Document:

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EXHIBIT 4.8

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

                SUBSCRIPTION AGREEMENT FOR SUBSCRIPTION RECEIPTS
                              (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 subscription receipts of the Corporation (the
"Subscription Receipts") in the number set forth below at a subscription price
equal to CAD$1.30 per Subscription Receipt (the "Subscription Price"). Each
Subscription Receipt will entitle the holder thereof to acquire, for no
additional consideration, one unit (a "Unit"), with each Unit consisting of one
(1) share of common stock of the Corporation (a "Common Share") and one-half
(1/2) Common Share purchase warrant of the Corporation ("Warrants"). Each one
(1) whole Warrant shall entitle the holder to acquire one (1) Common Share (a
"Warrant Share") at a price equal to CAD$1.70 per Warrant Share for a period of
three years from the date of issue of the Subscription Receipts. The Subscriber
agrees to be bound by the attached terms and conditions of subscription (the
"Terms and Conditions") and agrees that the Agents, the Corporation and their
agents and attorneys may rely upon the representations, warranties and covenants
contained therein and in 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".

THE RELEASE OF FUNDS UNDER THIS OFFERING IS SUBJECT TO ESCROW RELEASE CONDITIONS
SET OUT IN SECTION 5 HEREOF AND MORE FULLY DETAILED IN THE INFORMATION DOCUMENT.
UPON CONFIRMATION BY PRESS RELEASE THAT THE AERA CLOSING (AS HEREINAFTER
DEFINED) HAS OCCURRED NO LATER THAN THE AERA CLOSING DEADLINE (AS HEREINAFTER
DEFINED), EACH SUBSCRIPTION RECEIPT WILL BE AUTOMATICALLY CONVERTED INTO ONE
UNIT. IF THE AERA CLOSING DOES NOT OCCUR BY THE AERA CLOSING DEADLINE, THE
AGGREGATE SUBSCRIPTION PRICE PLUS INTEREST WILL BE RETURNED FORTHWITH TO THE
SUBSCRIBER.

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<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 SUBSCRIPTION RECEIPTS:____________

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 18 PAGES (NOT INCLUDING EXHIBITS 1 - 5).

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REGISTER THE SUBSCRIPTION RECEIPTS AS SET             DELIVER THE SUBSCRIPTION RECEIPTS AS SET
FORTH BELOW:                                          FORTH BELOW:

_____________________________________________         _____________________________________________
(Name)                                                (Name)

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

_____________________________________________         _____________________________________________
(Address)                                             (Contact Name)

_____________________________________________         _____________________________________________
(Address)                                             (Address)

                                                      _____________________________________________
                                                      (Address)
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                          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 (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

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         TERMS AND CONDITIONS OF SUBSCRIPTION FOR SUBSCRIPTION RECEIPTS

                                   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 Agreements 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 Agreements);

      (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 5.4;

      (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
            Subscription Receipts 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 Agreements" means the escrow agreements by and among (as to
            the first Escrow Agreement) the Corporation, Goldman Sachs & Co., J.
            Aron & Company, Silver Point Capital, L.P., Laurus Master Fund,
            Ltd., Erato Corp., the Agent and U.S. Bank National Association, and
            by and among (as to the second Escrow Agreement) PERL, J. Aron &
            Company, Silver Point Capital, L.P., AERA, SWEPI LP and U.S. Bank
            National Association;

      (n)   "Escrow Release Date" means the date on or following the Aera
            Closing but prior to the Aera Closing Deadline that all proceeds,
            documents and securities are released by the Escrow Agent pursuant
            to the terms of the Escrow Agreements;

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                                       2

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

      (p)   "Information Document" means the information document of the
            Corporation dated November 10, 2006 and delivered to subscribers,
            prepared in accordance with applicable law;

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

      (r)   "Offering" means this private placement;

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

      (t)   "Registration Statement" has the meaning ascribed to it in paragraph
            6.1;

