Document:

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EXHIBIT 4.16

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

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

                          PACIFIC ENERGY RESOURCES LTD.

                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

Certificate No. US 017                             Issue Date: December 28, 2006

               VOID AFTER 5:00 P.M. LOCAL TIME, December 28, 2009

         PACIFIC ENERGY RESOURCES LTD., a corporation organized under the laws
of the State of Delaware (the "CORPORATION"), hereby certifies that, for value
received, Bateman and Company Ltd. or its assigns (the "HOLDER"), is entitled,
subject to the terms set forth below, to purchase from the Corporation (as
defined herein) from and after the Issue Date of this Common Stock Purchase
Warrant ("WARRANT") and at any time or from time to time before 5:00 p.m. local
time through the close of business on December 28, 2009 (the "EXPIRATION DATE"),
up to 401,400 fully paid and nonassessable shares of Common Stock (as
hereinafter defined), at the applicable Exercise Price (as defined below) per
share. The number and character of such shares of Common Stock and the
applicable Exercise Price per share are subject to adjustment as provided
herein.

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

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

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

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

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                  (d) The "EXERCISE PRICE" applicable under this Warrant shall
         be CAD $1.70 per Common Share (subject to adjustment pursuant to
         SECTION 5).

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

                  (f) The term "SUBSCRIPTION AGREEMENT" means the Subscription
         Agreement between the Corporation and the Holder, accepted by the
         Corporation on December 28, 2006.

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

1. EXERCISE OF WARRANT.

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

         1.2 FAIR MARKET VALUE. For purposes hereof, the "FAIR MARKET VALUE" of
a share of Common Stock as of a particular date (the "DETERMINATION DATE") shall
mean:

                  (a) If the Corporation's Common Stock is traded or the Toronto
         Stock Exchange ("TSX"), then the average of the U.S. dollar equivalent
         (calculated at the prevailing Exchange Rate on each day) of the closing
         or last sale price reported for the twenty (20) trading days
         immediately preceding the Determination Date.

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

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

                                      -2-

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

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

         1.4 REGISTRATION STATEMENT. The Corporation will prepare and file the
Registration Statement (defined in the Subscription Agreement) in accordance
with the terms of the Registration Rights Agreement attached to the Subscription
Agreement.

         1.5 LEGENDS.

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

         "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."

         and

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

                  (b) If shares of Common Stock are issued to a Canadian
         resident upon exercise of this Warrant prior to April 28, 2007, each
         certificate for such shares of Common Stock shall, in addition to the
         legend in SECTION 1.5(A), bear the following legend:

         "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS
         SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 28, 2007."

                                      -3-

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2. PROCEDURE FOR EXERCISE.

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

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

         2.3 REPRESENTATION. The Holder of this Warrant has represented to the
Corporation that it is acquiring this Warrant for its own account and not with a
view toward, or for resale in connection with, the public sale or distribution
of this Warrant or the underlying shares of Common Stock, except pursuant to
sales registered or exempted under the Securities Act of 1933, as amended (the
"SECURITIES ACT"). The Holder of this Warrant further represented that as of the
Issue Date, the Holder was an "accredited investor" as that term is defined in
Rule 501(a)(3) of Regulation D promulgated by the Securities and Exchange
Commission under the Securities Act. Upon exercise of this Warrant, the Holder
shall, if requested by the Corporation, confirm in writing, in a form
satisfactory to the Corporation, representations concerning the shares of Common
Stock underlying this Warrant, in substantially the form of the first sentence
of this SECTION 2.3.

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

         3.1 REORGANIZATION, CONSOLIDATION, MERGER, ETC. If at any time or from
time to time, the Corporation (a) effects a reorganization, (b) consolidates
with or merges into any other person, or (c) transfers all or substantially all

                                      -4-

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

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

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

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

                                      -5-

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SECTION 1, be entitled to receive shall be adjusted to a number determined by
multiplying the number of shares of Common Stock that would otherwise (but for
the provisions of this SECTION 4) be issuable on such exercise by a fraction of
which (a) the numerator is the Exercise Price that would otherwise (but for the
provisions of this SECTION 4) be in effect, and (b) the denominator is the
Exercise Price in effect on the date of such exercise.

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

6. RESERVATION OF STOCK, ETC. ISSUABLE ON EXERCISE OF WARRANT. The Corporation
will at all times reserve and keep available, solely for issuance and delivery
on the exercise of this Warrant, shares of Common Stock (or Other Securities)
from time to time issuable on the exercise of this Warrant.

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

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

                                      -6-

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9. EXERCISE RESTRICTIONS.

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

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

10. TRANSFER ON THE CORPORATION'S BOOKS. Until this Warrant is transferred on
the books of the Corporation, the Corporation may treat the registered Holder
hereof as the absolute owner hereof for all purposes, notwithstanding any notice
to the contrary.

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

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

                                      -7-

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

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

                                                 PACIFIC ENERGY RESOURCES LTD.

                                                 By: /s/ Darren Katic
                                                    ----------------------------
                                                     Darren Katic, President

                                      -8-

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                                    EXHIBIT A

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

TO:      Pacific Energy Resources Ltd.
         111 West Ocean Blvd., Suite 1240
         Long Beach, California 90802

         Attention:   President

         The undersigned, pursuant to the provisions set forth in the attached
Warrant (No. US 017), hereby irrevocably elects to purchase:

                  ________ shares of the Common Stock covered by such Warrant

         The undersigned herewith makes payment of the full Exercise Price for
such shares at the price per share provided for in such Warrant, which is CAD
$1.70. Such payment takes the form of:

         CAD $

         by way of a certified check, bank draft or

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

         (Please print full name in which share certificates are to be issued.
If any shares are to be issued to a person or persons other than the
Warrantholder, the Warrantholder must pay all exigible transfer taxes or other
government charges.)

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

         The undersigned represents and warrants that all offers and sales by
the undersigned of the securities issuable upon exercise of the within Warrant
shall be made in reliance upon available exemptions from the prospectus and
registration or equivalent requirements of applicable securities legislation.

                                      A-1

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         The undersigned Holder also represents that on such exercise of
Warrants for the Shares stated above, the limitation referred to in Section 9 of
this Warrant Certificate has not been exceeded.

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

                                     Name:    __________________________________

                                     Address: __________________________________
                                              __________________________________

                                     __________________________________
                                     Signature Guaranteed By:

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

                                      A-2

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                                    EXHIBIT B

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

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

                                                             Number of Warrants
        Transferees                   Address                   Transferred
    ____________________        ____________________        ____________________

    ____________________        ____________________        ____________________

    ____________________        ____________________        ____________________

    ____________________        ____________________        ____________________

    ____________________        ____________________        ____________________

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

                                     Address: __________________________________
                                              __________________________________

                                     __________________________________
                                     Signature Guarantee

ACCEPTED AND AGREED:
[TRANSFEREE]

__________________________________
             (Name)

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

                                      B-1<PAGE>

EXHIBIT 4.17

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

                           WARRANT PURCHASE AGREEMENT

                                 BY AND BETWEEN

                          PACIFIC ENERGY RESOURCES LTD.

