAY NOT BE CONDUCTED UNLESS IN
                  COMPLIANCE WITH THE U.S. SECURITIES ACT."

<page>

      The legend for each Warrant will be in substantially the following form:

                  THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
                  WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
                  1933, AS AMENDED ("U.S. SECURITIES ACT"), OR ANY STATE
                  SECURITIES LAWS. THIS WARRANT AND THE SECURITIES ISSUABLE UPON
                  EXERCISE OF THIS WARRANT ARE SUBJECT TO RESTRICTIONS ON
                  TRANSFER SET FORTH IN A SUBSCRIPTION AGREEMENT BETWEEN THE
                  HOLDER AND PACIFIC ENERGY RESOURCES LTD. (THE "COMPANY") THAT
                  IS ON FILE WITH THE COMPANY, AND MAY NOT BE OFFERED, SOLD,
                  TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED,
                  PRIOR TO THE EFFECTIVENESS OF A REGISTRATION STATEMENT UNDER
                  THE U.S. SECURITIES ACT, EXCEPT WITH THE PRIOR WRITTEN CONSENT
                  OF THE COMPANY. THIS WARRANT MAY NOT BE EXERCISED BY OR ON
                  BEHALF OF ANY U.S. PERSON UNLESS REGISTERED UNDER THE U.S.
                  SECURITIES ACT, OR AN EXEMPTION FROM SUCH REGISTRATION IS
                  AVAILABLE.

8.    RELIANCE UPON REPRESENTATIONS, WARRANTIES AND COVENANTS

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

9.    MISCELLANEOUS

9.1   The Corporation shall be entitled to rely on delivery by facsimile machine
      of an executed copy of this subscription, and acceptance by the
      Corporation of such facsimile copy shall be equally effective to create a
      valid and binding agreement between the Subscriber and the Corporation in
      accordance with the terms hereof. Notwithstanding the foregoing, the
      Subscriber shall deliver originally executed copies of the documents
      listed in paragraph 5.1 above to the Agent as soon as possible and, in any
      event, not later than 2:00 p.m. (Pacific Standard time) on November 10,
      2006.

<page>

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

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

9.4   Time is of the essence of this Agreement.

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

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

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

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

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

9.10  This Agreement, including without limitation the representations,
      warranties and covenants contained herein and in each of the Subscriber
      Certificates, shall survive and continue in full force and effect and be
      binding upon the Corporation and the Subscriber, notwithstanding the
      completion of the purchase of the Units by the Subscriber pursuant hereto,
      the completion of the Offering and any subsequent disposition by the
      Subscriber of the Common Shares, Warrants or Warrant Shares.

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

<page>

                                   EXHIBIT "A"

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

The undersigned ("SUBSCRIBER"), in connection with the acquisition of units
("UNITS") of Pacific Energy Resources Ltd. ("PERL" or the "CORPORATION")
pursuant to that certain subscription agreement (the "AGREEMENT"), hereby makes
the following representations and warranties:

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

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

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

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

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

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

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

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

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

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

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

<page>

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

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

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

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

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

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

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

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

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

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

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

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

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

                                       2

<page>

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

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

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

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

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

                  (i)      an accredited investor, or

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

         IN WITNESS WHEREOF, Subscriber has executed this Certificate as of
_______, 2006.

                                            SUBSCRIBER

                                           _____________________________________
                                           (Signature and office, if applicable)

                                           _____________________________________
                                           (Print Name)

                                           _____________________________________
                                           (Address)

                                           _____________________________________
                                           (City/Province/Postal Code)

                                           _____________________________________
                                           (Area Code/Telephone Number)

                                       3

<page>

                                   EXHIBIT "B"

                      U.S. ACCREDITED INVESTOR CERTIFICATE
                      ------------------------------------

          The undersigned ("SUBSCRIBER"), in connection with the acquisition of
units ("UNITS") of Pacific Energy Resources Ltd. ("PERL" or the "CORPORATION")
pursuant to that certain subscription agreement (the "AGREEMENT"), hereby makes
the following representations and warranties:

          Subscriber understands that the Corporation is relying on this
information in determining to offer Units to the undersigned in a manner exempt
from the registration requirements of the Securities Act of 1933, as amended
(the "1933 ACT"), and applicable state securities laws.