      (u)   "Regulation D" means Regulation D of the 1933 Act;

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

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

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

      (y)   "Subscriber" means the purchaser of Subscription Receipts hereunder;

      (z)   "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;

      (aa)  "Subscription Receipts" means the subscription receipts of the
            Corporation offered hereby, each Subscription Receipt entitling the
            holder thereof to acquire, for no additional consideration, one (1)
            Unit;

      (bb)  "Subscription Receipt Agent" means the subscription receipt agent
            under the Subscription Receipt Indenture;

      (cc)  "Subscription Receipt Indenture" means the subscription receipt
            indenture to be executed by the Corporation, D&D Securities Company
            and Computershare Investor Services Inc.;

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

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

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

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

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                                       3

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 SUBSCRIPTION RECEIPTS

2.1   The Subscription Receipts will be registered in accordance with the
      registration instructions provided on the face page of this Agreement, and
      if no registration instructions are provided, will be registered in the
      name of the Subscriber.

2.2   Each Subscription Receipt shall entitle the holder thereof to acquire, for
      no additional consideration and without further action required by the
      holder thereof, one Unit on the Escrow Release Date;

2.3   Fractional Warrants will not be issued upon conversion of the Subscription
      Receipts. Instead, the number of Warrants issued to any one Subscription
      Receiptholder will be rounded down to the nearest whole number of Warrants
      issuable to such Subscription Receiptholder upon conversion of all
      Subscription Receipts held by such Subscription Receiptholder.

2.4   Neither the issue of the Subscription Receipts nor the issue of the Common
      Shares and the Warrants upon conversion of the Subscription Receipts will
      restrict or prevent the Corporation from obtaining any other financing, or
      from issuing additional securities from time to time.

2.5   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.

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
            Subscription Receipts, and at Closing the Subscription Receipts will
            be duly and validly created, authorized and issued, and all Common
            Shares and Warrants issuable upon conversion of the Subscription
            Receipts and all Warrant Shares issuable upon exercise of the
            Warrants will be duly and validly authorized, allotted and reserved
            for issuance upon conversion of the Subscription Receipts and
            exercise of the Warrants, respectively, and will, upon conversion of
            the Subscription Receipts and due exercise of the Warrants, as the
            case may be, 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 Agreements, 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;

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                                       4

      (c)   the execution and delivery of, and the performance of the terms of
            this Subscription Agreement by the Corporation, including the issue
            of the Subscription Receipts, the issue of the Common Shares and
            Warrants upon conversion of the Subscription Receipts 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 Information Document 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:

      (a)   the Subscriber is purchasing the Subscription Receipts 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 Subscription Receipts 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;

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                                       5

      (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 Subscription Receipts and the issue
                  of the underlying Common Shares, Warrants and Warrant Shares
                  on the conversion thereof to the Subscriber is subject to such
                  sale and issue being exempt from the requirements of
                  applicable Canadian securities laws as to the filing of a
                  prospectus;

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

      (g)   the Subscriber's purchase of the Subscription Receipts has not been
            made through or as a result of, and the distribution of the
            Subscription Receipts 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 Subscription Receipts;

      (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;

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                                       6

      (i)   none of the Subscription Receipts 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 Subscription Receipts
            or the Warrants and no such market is expected to develop;

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

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

      (n)   the Subscriber has reviewed the Information Document and 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;

      (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 Subscription Receipts;

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

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                                       7

      (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
                  Subscription Receipts (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 Subscription Receipts 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 Subscription Receipts;

      (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;

      (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;

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                                       8