                                       AND

                [EACH OF THE BUYERS LISTED ON AN ATTACHMENT HERETO]

                          DATED AS OF NOVEMBER 30, 2006

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

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                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

ARTICLE I TERMS OF THE TRANSACTION............................................1
         Section 1.1. Agreement to Sell and to Purchase Warrants..............1
         Section 1.2. Purchase Price..........................................1

ARTICLE II CLOSINGS; WARRANT SHARE CALCULATION; VESTING.......................1
         Section 2.1. Closings................................................1
         Section 2.2. Vesting; Underlying Warrant Share Determination.........2

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE COMPANY.....................2
         Section 3.1. Corporate Organization..................................2
         Section 3.2. Qualification...........................................3
         Section 3.3. Capitalization of the Company...........................3
         Section 3.4. Authority Relative to This Agreement....................4
         Section 3.5. Noncontravention........................................4
         Section 3.6. Governmental Approvals..................................4
         Section 3.7. Authorization of Issuance; Reservation of Shares........5
         Section 3.8. Securities Filings......................................5
         Section 3.9. Approval of Exchange....................................6
         Section 3.10. Prior Private Offerings................................6
         Section 3.11. Brokers................................................6
         Section 3.12. Violations.............................................6

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER............................6
         Section 4.1. Organization............................................6
         Section 4.2. Authority Relative to This Agreement....................6
         Section 4.3. Noncontravention........................................7
         Section 4.4. Governmental Approvals..................................7
         Section 4.5. Purchase for Investment.................................7
         Section 4.6. No Other Shares.........................................8

ARTICLE V ADDITIONAL AGREEMENTS...............................................8
         Section 5.1. Press Releases. ........................................8
         Section 5.2. Registration Rights.....................................8
         Section 5.3. Indemnification of Brokerage............................8
         Section 5.4. Delivery of Information.................................8
         Section 5.5. Reporting...............................................8
         Section 5.6. Covenant Regarding Affiliate Transactions...............9
         Section 5.7. Access to Information...................................9
         Section 5.8. Non-Public Information..................................9
         Section 5.9. Survival of Covenants...................................9

ARTICLE VI CONDITIONS TO OBLIGATIONS OF THE COMPANY...........................9
         Section 6.1. Representations and Warranties True.....................9
         Section 6.2.      Covenants and Agreements Performed.................10
         Section 6.3.      Legal Proceedings..................................10

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                                                                            PAGE
                                                                            ----

ARTICLE VII CONDITIONS TO OBLIGATIONS OF BUYER................................10
         Section 7.1. Representations and Warranties True.....................10
         Section 7.2. Covenants and Agreements Performed......................10
         Section 7.3. Legal Proceedings.......................................10
         Section 7.4. Officers' Certificate...................................10
         Section 7.5. Warrant Certificates....................................10

ARTICLE VIII TERMINATION, AMENDMENT, AND WAIVER...............................10
         Section 8.1. Termination.............................................10
         Section 8.2. Effect of Termination...................................11
         Section 8.3. Amendment...............................................11
         Section 8.4. Waiver..................................................11

ARTICLE IX SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION.......................11
         Section 9.1.      Survival. .........................................11
         Section 9.2. Indemnification by Company..............................11
         Section 9.3. Indemnification by Buyer................................11
         Section 9.4. Procedure for Indemnification. .........................12

ARTICLE X MISCELLANEOUS.......................................................12
         Section 10.1. Notices................................................12
         Section 10.2. Entire Agreement.......................................12
         Section 10.3. Binding Effect; Assignment; No Third Party Benefit.....12
         Section 10.4. Severability...........................................13
         Section 10.5. GOVERNING LAW..........................................13
         Section 10.6. CONSENT TO EXCLUSIVE JURISDICTION......................13
         Section 10.7. WAIVER OF JURY TRIAL...................................13
         Section 10.8. Counterparts...........................................14

ARTICLE XI DEFINITIONS........................................................14
         Section 11.1. Certain Defined Terms..................................14

                                       -2-

<page>

                           WARRANT PURCHASE AGREEMENT

         THIS WARRANT PURCHASE AGREEMENT (this "AGREEMENT"), is dated as of
November 30, 2006, between Pacific Energy Resources Ltd., a Delaware corporation
(the "COMPANY"), and [BUYER LISTED ON AN ATTACHMENT HERETO] ("BUYER").

                                    RECITALS:

         A. Reference is hereby made to that certain Credit and Guaranty
Agreement dated of even date herewith (as it may be amended, supplemented or
otherwise modified, the "CREDIT AGREEMENT"), by and among the Company, as
borrower, certain of its subsidiaries, as guarantors, the lenders party thereto
from time to time, J. Aron & Company, as lead arranger, syndication agent, and
administrative agent.

         B. The Company desires to sell to Buyer, and Buyer desires to purchase
from the Company, warrants to purchase shares of common stock of the Company,
par value $0.0001 per share ("COMMON STOCK").

         C. Capitalized terms used herein have the meanings set forth in SECTION
11.

                                   AGREEMENT:

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, and intending to be legally bound
hereby, the Company and Buyer hereby agree as follows.

                                    ARTICLE I
                            TERMS OF THE TRANSACTION
                            ------------------------

         SECTION 1.1. AGREEMENT TO SELL AND TO PURCHASE WARRANTS. At the Closing
and on the terms and subject to the conditions set forth in this Agreement, the
Company shall sell and deliver to Buyer, and Buyer shall purchase and accept
from the Company, a warrant (the "WARRANT") to purchase the number of shares of
Common Stock (subject to adjustment from time to time as provided in such
Warrant) determined pursuant to SECTION 2.2. The Warrant issued at the initial
Closing shall be in substantially the form set forth on EXHIBIT A hereto. The
Warrant issued at any additional Closing shall be in substantially the form set
forth on EXHIBIT B hereto.

         SECTION 1.2. PURCHASE PRICE. The aggregate purchase price for the
Warrants issued hereunder is Ten Dollars ($10.00).

                                   ARTICLE II
                  CLOSINGS; WARRANT SHARE CALCULATION; VESTING
                  --------------------------------------------

         SECTION 2.1. CLOSINGS. The issuance of Warrants by the Company
contemplated hereby (the "CLOSING") shall take place upon, and simultaneously
with, each advance of funds to the Company pursuant to the Credit Agreement.
Such Closings shall occur (i) at the offices of Thompson & Knight LLP at 10:00
a.m., local time, on the third Business Day following the satisfaction or waiver

<page>

(subject to Applicable Law) of each of the conditions to the obligations of the
parties set forth in Articles VI and VII, or (ii) at such other time or place or
on such other date as the parties hereto shall agree. The dates on which the
Closings are required to take place are each herein referred to as a "CLOSING
DATE". All transactions occurring on such applicable Closing Date shall be
deemed to have occurred simultaneously.