1.        ACCREDITED INVESTOR
          -------------------

          Subscriber represents and warrants that he, she or it falls within the
category (or categories) marked. PLEASE INDICATE EACH CATEGORY OF ACCREDITED
INVESTOR THAT YOU, THE SUBSCRIBER, SATISFY, BY PLACING YOUR INITIALS ON THE
APPROPRIATE LINE BELOW.

_____     Category 1.      A bank, as defined in Section 3(a)(2) of the 1933
                           Act, whether acting in its individual or fiduciary
                           capacity; or

_____     Category 2.      A savings and loan association or other institution
                           as defined in Section 3(a) (5) (A) of the 1933 Act,
                           whether acting in its individual or fiduciary
                           capacity; or

_____     Category 3.      A broker or dealer registered pursuant to Section 15
                           of the Securities Exchange Act of 1934; or

_____     Category 4.      An insurance company as defined in Section 2(13) of
                           the Act; or

_____     Category 5.      An investment company registered under the Investment
                           Company Act of 1940; or

_____     Category 6.      A business development company as defined in Section
                           2(a) (48) of the Investment Company Act of 1940; or

_____     Category 7.      A small business investment company licensed by the
                           U.S. Small Business Administration under Section
                           301(c) or (d) of the Small Business Investment Act of
                           1958; or

_____     Category 8.      A plan established and maintained by a state, its
                           political subdivision or any agency or
                           instrumentality of a state or its political
                           subdivisions, for the benefit of its employees, with
                           assets in excess of US$5,000,000; or

_____     Category 9.      An employee benefit plan within the meaning of the
                           Employee Retirement Income Security Act of 1974 in
                           which the investment decision is made by a plan
                           fiduciary, as defined in Section 3(21) of such Act,
                           which is either a bank, savings and loan association,
                           insurance company or registered investment advisor,
                           or an employee benefit plan with total assets in
                           excess of US$5,000,000 or, if a self-directed plan,
                           the investment decisions are made solely by persons
                           who are accredited investors; or

<page>

_____     Category 10.     A private business development company as defined in
                           Section 202(a) (22) or the Investment Advisors Act of
                           1940; or

_____     Category 11.     An organization described in Section 501(c)(3) of the
                           Internal Revenue Code, a corporation, a Massachusetts
                           or similar business trust, or a partnership, not
                           formed for the specific purpose of acquiring the
                           Units, with total assets in excess of US$5,000,000;
                           or

_____     Category 12.     A director, executive officer or general partner of
                           the Corporation; or

_____     Category 13.     A natural person whose individual net worth, or joint
                           net worth with that person's spouse, at the time of
                           this purchase exceeds US$1,000,000; or

_____     Category 14.     A natural person who had an individual income in
                           excess of US$200,000 in each of the two most recent
                           years or joint income with that person's spouse in
                           excess of US$300,000 in each of those years and has a
                           reasonable expectation of reaching the same income
                           level in the current year; or

_____     Category 15.     A trust, with total assets in excess of US$5,000,000,
                           not formed for the specific purpose of acquiring the
                           Units, whose purchase is directed by a sophisticated
                           person as described in SEC Rule 506(b)(2)(ii); or

_____     Category 16.     An entity in which all of the equity owners are
                           accredited investors.

2.        PURCHASING ENTIRELY FOR OWN ACCOUNT
          -----------------------------------

          Subscriber represents and warrants that he, she or it is purchasing
the Units solely for Subscriber's own account for investment and not with a view
to or for sale or distribution of the Units or any portion thereof and without
any present intention of selling, offering to sell or otherwise disposing of or
distributing the Units or any portion thereof in any transaction other than 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. Subscriber also represents that the entire legal and beneficial
interest of the Common Shares and Warrants is being purchased for, and will be
held for, Subscriber's account only, and neither in whole nor in part for any
other person or entity.

3.        ECONOMIC RISK AND SUITABILITY
          -----------------------------

          Subscriber represents and warrants as follows:

          (a)     Subscriber realizes that Subscriber's purchase of the Units
                  involves a high degree of risk and will be a highly
                  speculative investment, and that he, she or it is able,
                  without impairing Subscriber's financial condition, to hold
                  the Common Shares and Warrants for an indefinite period of
                  time.