      (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 Subscription
            Receipts subscribed for by it hereunder form part of a larger
            issuance and sale by the Corporation of up to US$85 million (of
            which US$63,874,985.55 was placed into escrow pursuant to the Escrow
            Agreements on November 30, 2006), which, upon conversion of the
            Subscription Receipts or otherwise will result in approximately
            74,290,000 common shares and approximately 37,145,000 warrants being
            issued by the Corporation, and funds will be available for use
            subject to the terms of the Escrow Agreements; in addition, on
            November 30, 2006, a debt facility in the amount of US$65 million
            was established to fund the closing of the transactions under the
            AERA Purchase and Sale Agreement and the Corporation issued warrants
            to the lender(s) under the draw-down of the debt facility;

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

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

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

      (e)   the 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;

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                                       9

      (g)   the offer and sale of the Subscription Receipts has been made, and
            the issuance of the Common Shares and Warrants upon conversion of
            the Subscription Receipts prior to the effectiveness of a
            registration statement 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 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 issued in
            reliance on Regulation S, if made prior to the expiration of the
            one-year "distribution compliance period," must be made pursuant to
            the following conditions:

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

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

            (iii) The certificate(s) representing the Securities 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 may be resold only in compliance with Regulation S or
            pursuant to an effective registration statement under the 1933 Act
            or an exemption from the registration requirements of the 1933 Act.
            Rule 904 of Regulation S provides that a resale of an outstanding
            security may be made pursuant thereto if the offer and sale of the
            security are made in an "offshore transaction" and if no directed
            selling efforts are made in the United States with regard to the
            securities to be sold by the seller, an affiliate of the seller, or
            any person acting on their behalf. An offer or sale of securities is
            made in an "offshore transaction" if the offer is not made to a
            person in the United States and either (i) at the time the buy order
            is originated, the buyer is outside the United States, or the seller
            and any person acting on its behalf have good reason to believe that
            the buyer is outside the United States and (ii) the transaction is
            executed in, on or through the facilities of a designated offshore
            securities market and neither the seller nor any person acting on
            its behalf knows that the transaction has been prearranged with a

<page>
                                       10

            buyer in the United States. Offers and sales of securities
            specifically targeted at identifiable groups of United States
            citizens abroad shall, in no event, be deemed to be made in an
            offshore transaction. Rule 904 of Regulation S imposes additional
            limitations on resales by dealers and persons receiving selling
            concessions and affiliates of the issuer.

            If the Securities are being sold under Rule 904 of Regulation S of
            the 1933 Act, and applicable state securities laws, any legend may
            be removed by (i) providing a certification to the Corporation to
            the effect set out in attached Exhibit 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 will be deemed to be "restricted
            securities" (as defined in Rule 144 of the 1933 Act) and as such may
            be resold or otherwise transferred only in accordance with
            Regulation S or pursuant to a registration under the 1933 Act or an
            exemption from the registration requirements of the 1933 Act; the
            Securities will continue to be deemed to be restricted securities,
            notwithstanding that they are acquired by another purchaser in a
            resale transaction made pursuant to Rule 901 or Rule 904 of
            Regulation S. Subject to approval of the Exchange, the trading
            symbol for the Common Shares and any Warrant Shares shall bear an
            "S" designation and the CUSIP number for the Common Shares 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
            satisfying the current public information requirement of Rule 144 at
            the time the Subscriber wishes to sell any of the Securities, or
            other conditions under Rule 144 which are required of the
            Corporation.

      (h)   the Subscriber acknowledges being told that the Securities may not
            be sold or otherwise disposed of in Canada for a period of four
            months from the date of distribution of the Subscription Receipts
            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;

<page>
                                       11

      (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 Subscription Receipts 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 Subscription Receipts 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 Subscription
            Receipts 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;

            (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;

<page>
                                       12

            (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 Subscription Receipts 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 Subscription Receipts 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 Information Document
            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 SUBSCRIPTION RECEIPTS

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 December
      20, 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
      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 Computershare Trust Company of Canada. At Closing,
      certificates for the Subscription Receipts will be delivered to each
      Subscriber. Pursuant to the terms of the Subscription Receipt Indenture,
      on the Escrow Release Date, the Subscription Receipts will automatically
      be converted into Units and the Corporation will cause the Subscription
      Receipt Agent to deliver the Common Shares and Warrants comprising the
      Units issued upon conversion of the Subscription Receipts to be delivered

<page>
                                       13

      to the holders of the Subscription Receipts as soon as practicable after
      the Escrow Release Date. Concurrently, on the Escrow Release Date, the
      Subscriber's funds will be released to the Corporation. 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
      Subscription Receipts 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 Subscription Receipts, 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.