         SECTION 2.2. VESTING; UNDERLYING WARRANT SHARE DETERMINATION.

         (a) On the initial Closing Date, the Warrant attached hereto as EXHIBIT
A shall be issued to Buyer. As described in the Warrant attached as EXHIBIT A,
the shares of Common Stock that are issuable upon the exercise of the Warrant
attached as EXHIBIT A are subject to vesting. The Warrant to be issued pursuant
to this SECTION 2.2(a) evidences, in part, shares of Common Stock issuable upon
the exercise of such Warrant that will vest on the date hereof, based on the
advances being made concurrently herewith pursuant to the Credit Agreement. With
respect to such shares that will vest on the date hereof, the rights of the
holder of such Warrant are not dependent on satisfaction of any conditions set
out in the "EQUITY ESCROW AGREEMENT" (as defined in the Credit Agreement), and
such Warrant and this Agreement do not constitute "GOLDMAN/SILVER POINT WARRANT
DOCUMENTS" for the purposes of such Escrow Agreement.

         (b) On each subsequent Closing Date, a Warrant in the form of EXHIBIT B
shall be issued to Buyer. The determination of the number of shares of Common
Stock that are issuable upon the exercise of each such Warrant shall be equal to
(x)(A)(i) the amount of funds advanced to the Company pursuant to the Credit
Agreement on the applicable Closing Date divided by (ii) 70,000,000, multiplied
by (B)(i) the number of shares of Common Stock outstanding on such applicable
Closing Date (determined on a fully-diluted basis) multiplied by (ii) [NUMBER
LISTED UNDER BUYER'S NAME IN ROW A ON AN ATTACHMENT HERETO] minus (y) the number
of shares of Common Stock that are issuable upon the exercise of any previously
issued Warrants in the form of EXHIBIT B minus (z) the number of shares of
Common Stock that are issuable upon the exercise of the Warrant attached as
EXHIBIT A that have vested on or before such Closing Date. In no event shall a
Warrant be issued pursuant to the foregoing to purchase a number of shares of
Common Stock that when added to the number of shares of Common Stock that have
vested as of such Closing Date pursuant to the terms of the Warrant attached
hereto as EXHIBIT A, and the number of shares of Common Stock issuable upon the
exercise of any previously issued Warrant in the form of EXHIBIT B, exceed
[NUMBER LISTED UNDER BUYER'S NAME IN ROW B ON AN ATTACHMENT HERETO]% of the
number of shares of Common Stock outstanding (determined on a fully-diluted
basis) on such Closing Date.

                                   ARTICLE III
                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY
                  ---------------------------------------------

         The Company represents and warrants to Buyer, as of the date hereof,
that:

         SECTION 3.1. CORPORATE ORGANIZATION. The Company is duly incorporated,
validly existing, and in good standing under the laws of the State of Delaware
and has all requisite corporate power and authority in all material respects to
own, lease, and operate its properties and to carry on its business as now being
conducted. No Proceedings to dissolve the Company are pending or threatened.

                                       -2-

<page>

         SECTION 3.2. QUALIFICATION. Each of the Company and the Subsidiaries is
duly qualified or licensed to do business and is in good standing in each
jurisdiction in which the property owned, leased, or operated by it or the
conduct of its business requires such qualification or licensing, except where
the failure to do so would not have a material adverse effect on the business,
assets, results of operations or financial condition of the Company or on the
ability of the Company to consummate the transactions contemplated hereby.

         SECTION 3.3. CAPITALIZATION OF THE COMPANY.

         (a) The authorized capital stock of the Company consists of 50,000,000
shares of preferred stock, par value $0.01 per share, of which, as of the date
hereof, no shares are outstanding and no shares are held in the Company's
treasury, and 500,000,000 shares of Common Stock, of which, as of the date
hereof, 64,633,802 shares are outstanding and no shares are held in the
Company's treasury. All outstanding shares of capital stock of the Company have
been validly issued and are fully paid and nonassessable, and no shares of
capital stock of the Company are subject to, nor have any been issued in
violation of, preemptive or similar rights. As of the date hereof, (i) an
aggregate of 5,360,000 shares of Common Stock are reserved for issuance pursuant
to stock options granted to certain directors, officers, consultants, and
employees; (ii) an aggregate of 2,790,363 shares of Common Stock are reserved
for issuance and issuable upon the exercise of outstanding warrants, and (iii)
there is an outstanding note in the principal amount of $3,337,456.79 that bears
interest at a rate per annum equal to the prime rate plus 2%, the outstanding
balance of principal and interest of which is convertible from time to time into
shares of Common Stock at a price of CAD$0.86 per share, the underlying shares
of which are reserved for issuance. The authorization, execution, and delivery
of the agreements contemplated hereby, and the performance by the Company of its
obligations under each such agreements, including the issuance of the Warrant
and the issuance of Common Stock upon exercise of the Warrant, will not result
in or trigger any adjustment or modification of the rights of any holder of
outstanding options, rights, warrants, convertible securities, or any other
similar security, including without limitation, any anti-dilution provisions
relating to such securities.

         (b) Except as set forth above in SECTION 3.3(a) or as contemplated by
this Agreement the Credit Agreement, or the Equity Escrow Agreement (as defined
in the Credit Agreement), there are outstanding (i) no shares of capital stock
or other voting securities of the Company; (ii) no securities of the Company
convertible into or exchangeable for shares of capital stock or other voting
securities of the Company; (iii) no options or other rights to acquire from the
Company, and no obligation of the Company to issue or sell, any shares of
capital stock or other voting securities of the Company or any securities of the
Company convertible into or exchangeable for such capital stock or other voting
securities, and (iv) no stockholder agreements, registration rights agreements
(other than the Registration Rights Agreement by and among the Company, each
subscriber thereunder, D&D Securities Company, Energy Capital Solutions, LLC,
Octagon Capital Corporation, and the holders of the Lender Warrants, as defined
therein), stock transfer restriction agreements, voting trusts, or similar
agreements to which the Company, or to the knowledge of the Company, any other
person, is a party with respect to the Company's Common Stock. There are no
outstanding contractual obligations of the Company to repurchase, redeem or
otherwise acquire any shares of Common Stock or any other securities of the type
described in clauses (i) - (iv) of the preceding sentence.