          (b)     Subscriber alone, or with the assistance of professional
                  advisors, has such knowledge and experience in financial and
                  business matters that the undersigned is capable of evaluating
                  the merits and risks of Subscriber's purchase of the Units, or
                  has a pre-existing personal or business relationship with the
                  Corporation or any of its officers, directors, or controlling
                  persons, of a duration and nature that enables the undersigned
                  to be aware of the character, business acumen and general
                  business and financial circumstances of the Corporation or
                  such other person.

                                       2

<page>

          (c)     If Subscriber is a partnership, trust, corporation or other
                  entity, its principal place of business and principal office
                  are located within the state set forth in its address below.

          (d)     Subscriber has relied solely upon the documents and materials
                  submitted therewith, advice of his or her representatives, if
                  any, and independent investigations made by Subscriber and/or
                  his or her Subscriber representatives, if any, in making the
                  decision to purchase the Units subscribed for herein and
                  acknowledges that no representations or agreements other than
                  those set forth in the Disclosure Documents have been made to
                  the Subscriber in respect thereto.

          (e)     Subscriber confirms that Subscriber has received no general
                  solicitation or general advertisement and has attended no
                  seminar or meeting (whose attendees have been invited by any
                  general solicitation or general advertisement) and has
                  received no advertisement in any newspaper, magazine, or
                  similar media, broadcast on television or radio regarding the
                  offering of the Units.

4.        RESTRICTED SECURITIES
          ---------------------

          Subscriber acknowledges that the Corporation has hereby disclosed to
Subscriber in writing:

          (a)     The Units have not been registered under the 1933 Act, or the
                  securities laws of any state of the United States, and the
                  Units and their underlying securities must be held
                  indefinitely unless a transfer of them is subsequently
                  registered under the Act or an exemption from such
                  registration is available; and

         (b)      The Corporation will make a notation in its records of the
                  above-described restrictions on transfer.

         IN WITNESS WHEREOF, Subscriber has executed this Certificate as of
________, 2006.

                                           SUBSCRIBER

                                          _____________________________________
                                          (Signature and office, if applicable)

                                          _____________________________________
                                          (Print Name)

                                          _____________________________________
                                          (Address)

                                          _____________________________________

                                          _____________________________________
                                          (Area Code/Telephone Number)

                                       3

<page>

                                                                         Annex A
                              Plan of Distribution

         The selling security holders and any of their pledgees, donees,
assignees and successors-in-interest may, from time to time, sell any or all of
their shares of common stock being offered under this prospectus on any stock
exchange, market or trading facility on which shares of our common stock are
traded or in private transactions. These sales may be at fixed or negotiated
prices. The selling security holders may use any one or more of the following
methods when disposing of shares:

         o        ordinary brokerage transactions and transactions in which the
                  broker-dealer solicits purchasers;

         o        block trades in which the broker-dealer will attempt to sell
                  the shares as agent but may position and resell a portion of
                  the block as principal to facilitate the transaction;

         o        purchases by a broker-dealer as principal and resales by the
                  broker-dealer for its account;

         o        an exchange distribution in accordance with the rules of the
                  applicable exchange;

         o        privately negotiated transactions;

         o        to cover short sales made after the date that the registration
                  statement of which this prospectus is a part is declared
                  effective by the Securities and Exchange Commission;

         o        broker-dealers may agree with the selling security holders to
                  sell a specified number of such shares at a stipulated price
                  per share;

         o        a combination of any of these methods of sale; and

         o        any other method permitted pursuant to applicable law.

         The shares may also be sold under Rule 144 under the Securities Act, if
available, rather than under this prospectus. The selling security holders have
the sole and absolute discretion not to accept any purchase offer or make any
sale of shares if they deem the purchase price to be unsatisfactory at any
particular time.

         The selling security holders may pledge their shares to their brokers
under the margin provisions of customer agreements. If a selling security holder
defaults on a margin loan, the broker may, from time to time, offer and sell the
pledged shares.

<page>

         Broker-dealers engaged by the selling security holders may arrange for
other broker-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling security holders (or, if any
broker-dealer acts as agent for the purchaser of shares, from the purchaser) in
amounts to be negotiated, which commissions as to a particular broker or dealer
may be in excess of customary commissions to the extent permitted by applicable
law.