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
      Escrow Release Date 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 180
      trading days (210 trading days if the SEC reviews and comments on the
      Registration Statement) of the Escrow Release Date.

7.    LEGENDS

7.1   The certificates representing the Subscription Receipts, the Common Shares
      and Warrants upon conversion of the Subscription Receipts, 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 Subscription Receipts, Common Shares, Warrants and Warrant
      Shares only in accordance with such restrictions.

<page>
                                       14

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

            and

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

                  HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE
                  CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT

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

                  THIS [SUBSCRIPTION RECEIPT/WARRANT] AND THE SECURITIES
                  ISSUABLE UPON [CONVERSION/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
                  [SUBSCRIPTION RECEIPT/WARRANT] AND THE SECURITIES ISSUABLE
                  UPON [CONVERSION/EXERCISE] OF THIS [SUBSCRIPTION
                  RECEIPT/WARRANT] MAY NOT BE OFFERED, SOLD, TRANSFERRED,
                  PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED, EXCEPT PURSUANT
                  TO AN EFFECTIVENESS REGISTRATION STATEMENT UNDER THE U.S.
                  SECURITIES ACT OR PURSUANT TO AN EXEMPTION THEREFROM.

<page>
                                       15

8.    RELIANCE UPON REPRESENTATIONS, WARRANTIES AND COVENANTS

8.1   The Subscriber acknowledges that the representations and warranties and
      covenants and acknowledgements contained in this Agreement are made with
      the intent that they may be relied upon by the Corporation in determining
      the Subscriber's eligibility to purchase the Subscription Receipts 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 Subscription Receipts 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
      Subscription Receipts 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 December 20,
      2006.

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 Subscription Receipts and there are no other terms, conditions,
      representations or warranties whether expressed, implied, oral or written,
      by statute, by common law, by the Corporation or by anyone else.

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

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

<page>
                                       16

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

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

9.10  This Agreement, including without limitation the representations,
      warranties and covenants contained herein and in 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 Subscription Receipts by the Subscriber
      pursuant hereto, the completion of the Offering and any subsequent
      disposition by the Subscriber of the Subscription Receipts, 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 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
subscription receipts ("SUBSCRIPTION RECEIPTS") 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 Subscription Receipts 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
subscription receipts ("SUBSCRIPTION RECEIPTS") 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 Subscription Receipts 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 Subscription Receipts solely for Subscriber's own account for investment and
not with a view to or for sale or distribution of the Subscription Receipts 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 Subscription Receipts and underlying
securities 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
                  Subscription Receipts 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 Subscription Receipts and underlying 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
                  Subscription Receipts, 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 Subscription Receipts 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 Subscription Receipts.

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

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

          (a)     The Subscription Receipts have not been registered under the
                  1933 Act, or the securities laws of any state of the United
                  States, and the Subscription Receipts 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<PAGE>

EXHIBIT 4.9

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

                SUBSCRIPTION AGREEMENT FOR SUBSCRIPTION RECEIPTS
                              (NON-U.S. 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 subscription receipts of the Corporation (the
"Subscription Receipts") in the number set forth below at a subscription price
equal to CAD$1.30 per Subscription Receipt (the "Subscription Price"). Each
Subscription Receipt will entitle the holder thereof to acquire, for no
additional consideration, one unit (a "Unit"), with each Unit consisting of one
(1) share of common stock of the Corporation (a "Common Share") and one-half
(1/2) Common Share purchase warrant of the Corporation ("Warrants"). Each one
(1) whole Warrant shall entitle the holder to acquire one (1) Common Share (a
"Warrant Share") at a price equal to CAD$1.70 per Warrant Share for a period of
three years from the date of issue of the Subscription Receipts. The Subscriber
agrees to be bound by the attached terms and conditions of subscription (the
"Terms and Conditions") and agrees that the Agents, the Corporation and their
agents and attorneys may rely upon the representations, warranties and covenants
contained therein and in 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".