                                       -3-

<page>

         SECTION 3.4. AUTHORITY RELATIVE TO THIS AGREEMENT. The Company has full
corporate power and authority to execute, deliver, and perform this Agreement
and the Ancillary Documents to which it is a party and to consummate the
transactions contemplated hereby and thereby. The execution, delivery, and
performance by the Company of this Agreement and the Ancillary Documents to
which it is a party, and the consummation by it of the transactions contemplated
hereby and thereby, have been duly authorized by all necessary corporate action
of the Company. This Agreement has been duly executed and delivered by the
Company and constitutes, and each Ancillary Document executed or to be executed
by the Company has been, or when executed will be, duly executed and delivered
by the Company and constitutes, or when executed and delivered will constitute,
a valid and legally binding obligation of the Company, enforceable against the
Company in accordance with its terms, except that such enforceability may be
limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium,
and similar laws affecting creditors' rights generally, and (ii) equitable
principles which may limit the availability of certain equitable remedies (such
as specific performance) in certain instances.

         SECTION 3.5. NONCONTRAVENTION. The execution, delivery, and performance
by the Company of this Agreement and the Ancillary Documents to which it is a
party and the consummation by it of the transactions contemplated hereby and
thereby do not and will not (i) conflict with or result in a violation of any
provision of the Company's organizational documents or other governing
instruments, as amended, or the organizational or other governing instruments of
any Subsidiary of the Company, (ii) conflict with or result in a violation of
any provision of, or constitute (with or without the giving of notice or the
passage of time or both) a default under, or give rise (with or without the
giving of notice or the passage of time or both) to any right of termination,
cancellation, or acceleration under, any bond, debenture, note, mortgage,
indenture, lease, agreement, or other instrument or obligation to which the
Company or any Subsidiary of the Company is a party or by which the Company or
any Subsidiary of the Company or any of their respective properties may be
bound, (iii) result in the creation or imposition of any Encumbrance upon the
properties of the Company or any Subsidiary of the Company, or (iv) assuming
compliance with the matters referred to in SECTION 3.6, violate any Applicable
Law binding upon the Company or any Subsidiary of the Company, except, in the
case of clauses (ii), (iii), and (iv) above, for any such conflicts, violations,
defaults, terminations, cancellations, accelerations, or Encumbrances which
would not, individually or in the aggregate, have a material adverse effect on
the business, assets, results of operations, or financial condition of the
Company and its Subsidiaries taken as a whole or the ability of the Company to
consummate the transactions contemplated hereby.

         SECTION 3.6. GOVERNMENTAL APPROVALS. No consent, approval, order, or
authorization of, or declaration, filing, or registration with, any Governmental
Entity is required to be obtained or made by the Company or any Subsidiary of
the Company in connection with the execution, delivery, or performance by the
Company of this Agreement and the Ancillary Documents to which it is a party or
the consummation by it of the transactions contemplated hereby and thereby,
other than compliance with any applicable requirements of any applicable
securities laws of the United States (including registration with the Securities
and Exchange Commission as contemplated by the Registration Rights Agreement
attached hereto as EXHIBIT C or the Registration Rights Agreement by and among
the Company, each subscriber thereunder, D&D Securities Company, Energy Capital
Solutions, LLC, Octagon Capital Corporation, and the holders of the Lender
Warrants, as defined therein), any state therein, or the provinces of Canada, or

                                       -4-

<page>

the Toronto Stock Exchange; and such consents, approvals, orders, or
authorizations which, if not obtained, and such declarations, filings, or
registrations which, if not made, would not, individually or in the aggregate,
have a material adverse effect on the business, assets, results of operations,
or financial condition of the Company or on the ability of the Company to
consummate the transactions contemplated hereby.

         SECTION 3.7. AUTHORIZATION OF ISSUANCE; RESERVATION OF SHARES. During
the period within which the Warrants may be exercised, the Company will at all
times have authorized and reserved for the purpose of issue upon exercise of the
Warrants, a sufficient number of shares of Common Stock to provide for the
exercise of the Warrants. All Underlying Warrant Shares will, when issued, be
validly issued, fully paid and nonassessable. Upon the exercise of the Warrants,
the issuance of the Underlying Warrant Shares will not be subject to any
preemptive or similar rights.

         SECTION 3.8. SECURITIES FILINGS. The Company is a "REPORTING ISSUER" in
the Provinces of Alberta, British Columbia, and Ontario within the meaning of
the applicable securities laws of such provinces and regulations, orders, and
instruments enacted thereunder (collectively, the "SECURITIES LAWS") and is not
in default of any requirement in relation thereto. The Company has filed with
the securities commissions of each of Alberta, British Columbia, and Ontario
(collectively, the "COMMISSIONS") all forms, reports, schedules, statements, and
other documents (excluding exhibits) required to be filed by it under all
Securities Laws. All forms, reports, schedules, statements, and other documents
(including all amendments thereto) filed by the Company with the Commissions
since such date are herein collectively referred to as the "COMMISSION FILINGS".
The Commission Filings, at the time filed, complied in all material respects
with all requirements of the Securities Laws. None of the Commission Filings,
including, without limitation, any financial statements or schedules included
therein, at the time filed, contained an untrue statement of material fact or an
omission to state a material fact that is required to be stated or that is
necessary to make a statement not misleading in the light of the circumstances
in which it was made, except as the same was corrected or superseded in a
subsequent document duly filed with the Commissions. Except for those contracts
not required to be filed pursuant to the rules and regulations of the
Commission, all material contracts of the Company and the Subsidiaries have been
included in the Commission Filings. The audited consolidated financial
statements and unaudited consolidated interim financial statements of the
Company included in the Commission Filings present fairly in all material
respects, in conformity with generally accepted accounting principles applied on
a consistent basis (except as may be indicated in the notes thereto and, in the
case of the unaudited consolidated interim financial statements, except to the
extent that preparation of such financial statements in accordance with
generally accepted accounting principles is not required by applicable rules of
the Commission), the consolidated financial position of the Company as of the
dates thereof and its consolidated results of operations and cash flows for the
periods then ended (subject to normal year end audit adjustments in the case of
any unaudited interim financial statements). None of the Commissions, the
Toronto Stock Exchange, or any similar regulatory authority has issued any order
which is currently outstanding preventing or suspending trading in any
securities of the Company, and no such proceeding is, to the knowledge of the
Company, pending, contemplated, or threatened.

                                       -5-

<page>

         SECTION 3.9. APPROVAL OF EXCHANGE. The issued and outstanding common
shares of the Corporation are listed and posted for trading on the Toronto Stock
Exchange and the Corporation is in material compliance with the by-laws, rules,
and regulations of such exchange. The Toronto Stock Exchange has approved the
issuance of the Warrants and has granted conditional approval for the listing of
the Underlying Warrant Shares, subject only to customary filings and
notifications to the Exchange at such time such Underlying Warrant Shares are
issued. The definitive form of certificate for the common shares of the Company
has been duly approved by the Company and is in due and proper form under the
laws governing the Company and the requirements of the Toronto Stock Exchange.