         If sales of shares offered under this prospectus are made to
broker-dealers as principals, we would be required to file a post-effective
amendment to the registration statement of which this prospectus is a part. In
the post-effective amendment, we would be required to disclose the names of any
participating broker-dealers and the compensation arrangements relating to such
sales.

         The selling security holders and any broker-dealers or agents that are
involved in selling the shares offered under this prospectus may be deemed to be
"underwriters" within the meaning of the Securities Act in connection with these
sales. Commissions received by these broker-dealers or agents and any profit on
the resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. Any broker-dealers or agents
that are deemed to be underwriters may not sell shares offered under this
prospectus unless and until we set forth the names of the underwriters and the
material details of their underwriting arrangements in a supplement to this
prospectus or, if required, in a replacement prospectus included in a
post-effective amendment to the registration statement of which this prospectus
is a part.

         The selling security holders and any other persons participating in the
sale or distribution of the shares offered under this prospectus will be subject
to applicable provisions of the Exchange Act, and the rules and regulations
under that act, including Regulation M. These provisions may restrict activities
of, and limit the timing of purchases and sales of any of the shares by, the
selling security holders or any other person. Furthermore, under Regulation M,
persons engaged in a distribution of securities are prohibited from
simultaneously engaging in market making and other activities with respect to
those securities for a specified period of time prior to the commencement of
such distributions, subject to specified exceptions or exemptions. All of these
limitations may affect the marketability of the shares.

         If any of the shares of common stock offered for sale pursuant to this
prospectus are transferred other than pursuant to a sale under this prospectus,
then subsequent holders could not use this prospectus until a post-effective
amendment or prospectus supplement is filed, naming such holders. We offer no
assurance as to whether any of the selling security holders will sell all or any
portion of the shares offered under this prospectus.

         We have agreed to pay all fees and expenses incident to the
registration of the shares being offered under this prospectus. However, each
selling security holder and purchaser is responsible for paying any discounts,
concessions and similar selling expenses they incur.

         We and certain of the selling security holders have agreed to indemnify
one another against certain losses, damages and liabilities arising in
connection with this prospectus, including liabilities under the Securities Act.

                                       2

<page>

                                    EXHIBIT D

                            RULE 904 OFFSHORE RESALE
                              SELLER CERTIFICATION

                                     [DATE]

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

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

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

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

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

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

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

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

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

8.       The undersigned certifies that neither he, she or it nor any person
         acting on his, her or its behalf knows that the purchaser of the Shares
         is or will be a "dealer" or is or will be a person receiving a selling
         concession, fee or other remuneration in respect of the Resale of the

<page>

         Shares. A "dealer" shall mean any person who engages either for all or
         part of his, her or its time, directly or indirectly, as agents,
         broker, or principal, in the business of offering, buying, selling, or
         otherwise dealing or trading in securities issued by another person.

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

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

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

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

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

                                            Tax Id. No.:
_____________________________________       ____________________________________
Signature                                   Advisor (if applicable):
_____________________________________       ____________________________________
Name of Seller                              Custodian:
_____________________________________       ____________________________________
Name and Title of Signatory                 Account No.:
(if applicable)                             ____________________________________
Address:
_____________________________________
_____________________________________
Dated:

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

<page>

                                    EXHIBIT E

                            RULE 904 OFFSHORE RESALE
                              BROKER CERTIFICATION

                                     [DATE]

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

The Seller has advised the undersigned of the following:

o        The Seller is the beneficial owner of the Shares, having acquired and
         fully paid for the Shares by [purchase of/exercise of a warrant to
         purchase] the Shares on [date].

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

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

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

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

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

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

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

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

7.       The undersigned certifies that it is not, and at the time of the Resale
         was not, an "affiliate" of, or a person "affiliated" with, the
         Corporation, except the undersigned may be an officer or director of

<page>

         the Corporation who is an affiliate solely by virtue of holding such
         position. An "affiliate" of, or person "affiliated" with, a specified
         person includes a person or entity that directly, or indirectly through
         one or more intermediaries, controls or is controlled by, or is under
         common control with, the person or entity specified.

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

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

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

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

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

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

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

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

Address:                                     ___________________________________
                                             Account No.:
_____________________________________
                                             ___________________________________
_____________________________________
Dated:

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

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