THE RELEASE OF FUNDS UNDER THIS OFFERING IS SUBJECT TO ESCROW RELEASE CONDITIONS
SET OUT IN SECTION 5 HEREOF AND MORE FULLY DETAILED IN THE INFORMATION DOCUMENT.
UPON CONFIRMATION BY PRESS RELEASE THAT THE AERA CLOSING (AS HEREINAFTER
DEFINED) HAS OCCURRED NO LATER THAN THE AERA CLOSING DEADLINE (AS HEREINAFTER
DEFINED), EACH SUBSCRIPTION RECEIPT WILL BE AUTOMATICALLY CONVERTED INTO ONE
UNIT. IF THE AERA CLOSING DOES NOT OCCUR BY THE AERA CLOSING DEADLINE, THE
AGGREGATE SUBSCRIPTION PRICE PLUS INTEREST WILL BE RETURNED FORTHWITH TO THE
SUBSCRIBER.

<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 SUBSCRIPTION RECEIPTS:____________

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 18 PAGES (NOT INCLUDING EXHIBITS 1 - 5).

<page>

REGISTER THE SUBSCRIPTION RECEIPTS AS SET             DELIVER THE SUBSCRIPTION RECEIPTS AS SET
FORTH BELOW:                                          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 (save and except as waived by the Agents) and that the Subscriber is
entitled to rely thereon and on the terms, conditions and covenants contained in
the Agency Agreement as if the Subscriber were a party thereto.

_________________________, 2007

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

PACIFIC ENERGY RESOURCES LTD.                         Subscription No:

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

               THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

<page>

         TERMS AND CONDITIONS OF SUBSCRIPTION FOR SUBSCRIPTION RECEIPTS

                                   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 Agreements 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 Agreements);

      (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 5.4;

      (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
            Subscription Receipts 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 Agreements" means the escrow agreements by and among (as to
            the first Escrow Agreement) the Corporation, Goldman Sachs & Co., J.
            Aron & Company, Silver Point Capital, L.P., Laurus Master Fund,
            Ltd., Erato Corp., the Agent and U.S. Bank National Association, and
            by and among (as to the second Escrow Agreement) PERL, J. Aron &
            Company, Silver Point Capital, L.P., AERA, SWEPI LP and U.S. Bank
            National Association;

      (n)   "Escrow Release Date" means the date on or following the Aera
            Closing but prior to the Aera Closing Deadline that all proceeds,
            documents and securities are released by the Escrow Agent pursuant
            to the terms of the Escrow Agreements;

<page>
                                       2

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

      (p)   "Information Document" means the information document of the
            Corporation dated November 10, 2006 and delivered to subscribers,
            prepared in accordance with applicable law;

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

      (r)   "Offering" means this private placement;

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

      (t)   "Registration Statement" has the meaning ascribed to it in paragraph
            6.1;

      (u)   "Regulation D" means Regulation D of the 1933 Act;

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

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

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

      (y)   "Subscriber" means the purchaser of Subscription Receipts hereunder;

      (z)   "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;

      (aa)  "Subscription Receipts" means the subscription receipts of the
            Corporation offered hereby, each Subscription Receipt entitling the
            holder thereof to acquire, for no additional consideration, one (1)
            Unit;

      (bb)  "Subscription Receipt Agent" means the subscription receipt agent
            under the Subscription Receipt Indenture;

      (cc)  "Subscription Receipt Indenture" means the subscription receipt
            indenture to be executed by the Corporation, D&D Securities Company
            and Computershare Investor Services Inc.;

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

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

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

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

<page>
                                       3

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 SUBSCRIPTION RECEIPTS

2.1   The Subscription Receipts will be registered in accordance with the
      registration instructions provided on the face page of this Agreement, and
      if no registration instructions are provided, will be registered in the
      name of the Subscriber.