         SECTION 3.10. PRIOR PRIVATE OFFERINGS. All securities offered or sold
by the Company prior to the date hereof were offered or sold pursuant to valid
exemptions from the Securities Act. Those securities offered or sold by the
Company prior to the date hereof which were not qualified for distribution by a
prospectus pursuant to the Securities Laws, were offered or sold pursuant to
valid exemptions from the prospectus requirement of the Securities Laws. No
private offering memorandum or other information furnished (whether in writing
or orally) to any offeree or purchaser of securities of the Company, at the time
of delivery of such private offering memorandum or other information, contained
an untrue statement of material fact or an omission to state a material fact
that is required to be stated or that is necessary to make a statement not
misleading in the light of the circumstances in which it was made.

         SECTION 3.11. BROKERS. The Company has not retained any broker, finder,
investment banker or agent that is not a registered broker or dealer under the
Securities Exchange Act of 1934, as amended (or an investment dealer duly
registered under applicable Securities Laws, to the extent such registration is
necessary), with respect to the transactions contemplated by this Agreement, the
Credit Agreement, or the equity offering of the Company consummated
contemporaneously herewith.

         SECTION 3.12. VIOLATIONS. Neither the Company nor any Subsidiary of the
Company has received notification from any governmental entity (a) asserting a
violation of any law, statute, ordinance, or regulation, or the terms of any
judgments, orders, decrees, injunctions, or writs applicable to the conduct of
its business, (b) threatening to revoke any license, franchise, permit, or
government authorization, or (c) restricting or in any way limiting its
operations as currently conducted or proposed to be conducted.

                                   ARTICLE IV
                     REPRESENTATIONS AND WARRANTIES OF BUYER
                     ---------------------------------------

         Buyer represents and warrants to the Company as of the date hereof
that:

         SECTION 4.1. ORGANIZATION. Buyer is duly organized, validly existing,
and in good standing under the laws of the jurisdiction of its organization.

         SECTION 4.2. AUTHORITY RELATIVE TO THIS AGREEMENT. Buyer has full power
and authority to execute, deliver, and perform this Agreement and the Ancillary
Documents to which it is a party and to consummate the transactions contemplated
hereby and thereby. The execution, delivery, and performance by Buyer of this
Agreement and the Ancillary Documents to which it is a party, and the

                                       -6-

<page>

consummation by it of the transactions contemplated hereby and thereby, have
been duly authorized by all necessary action of Buyer. This Agreement has been
duly executed and delivered by Buyer and constitutes, and each Ancillary
Document executed or to be executed by Buyer has been, or when executed will be,
duly executed and delivered by Buyer and constitutes, or when executed and
delivered will constitute, a valid and legally binding obligation of Buyer,
enforceable against Buyer in accordance with its terms, except that such
enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium, and similar laws affecting creditors' rights
generally, and (ii) equitable principles which may limit the availability of
certain equitable remedies (such as specific performance) in certain instances.

         SECTION 4.3. NONCONTRAVENTION. The execution, delivery, and performance
by Buyer of this Agreement and the Ancillary Documents to which it is a party
and the consummation by it of the transactions contemplated hereby and thereby
do not and will not (i) conflict with or result in a violation of any provision
of the organizational documents of Buyer, (ii) conflict with or result in a
violation of any provision of, or constitute (with or without the giving of
notice or the passage of time or both) a default under, or give rise (with or
without the giving of notice or the passage of time or both) to any right of
termination, cancellation, or acceleration under, any bond, debenture, note,
mortgage, indenture, lease, agreement, or other instrument or obligation to
which Buyer is a party or by which Buyer or any of its properties may be bound,
(iii) result in the creation or imposition of any Encumbrance upon the
properties of Buyer, or (iv) violate any Applicable Law binding upon Buyer,
except, in the case of clauses (ii), (iii), and (iv) above, for any such
conflicts, violations, defaults, terminations, cancellations, accelerations, or
Encumbrances which would not, individually or in the aggregate, have a material
adverse effect on the business, assets, results of operations, or financial
condition of Buyer or on the ability of Buyer to consummate the transactions
contemplated hereby.

         SECTION 4.4. GOVERNMENTAL APPROVALS. No consent, approval, order, or
authorization of, or declaration, filing, or registration with, any Governmental
Entity is required to be obtained or made by Buyer in connection with the
execution, delivery, or performance by Buyer of this Agreement or the
consummation by it of the transactions contemplated hereby.

         SECTION 4.5. PURCHASE FOR INVESTMENT. Buyer has been furnished with all
information that it has requested for the purpose of evaluating the proposed
acquisition of the Warrants and the Underlying Warrant Shares pursuant hereto,
and Buyer has had an opportunity to ask questions of and receive answers from
the Company regarding the Company and its business, assets, results of
operations, and financial condition and the terms and conditions of the issuance
of the Warrants and the Underlying Warrant Shares. Buyer is acquiring the
Warrants and the Underlying Warrant Shares to be purchased by it for its own
account for investment and not for distribution in any manner that would violate
applicable Securities Laws, but without prejudice to Buyer's rights to dispose
of such Warrants and the Underlying Warrant Shares or a portion thereof to a
transferee, in accordance with such laws if at some time in the future Buyer
deems it advisable to do so. Buyer can bear the risk of an investment in the
Warrants and the Underlying Warrant Shares, and has such knowledge and
experience in financial and business matters that it is capable of evaluating
the merits and risks of a prospective investment in the Warrants and the
Underlying Warrant Shares. The acquisition of the Warrant by Buyer at each
Closing, the vesting of the shares of Common Stock that are issuable on the
exercise of the Warrant on each applicable Closing Date, and the acquisition of
the Underlying Warrant Shares upon exercise of the Warrants shall constitute
Buyer's confirmation of the foregoing representations.

                                       -7-

<page>

         SECTION 4.6. NO OTHER SHARES. Except for such rights as may be
conferred on Buyer by this Agreement and the Ancillary Documents, and securities
purchased by Buyer in the Company's equity offering consummated
contemporaneously herewith, as of the date hereof, neither Buyer nor any
affiliate of Buyer beneficially owns, directly or indirectly, any shares of
capital stock of the Company.

                                    ARTICLE V
                              ADDITIONAL AGREEMENTS
                              ---------------------

         SECTION 5.1. PRESS RELEASES. Except as may be required by Applicable
Law or by the rules of any securities exchange, neither Buyer, on the one hand,
nor the Company, on the other, shall issue any press release with respect to
this Agreement or the transactions contemplated hereby without the prior written
consent of the other party (which consent shall not be unreasonably withheld
under the circumstances). Any such press release required by Applicable Law or
by the rules of any securities exchange shall only be made after reasonable
notice to the other party.

         SECTION 5.2. REGISTRATION RIGHTS. Upon request of Buyer, the Company
and Buyer shall execute the Registration Rights Agreement attached hereto as
EXHIBIT C.

         SECTION 5.3. INDEMNIFICATION OF BROKERAGE. The Company shall be solely
responsible for the payment of any amounts owed to Energy Capital Solutions, LLC
in connection with the transactions contemplated herein. Each of the parties
hereto agrees to indemnify and hold harmless each other party from and against
any claim or demand for a commission or other compensation by any financial
advisor, broker, agent, finder, or similar intermediary claiming to have been
employed by or on behalf of such indemnifying party and to bear the cost of
legal fees and expenses incurred in defending against any such claim or demand.

         SECTION 5.4. DELIVERY OF INFORMATION. So long as Buyer (or any single
transferee) holds Warrants or Warrant Shares representing at least 1,000,000
shares of the Company's Common Stock, the Company will deliver to Buyer (or such
transferee) promptly upon the filing thereof, copies of all prospectuses, annual
information forms, and annual reports which the Company shall have filed with
the Commissions or any similar reports filed with any securities commission or
office.

         SECTION 5.5. REPORTING. While the Company is a party to the Credit
Agreement, the Company will provide Buyer with the reports required pursuant to
the Credit Agreement. After termination of the Credit Agreement, so long as
Buyer (or any single transferee) holds Warrants or Warrant Shares representing
at least 1,000,000 shares of the Company's Common Stock, the Company shall
provide Buyer with the reports and other information referenced in Section 5.2
of the Credit Agreement, and such other information Buyer or its advisors may
reasonably request concerning the financial condition of the Company.

         SECTION 5.6. COVENANT REGARDING AFFILIATE TRANSACTIONS. After
termination of the Credit Agreement, so long as Buyer (or any single transferee)

                                       -8-

<page>

holds Warrants or Warrant Shares representing at least 1,000,000 shares of the
Company's Common Stock, the Company shall continue to observe and comply with
the covenant set forth in Section 6.8 of the Credit Agreement regarding
transactions with Affiliates (as defined in the Credit Agreement).

         SECTION 5.7. ACCESS TO INFORMATION. Between the date hereof and the
Closing, the Company (i) shall give Buyer and its authorized representatives
reasonable access to the Company's employees, offices and other facilities, and
all books and records of the Company and its Subsidiaries, (ii) shall permit
Buyer and its authorized representatives to make such inspections as they may
reasonably require to verify the accuracy of any representation or warranty
contained in Article III, and (iii) shall cause the Company's officers to
furnish Buyer and its authorized representatives with such financial and
operating data and other information with respect to the Company and its
Subsidiaries as Buyer may from time to time reasonably request.

         SECTION 5.8. NON-PUBLIC INFORMATION. Buyer and the Company recognize
and agree that pursuant to the terms of this Agreement and the Credit Agreement,
the Company may from time to time deliver to Buyer information about the Company
that is not in the public domain and has not been released by the Company to the
public generally. The Company covenants and agrees that if it delivers to Buyer
any such information, it will conspicuously mark such information as
"NON-PUBLIC" and make Buyer aware of the non-public nature of such information.
Buyer covenants and agrees that while it is in possession of such non-public
information, and until such time as such information becomes generally disclosed
to the public, it will not buy or sell, in the public markets, any shares of
Common Stock of the Company, except for transactions in the public markets that
Buyer believes, in good faith, do not violate applicable securities laws due to
internal information-sharing policies of Buyer or otherwise.

         SECTION 5.9. SURVIVAL OF COVENANTS. Except for any covenant or
agreement that by its terms expressly terminates as of a specific date, the
covenants and agreements of the parties hereto contained in this Agreement shall
survive the Closings without contractual limitation.

                                   ARTICLE VI
                    CONDITIONS TO OBLIGATIONS OF THE COMPANY
                    ----------------------------------------

         The obligations of the Company to consummate the transactions
contemplated by this Agreement and the vesting of the shares of Common Stock
that are issuable upon the exercise of the Warrant attached hereto as EXHIBIT A
shall be subject to the fulfillment on or prior to the each Closing Date of each
of the following conditions:

         SECTION 6.1. REPRESENTATIONS AND WARRANTIES TRUE. All the
representations and warranties of Buyer contained in this Agreement shall be
true and correct on and as of the applicable Closing Date, except to the extent
that any such representation or warranty is made as of a specified date, in
which case such representation or warranty shall have been true and correct as
of such specified date, except to the extent contemplated by this Agreement or
the Ancillary Documents.

                                       -9-

<page>

         SECTION 6.2. COVENANTS AND AGREEMENTS PERFORMED. Buyer shall have
performed and complied with all covenants and agreements required by this
Agreement, if any, to be performed or complied with by them on or prior to each
applicable Closing Date.

         SECTION 6.3. LEGAL PROCEEDINGS. No Proceeding shall, on such applicable
Closing Date, be pending or threatened seeking to restrain, prohibit, or obtain
damages or other relief in connection with this Agreement or the consummation of
the transactions contemplated hereby.

                                   ARTICLE VII
                       CONDITIONS TO OBLIGATIONS OF BUYER
                       ----------------------------------

         The obligations of Buyer to consummate the transactions contemplated by
this Agreement and to advance funds pursuant to the Credit Agreement shall be
subject to the fulfillment on or prior to each Closing Date of each of the
following conditions:

         SECTION 7.1. REPRESENTATIONS AND WARRANTIES TRUE. All the
representations and warranties of the Company contained in this Agreement shall
be true and correct on and as of each applicable Closing Date, except to the
extent that any such representation or warranty is made as of a specified date,
in which case such representation or warranty shall have been true and correct
as of such specified date, except to the extent contemplated by this Agreement
or the Ancillary Documents.

         SECTION 7.2. COVENANTS AND AGREEMENTS PERFORMED. The Company shall have
performed and complied with all applicable covenants and agreements required by
this Agreement to be performed or complied with by it on or prior to each
Closing Date.

         SECTION 7.3 LEGAL PROCEEDINGS. No Proceeding shall, on such applicable
Closing Date, be pending or threatened seeking to restrain, prohibit, or obtain
damages or other relief in connection with this Agreement or the consummation of
the transactions contemplated hereby.

         SECTION 7.4. OFFICERS' CERTIFICATE. The Company shall have delivered to
Buyer a certificate, executed by two senior officers of the Company and dated
the applicable Closing Date, certifying as to the matters set forth in SECTIONS
7.1, 7.2 AND 7.3 as to the number of issued and outstanding shares of Common
Stock and the number and type of securities convertible or exchange for Common
Stock as of such date, and as to the number of Warrant Shares (as defined in the
Warrant) that will vest on the applicable Closing Date.

         SECTION 7.5. WARRANT CERTIFICATES. On the initial Closing Date, Buyer
shall have received a certificate representing the Warrants in substantially the
form set forth on EXHIBIT A, registered in the name of Buyer and duly executed
by the Company. On each subsequent Closing Date, Buyer shall have received a
certificate representing the Warrants in substantially the form set forth on
EXHIBIT B, registered in the name of Buyer and duly executed by the Company.

                                      -10-

<page>

                                  ARTICLE VIII
                       TERMINATION, AMENDMENT, AND WAIVER
                       ----------------------------------

         SECTION 8.1. TERMINATION.