2.2   Each Subscription Receipt shall entitle the holder thereof to acquire, for
      no additional consideration and without further action required by the
      holder thereof, one Unit on the Escrow Release Date;

2.3   Fractional Warrants will not be issued upon conversion of the Subscription
      Receipts. Instead, the number of Warrants issued to any one Subscription
      Receiptholder will be rounded down to the nearest whole number of Warrants
      issuable to such Subscription Receiptholder upon conversion of all
      Subscription Receipts held by such Subscription Receiptholder.

2.4   Neither the issue of the Subscription Receipts nor the issue of the Common
      Shares and the Warrants upon conversion of the Subscription Receipts will
      restrict or prevent the Corporation from obtaining any other financing, or
      from issuing additional securities from time to time.

2.5   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.

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
            Subscription Receipts, and at Closing the Subscription Receipts will
            be duly and validly created, authorized and issued, and all Common
            Shares and Warrants issuable upon conversion of the Subscription
            Receipts and all Warrant Shares issuable upon exercise of the
            Warrants will be duly and validly authorized, allotted and reserved
            for issuance upon conversion of the Subscription Receipts and
            exercise of the Warrants, respectively, and will, upon conversion of
            the Subscription Receipts and due exercise of the Warrants, as the
            case may be, 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 Agreements, 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;

<page>
                                       4

      (c)   the execution and delivery of, and the performance of the terms of
            this Subscription Agreement by the Corporation, including the issue
            of the Subscription Receipts, the issue of the Common Shares and
            Warrants upon conversion of the Subscription Receipts 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 Information Document 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:

      (a)   the Subscriber is purchasing the Subscription Receipts 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 Subscription Receipts 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

            (i)   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; or

            (ii)  if a non-Canadian and non-U.S. resident, the Subscriber ,in
                  purchasing Subscription Receipts pursuant to this Subscription
                  Agreement, complies with the securities laws in its
                  jurisdiction of residence and the Subscriber makes to the
                  Corporation and the Agent the additional representations,
                  warranties and covenants set out in Schedule "D" attached to
                  this Subscription Agreement;

<page>
                                       5

      (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 Subscription Receipts and the issue
                  of the underlying Common Shares, Warrants and Warrant Shares
                  on the conversion thereof to the Subscriber is subject to such
                  sale and issue being exempt from the requirements of
                  applicable Canadian securities laws as to the filing of a
                  prospectus;

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

      (g)   the Subscriber's purchase of the Subscription Receipts has not been
            made through or as a result of, and the distribution of the
            Subscription Receipts 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 Subscription Receipts;

      (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;

<page>
                                       6

            (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 Subscription Receipts 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 Subscription Receipts
            or the Warrants and no such market is expected to develop;

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

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

      (n)   the Subscriber has reviewed the Information Document and 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;

      (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

<page>
                                       7

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

      (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
                  Subscription Receipts (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 Subscription Receipts 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 Subscription Receipts;

      (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;

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

<page>
                                       8

      (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 Subscription
            Receipts subscribed for by it hereunder form part of a larger
            issuance and sale by the Corporation of up to US$85 million in
            Subscription Receipts (of which (i) US$63,874,985.55 from the sale
            of Subscription Receipts and/or units was placed into escrow
            pursuant to the Escrow Agreements on November 30, 2006; (ii)
            US$9,478,893.87 from the sale of Subscription Receipts was placed
            into escrow on December 28, 2006; and (iii) US$900,000 from the sale
            of units was paid to the Corporation on December 28, 2006), which,
            upon conversion of the Subscription Receipts or otherwise will
            result in approximately 74,290,000 common shares and approximately
            37,145,000 warrants being issued by the Corporation, and funds will
            be available for use subject to the terms of the Escrow Agreements;
            in addition, on November 30, 2006, a debt facility in the amount of
            US$65 million was established to fund the closing of the
            transactions under the AERA Purchase and Sale Agreement and the
            Corporation issued 25,451,364 warrants to the lender(s) under the
            draw-down of the debt facility;