         (a) This Agreement may be terminated and the transactions contemplated
hereby abandoned at any time by mutual written consent of the Company and Buyer;
and

         (b) This Agreement shall be terminated and the transactions
contemplated hereby abandoned at any time upon termination of the Credit
Agreement.

         SECTION 8.2. EFFECT OF TERMINATION. In the event of the termination of
this Agreement pursuant to SECTION 8.1, this Agreement shall become void and
have no effect, except that the agreements contained in this SECTION 8.2 and in
SECTIONS 5.1, 5.2 5.4, 5.5, 5.6 AND 5.8 and Article IX shall survive the
termination hereof. Nothing contained in this SECTION 8.2 shall relieve any
party from liability for any breach of this Agreement.

         SECTION 8.3. AMENDMENT. This Agreement may not be amended except by an
instrument in writing signed by or on behalf of all the parties hereto.

         SECTION 8.4. WAIVER. No failure or delay by a party hereto in
exercising any right, power, or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power, or
privilege. The provisions of this Agreement may not be waived except by an
instrument in writing signed by or on behalf of the party against whom such
waiver is sought to be enforced.

                                   ARTICLE IX
                  SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION
                  --------------------------------------------

         SECTION 9.1. SURVIVAL. The representations and warranties of the
parties hereto contained in this Agreement or in any certificate, instrument or
document delivered pursuant hereto shall survive each Closing, regardless of any
investigation made by or on behalf of any party, until 30 days after the
expiration of the limitation period under the applicable statute of limitations
(each such anniversary and time of expiration, a "SURVIVAL DATE"). No action may
be brought with respect to a breach of any representation after a Survival Date
unless, prior to such time, the party seeking to bring such an action has
notified the other parties of such claim, specifying in reasonable detail the
nature of the loss suffered. The provisions of this SECTION 9.1 shall have no
effect upon any of the covenants of the parties set forth in Article V or any of
the other obligations of the parties hereto under the Agreement, whether to be
performed later, at or after any Closing.

         SECTION 9.2. INDEMNIFICATION BY COMPANY. The Company shall indemnify,
defend, and hold harmless Buyer from and against any and all claims, actions,
causes of action, demands, losses, damages, liabilities, costs, and expenses
(including reasonable attorneys' fees and expenses) (collectively, "DAMAGES"),

                                      -11-

<page>

asserted against, resulting to, imposed upon, or incurred by Buyer, directly or
indirectly, by reason of or resulting from any breach by the Company of any of
its representations, warranties, covenants, or agreements contained in this
Agreement or in any certificate, instrument, or document delivered pursuant
hereto.

         SECTION 9.3. INDEMNIFICATION BY BUYER. Buyer shall indemnify, defend,
and hold harmless the Company from and against any and all Damages asserted
against, resulting to, imposed upon, or incurred by the Company, directly or
indirectly, by reason of or resulting from any breach by Buyer of any of its
representations, warranties, covenants, or agreements contained in this
Agreement or in any certificate, instrument, or document delivered pursuant
hereto.

         SECTION 9.4. PROCEDURE FOR INDEMNIFICATION. Promptly after receipt by
an indemnified party under SECTION 9.2 OR 9.3 of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be
made against an indemnifying party under such Section, give written notice to
the indemnifying party of the commencement thereof, but the failure so to notify
the indemnifying party shall not relieve it of any liability that it may have to
any indemnified party except to the extent the indemnifying party demonstrates
that the defense of such action is prejudiced thereby. In case any such action
shall be brought against an indemnified party and it shall give written notice
to the indemnifying party of the commencement thereof, the indemnifying party
shall be entitled to participate therein and, to the extent that it may wish, to
assume the defense thereof with counsel reasonably satisfactory to such
indemnified party. If the indemnifying party elects to assume the defense of
such action, the indemnified party shall have the right to employ separate
counsel at its own expense and to participate in the defense thereof. If the
indemnifying party elects not to assume (or fails to assume) the defense of such
action, the indemnified party shall be entitled to assume the defense of such
action with counsel of its own choice, at the expense of the indemnifying party.
If the action is asserted against both the indemnifying party and the
indemnified party and there is a conflict of interests which renders it
inappropriate for the same counsel to represent both the indemnifying party and
the indemnified party, the indemnifying party shall be responsible for paying
for separate counsel for the indemnified party; provided, however, that if there
is more than one indemnified party, the indemnifying party shall not be
responsible for paying for more than one separate firm of attorneys to represent
the indemnified parties, regardless of the number of indemnified parties. The
indemnifying party shall have no liability with respect to any compromise or
settlement of any action effected without its written consent (which shall not
be unreasonably withheld).

                                    ARTICLE X
                                  MISCELLANEOUS
                                  -------------

         SECTION 10.1. NOTICES. All notices, requests, demands, and other
communications required or permitted to be given or made hereunder by any party
hereto shall be in writing and shall be deemed to have been duly given or made
if delivered personally, or transmitted by first class registered or certified
mail, postage prepaid, return receipt requested, or sent by prepaid overnight
delivery service, or sent by facsimile, to the parties at the addresses and
facsimile numbers set forth opposite their name on the signature page hereof (or
at such other addresses and facsimile numbers as shall be specified by the
parties by like notice).

                                      -12-

<page>

         SECTION 10.2. ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings, both written and oral,
between the parties with respect to the subject matter hereof.

         SECTION 10.3. BINDING EFFECT; ASSIGNMENT; NO THIRD PARTY BENEFIT. This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, legal representatives, successors, and permitted
assigns. Buyer may assign its rights under this Agreement to any person upon
notice to the Company. Except as otherwise expressly provided in this Agreement,
neither this Agreement nor any of the rights, interests, or obligations
hereunder shall be assigned by any of the parties hereto without the prior
written consent of the other parties. Except as provided in Article IX, nothing
in this Agreement, express or implied, is intended to or shall confer upon any
person other than the parties hereto, and their respective heirs, legal
representatives, successors, and permitted assigns, any rights, benefits, or
remedies of any nature whatsoever under or by reason of this Agreement.

         SECTION 10.4. SEVERABILITY. If any provision of this Agreement is held
to be unenforceable, this Agreement shall be considered divisible and such
provision shall be deemed inoperative to the extent it is deemed unenforceable,
and in all other respects this Agreement shall remain in full force and effect;
provided however, that if any such provision may be made enforceable by
limitation thereof, then such provision shall be deemed to be so limited and
shall be enforceable to the maximum extent permitted by Applicable Law.

         SECTION 10.5. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF.

         SECTION 10.6. CONSENT TO EXCLUSIVE JURISDICTION. ALL JUDICIAL
PROCEEDINGS BROUGHT AGAINST THE COMPANY ARISING OUT OF OR RELATING HERETO OR ANY
OTHER TRANSACTION DOCUMENT, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY
STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY
OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, THE COMPANY, FOR ITSELF
AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (a) ACCEPTS GENERALLY AND
UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (b) WAIVES
ANY DEFENSE OF FORUM NON CONVENIENS; (c) AGREES THAT SERVICE OF ALL PROCESS IN
ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, TO THE COMPANY AT ITS ADDRESS PROVIDED IN
ACCORDANCE WITH SECTION 10.1; (d) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (c)
ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE COMPANY IN ANY SUCH
PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING
SERVICE IN EVERY RESPECT; AND (e) AGREES BUYER RETAINS THE RIGHT TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST THE
COMPANY IN THE COURTS OF ANY OTHER JURISDICTION.

                                      -13-

<page>

         SECTION 10.7. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER TRANSACTION
DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS
EQUITY ISSUANCE OR THE EQUITYHOLDER/COMPANY RELATIONSHIP THAT IS BEING
ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY
AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT
MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF
DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS
AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED
FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER
ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 10.7 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS HERETO OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR TO ANY OTHER
DOCUMENTS OR AGREEMENTS RELATING TO THE TRANSACTIONS HEREUNDER. IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

         SECTION 10.8. COUNTERPARTS. This Agreement may be executed by the
parties hereto in any number of counterparts, each of which shall be deemed an
original, but all of which shall constitute one and the same agreement. Each
counterpart may consist of a number of copies hereof each signed by less than
all, but together signed by all, the parties hereto.

                                   ARTICLE XI
                                   DEFINITIONS
                                   -----------

         SECTION 11.1. CERTAIN DEFINED TERMS.

         (a) As used in this Agreement, each of the following terms has the
meaning given it in this SECTION 11.1(a):

         "ANCILLARY DOCUMENTS" means each agreement, instrument, and document
(other than this Agreement, the Credit Agreement, and the agreements,
instruments, and documents being executed in connection with the Credit
Agreement) executed or to be executed by the Company or Buyer in connection with
the transactions contemplated by this Agreement, including without limitation
the Warrants.

                                      -14-

<page>

         "APPLICABLE LAW" means any statute, law, rule, or regulation or any
judgment, order, writ, injunction, or decree of any Governmental Entity to which
a specified person or property is subject.

         "BUSINESS DAY" means any day excluding Saturday, Sunday and any day
which is a legal holiday under the laws of the State of New York or is a day on
which banking institutions located in such state are authorized or required by
law or other governmental action to close.

         "ENCUMBRANCES" means liens, charges, pledges, options, mortgages, deeds
of trust, security interests, claims, restrictions (whether on voting, sale,
transfer, disposition, or otherwise), easements, and other encumbrances of every
type and description, whether imposed by law, agreement, understanding, or
otherwise.

         "EQUITY SECURITIES" means any capital stock of the Company, and any
securities directly or indirectly convertible into, or exercisable or
exchangeable for any capital stock of the Company, or any right, option, warrant
or other security which, with the payment of additional consideration, the
expiration of time or the occurrence of any event shall give the holder thereof
the right to acquire any capital stock of the company or any security
convertible into or exercisable or exchangeable for, any capital stock of the
Company.

         "GOVERNMENTAL ENTITY" means any federal, state, provincial, municipal,
national, tribal, Indian nation, or other government, governmental department,
commission, board, bureau, court, agency or instrumentality or political
subdivision thereof or any entity or officer exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to any
government or any court, in each case whether associated with a state of the
United States, a province of Canada, the United States, Canada, an Indian
nation, or a foreign entity or government.

         "PERSON" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, enterprise, unincorporated
organization, or Governmental Entity.

         "PROCEEDINGS" means all proceedings, actions, suits, investigations,
and inquiries by or before any arbitrator or Governmental Entity.

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

         "SUBSIDIARY" means, with respect to any person, any corporation,
association, partnership, limited liability company, joint venture, or other
business or corporate entity, enterprise or organization which is directly or
indirectly (through one or more intermediaries) controlled by or owned 50% or
more by such person.

         "UNDERLYING WARRANT SHARES" shall mean, at any time, all shares of
Common Stock which may be acquired upon exercise of the Warrants. For purposes
hereof, any person who holds Warrants shall be deemed to be the holder of the
Underlying Warrant Shares obtainable upon exercise of such Warrants.

                                      -15-

<page>

         (b) In addition to the terms defined in the preamble to this Agreement
and SECTION 11.1(a), the following terms are used in this Agreement and are
defined in the Sections set forth opposite such terms:

--------------------------------------------------------------------------------
DEFINED TERM                                    REFERENCE
--------------------------------------------------------------------------------
Closing Date                                    Section 2.1
Closing                                         Section 2.1
Commissions                                     Section 3.8
Commission Filings                              Section 3.8
Common Stock                                    Recital B
Credit Agreement                                Recital A
Damages                                         Section 9.2
Securities Laws                                 Section 3.8
Survival Date                                   Section 9.1
Warrant                                         Section 1.1

       REMAINDER OF PAGE INTENTIONALLY LEFT BLANK--SIGNATURE PAGES FOLLOW

                                      -16-

<page>

         IN WITNESS WHEREOF, the parties have executed this Agreement, or caused
this Agreement to be executed by their duly authorized representatives, all as
of the day and year first above written.

                                   THE COMPANY

                                   PACIFIC ENERGY RESOURCES LTD.

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

                                   ADDRESS FOR NOTICE PURPOSES:

                                   111 West Ocean Blvd., Suite 1240
                                   Long Beach, California 90802
                                   Attention: Darren Katic, President
                                   Facsimile: 562-436-8474

                   SIGNATURE PAGE - WARRANT PURCHASE AGREEMENT

                                      -17-

<page>

         IN WITNESS WHEREOF, the parties have executed this Agreement, or caused
this Agreement to be executed by their duly authorized representatives, all as
of the day and year first above written.

                                               BUYER:

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

                                               By:
                                                   -----------------------------
                                               Name:
                                                   -----------------------------
                                               Title:  Authorized Signatory

                                               ADDRESS FOR NOTICE PURPOSES:

                                               c/o
                                                   -----------------------------

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

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

                                               Attention:
                                                         -----------------------
                                               Facsimile:
                                                         -----------------------

                                               with a copy to:

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

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

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

                                               Attention:
                                                          ----------------------
                                               Facsimile:
                                                          ----------------------

                   SIGNATURE PAGE - WARRANT PURCHASE AGREEMENT

                                      -18-

<PAGE>
<TABLE>
<S>       <C>
                                  ATTACHMENT TO

                                  EXHIBIT 4.17

                      [FORM OF WARRANT PURCHASE AGREEMENT]

      ROW            SECTION
                    REFERENCE
----------------- -------------- ------------------------ ------------------------- ----------------------------------

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

A                 2.2(b)         .0975                    .013125                   .013125
----------------- -------------- ------------------------ ------------------------- ----------------------------------

B                 2.2(b)         9.75%                    1.3125%                   1.3125%
----------------- -------------- ------------------------ ------------------------- ----------------------------------

</TABLE>

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