      (b)   no federal or state agency has made any finding or determination as
            to the fairness of the offering of Subscription Receipts 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>
                                       9

      (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 Subscription Receipts has been made, and
            the issuance of the Common Shares and Warrants upon conversion of
            the Subscription Receipts prior to the effectiveness of a
            registration statement 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 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 issued in
            reliance on Regulation S, if made prior to the expiration of the
            one-year "distribution compliance period," must be made pursuant to
            the following conditions:

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

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

            (iii) The certificate(s) representing the Securities 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.

<page>
                                       10

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

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

            Under Rule 905 of Regulation S, because the Corporation is a U.S.
            corporation, the Securities will be deemed to be "restricted
            securities" (as defined in Rule 144 of the 1933 Act) and as such may
            be resold or otherwise transferred only in accordance with
            Regulation S or pursuant to a registration under the 1933 Act or an
            exemption from the registration requirements of the 1933 Act; the
            Securities will continue to be deemed to be restricted securities,
            notwithstanding that they are acquired by another purchaser in a
            resale transaction made pursuant to Rule 901 or Rule 904 of
            Regulation S. Subject to approval of the Exchange, the trading
            symbol for the Common Shares and any Warrant Shares shall bear an
            "S" designation and the CUSIP number for the Common Shares 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

<page>
                                       11

            through a broker in an unsolicited "broker's transaction" and the
            amount of securities being sold during any three-month period not
            exceeding specified volume limitations. The Corporation may not be
            satisfying the current public information requirement of Rule 144 at
            the time the Subscriber wishes to sell any of the Securities, or
            other conditions under Rule 144 which are required of the
            Corporation.

      (h)   the Subscriber acknowledges being told that the Securities may not
            be sold or otherwise disposed of in Canada for a period of four
            months from the date of distribution of the Subscription Receipts
            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 Subscription Receipts 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 Subscription Receipts 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 Subscription
            Receipts 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>
                                       12

            (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 Subscription Receipts 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 Subscription Receipts 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 Information Document
            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 SUBSCRIPTION RECEIPTS

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 January
      15, 2007: (a) this duly completed and executed Subscription Agreement; (b)
      a duly executed Canadian Accredited Investor Certificate attached hereto
      as Exhibit "A", if applicable; (c) a duly executed U.S. Accredited
      Investor Certificate attached hereto as Exhibit "B" (required from ALL

<page>
                                       13

      Subscribers); (d) a duly executed Registration Rights Agreement attached
      hereto as Exhibit "C" (required from ALL Subscribers), together with a
      duly completed selling security holder questionnaire attached thereto as
      an exhibit; (e) a duly executed Certificate of Additional Representations,
      Warranties and Covenants for Non-Canadian Subscribers (Other Than U.S.
      Subscribers) attached hereto as Exhibit "D", if applicable, (f) such other
      documents as may be required under applicable securities laws; and (g) 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 Computershare Trust Company of Canada. At Closing,
      certificates for the Subscription Receipts will be delivered to each
      Subscriber. Pursuant to the terms of the Subscription Receipt Indenture,
      on the Escrow Release Date, the Subscription Receipts will automatically
      be converted into Units and the Corporation will cause the Subscription
      Receipt Agent to deliver the Common Shares and Warrants comprising the
      Units issued upon conversion of the Subscription Receipts to be delivered
      to the holders of the Subscription Receipts as soon as practicable after
      the Escrow Release Date. Concurrently, on the Escrow Release Date, the
      Subscriber's funds will be released to the Corporation. 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
      Subscription Receipts 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 Subscription Receipts, 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.

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
      Escrow Release Date 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 180
      trading days (210 trading days if the SEC reviews and comments on the
      Registration Statement) of the Escrow Release Date.

<page>
                                       14

7.    LEGENDS

7.1   The certificates representing the Subscription Receipts, the Common Shares
      and Warrants upon conversion of the Subscription Receipts, 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 Subscription Receipts, 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, PRIOR TO [THE
                  DATE THAT IS FOUR MONTHS AND ONE DAY FOLLOWING THE CLOSING].
                  THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF
                  TSX SINCE THEY ARE NOT FREELY TRANSFERABLE AND CONSEQUENTLY
                  ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT "GOOD
                  DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON TSX."

            and

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

                  HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE
                  CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT

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

<page>
                                       15

                  THIS [SUBSCRIPTION RECEIPT/WARRANT] AND THE SECURITIES
                  ISSUABLE UPON [CONVERSION/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
                  [SUBSCRIPTION RECEIPT/WARRANT] AND THE SECURITIES ISSUABLE
                  UPON [CONVERSION/EXERCISE] OF THIS [SUBSCRIPTION
                  RECEIPT/WARRANT] MAY NOT BE OFFERED, SOLD, TRANSFERRED,
                  PLEDGED, HYPOTHECATED OR OTHERWISE ASSIGNED, EXCEPT PURSUANT
                  TO AN EFFECTIVENESS REGISTRATION STATEMENT UNDER THE U.S.
                  SECURITIES ACT OR PURSUANT TO AN EXEMPTION THEREFROM.

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 Subscription Receipts 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 Subscription Receipts 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
      Subscription Receipts 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 January 15,
      2007.

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 Subscription Receipts 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.

<page>
                                       16

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 Subscription Receipts by the Subscriber
      pursuant hereto, the completion of the Offering and any subsequent
      disposition by the Subscriber of the Subscription Receipts, 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 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
subscription receipts ("SUBSCRIPTION RECEIPTS") 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 Subscription Receipts 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
_____ , 2007.

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

                      (TO BE COMPLETED BY ALL SUBSCRIBERS)
                      ------------------------------------

          The undersigned ("SUBSCRIBER"), in connection with the acquisition of
subscription receipts ("SUBSCRIPTION RECEIPTS") 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 Subscription Receipts 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

<page>

                           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

_____     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 Subscription Receipts 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 Subscription Receipts 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 Subscription
Receipts and underlying securities 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
                  Subscription Receipts 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 Subscription Receipts an underlying 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
                  Subscription Receipts, or has a pre-existing personal or

                                       2

<page>

                  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.

          (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 Subscription Receipts 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 Subscription Receipts.

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

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

          (a)     The Subscription Receipts have not been registered under the
                  1933 Act, or the securities laws of any state of the United
                  States, and the Subscription Receipts 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
_______, 2007.

                                           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.

         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

<page>

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"

                                   CERTIFICATE

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

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

         (a)      the Subscriber is:

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

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

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

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

                  (ii)     the Subscriber confirms that, to the extent
                           applicable to it, it is aware of, has complied and
                           will comply with its obligations in connection with

<page>

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

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

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

Dated at  ________________this______day of ______________, 2007.

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

                                    __________________________________________
                                    Signature

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

                                    __________________________________________
                                    Title

<page>

                                   EXHIBIT "E"

                            RULE 904 OFFSHORE RESALE
                              SELLER CERTIFICATION

                                     [DATE]

The undersigned, 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 "F"

                            RULE 904 OFFSHORE RESALE
                              BROKER CERTIFICATION

                                     [DATE]

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

The Seller has advised the undersigned of the following:

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
         the Corporation who is an affiliate solely by virtue of holding such

<page>

         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:

<PAGE>

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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