Document:

<PAGE>

EXHIBIT 4.22

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

                           UNIT SUBSCRIPTION AGREEMENT
                                (U.S. RESIDENTS)

TO:      Pacific Energy Resources Ltd. (the "CORPORATION")

The undersigned (the "SUBSCRIBER") hereby irrevocably subscribes for and agrees
to purchase from Pacific Energy Resources Ltd. (the "CORPORATION") units of the
Corporation (the "UNITS") in the number set forth below at a subscription price
equal to CAD$2.20 per Unit. Each Unit shall consist of one (1) share of common
stock of the Corporation (a "COMMON SHARE") and one-half (1/2) Common Share
purchase warrant of the Corporation ("WARRANT"). Each one (1) whole Warrant
shall entitle the holder to acquire one (1) Common Share (a "WARRANT SHARE") at
a price equal to CAD$2.65 per Warrant Share for a period of eighteen (18) months
from the date of issue of the Warrants. The Subscriber agrees to be bound by the
attached terms and conditions of subscription (the "TERMS AND CONDITIONS") and
agrees that the Corporation and its agents and attorneys may rely upon the
representations, warranties and covenants contained therein and in the
Subscriber Certificate (as hereinafter defined). This subscription, plus the
Terms and Conditions of the completed and executed Subscriber Certificate, are
collectively referred to as the "SUBSCRIPTION AGREEMENT" or the "AGREEMENT."

                     SUBSCRIPTION AND SUBSCRIBER INFORMATION

Please print all information (other than signatures), as applicable, in the
space provided below

GOLDMAN, SACHS & CO.                        Number of Units*:       1,437,829
-------------------------------------                        -------------------
(Name of Subscriber)
                                            Share Price:    X       CAD $ 2.20
Account Reference (if applicable):                                  ------------
                                 ----       Aggregate Subscription Price:
                                                           USD $ 3,250,000
                                                      --------------------------
By:  /S/ ALBERT DOMBROWSKI                            (the "SUBSCRIPTION PRICE")
     --------------------------------
    Authorized Signature

-------------------------------------       IF THE SUBSCRIBER IS SIGNING AS
(Official Capacity or Title - if the        AGENT FOR A PRINCIPAL (BENEFICIAL
Subscriber is not an individual)            PURCHASER) AND IS NOT PURCHASING AS
                                            TRUSTEE OR AGENT FOR ACCOUNTS FULLY
                                            MANAGED BY IT, COMPLETE THE
                                            FOLLOWING AND ENSURE THAT THAT
                                            APPLICABLE EXHIBIT(S) ARE COMPLETED
                                            ON BEHALF  OF SUCH PRINCIPAL:
-------------------------------------
(Name of individual whose signature
appears above if different than the         ------------------------------------
name of the Subscriber printed above.)      (Name of Principal)

85 BROAD STREET                             ------------------------------------
-------------------------------------       (Principal's Address)
(Subscriber's Address, including State)

NEW YORK, NEW YORK 10004
-------------------------------------

(212)357-5126     ALBERT.DOMBROWSKI@GS.COM
------------------------------------------
(Telephone Number)     (Email Address)

 *Calculated based on a fixed exchange rate of US$1.00 = CAD$ .9733 (which is
  the noon buying rate as reported by the Federal Reserve Bank of New York on
  the Closing Date)

                                      -1-

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ACCOUNT REGISTRATION INFORMATION:    DELIVERY INSTRUCTIONS AS SET FORTH BELOW:
---------------------------------    -----------------------------------------

GOLDMAN, SACHS & CO.                 GOLDMAN, SACHS & CO.
---------------------------------    -----------------------------------------
(Name)                               (Name)

PACIFIC ENERGY RESOURCES LTD.        ATTN: NORIKO OGINO
---------------------------------    -----------------------------------------
(Account Reference, if applicable)   (Account Reference, if applicable)

                                     85 BROAD ST., FLOOR 29
                                     -----------------------------------------
                                     (Address)

                                     NEW YORK, NEW YORK 10004   (212)357-5126
--------------------------------     -----------------------------------------
(Address, including Zip Code)        (Contact Name)         (Telephone Number)

Number and kind of securities of     State whether Subscriber is an insider* of
the Corporation held, if any:        the Corporation:

--------------------------------          Yes [ ]            No [x]

-------------------------------      * The term "insider" means a person who is
                                     a director or senior officer (chair, vice
                                     chair, president, vice president,
                                     secretary, treasurer or general manager) or
                                     holder of more than 10% of the voting
                                     rights attached to all outstanding voting
                                     securities of the Corporation.

                                      -2-

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                          TYPE OF OWNERSHIP (CHECK ONE)

________   Individual Ownership         _______     Joint Tenants with Right of
                                                       Survivorship
                                                       (both parties must sign)
________   Corporation*
                                        _______     Community Property
                                                    (Spouse's signature required
____X___   Partnership*
                                        _______     Tenants-in-common
________   Trust or Pension Plan*                   (both parties must sign)

_______________________
*    Copy of Articles of Incorporation, Bylaws and Corporate Resolution,
     Partnership or Trust Agreement, as applicable, must be attached.

ACCEPTANCE: The Corporation hereby accepts the subscription as set forth above
on the terms and conditions contained in this Subscription Agreement.

PACIFIC ENERGY RESOURCES LTD.
                                                         Subscription No. ___

By: /s/                                                 October 18, 2007
    ----------------------

               THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

                                      -3-

<page>

                 TERMS AND CONDITIONS OF SUBSCRIPTION FOR UNITS

1.       DEFINITIONS.
         ------------

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

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

                  (b) "CLOSING" means the completion of the issue and sale of
         the Units to the Subscriber hereunder.

                  (c) "COMMON SHARE" has the meaning ascribed to it on the cover
         page of this Agreement.

                  (d) "CORPORATION" means Pacific Energy Resources Ltd.

                  (e) "EXCHANGE" means the Toronto Stock Exchange.

                  (f) "OFFERING" means this private placement;

                  (g) "SEC" means the United States Securities and Exchange
         Commission.

                  (h) "SUBSCRIBER" has the meaning ascribed to it on the cover
         page of this Agreement.

                  (i) "SUBSCRIBER CERTIFICATE" means the accredited investor
         certificate attached hereto as Exhibit "A".

                  (j) "UNIT" has the meaning ascribed to it on the cover page of
         this Agreement.

                  (k) "WARRANT" has the meaning ascribed to it on the cover page
         of this Agreement.

                  (l) "WARRANT SHARE" has the meaning ascribed to it on the
         cover page of this Agreement.

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

2.       PURCHASE AND SALE OF UNITS.
         ---------------------------

         2.1 The Units will be registered in the name of the Subscriber.

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

                                      -4-

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         2.3 Closing will be completed at the offices of the Corporation, in
Long Beach, California, at 1:00 p.m. (Pacific Time), or such other place or time
as the Corporation may designate (the "CLOSING TIME") on October 18, 2007 (the
"CLOSING DATE").

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

         2.5 Fractional Warrants will not be issued to the Subscriber. Instead,
the number of Warrants issued to any one Subscriber will be rounded down to the
nearest whole number of Warrants issuable to such Subscriber at the Closing.

3.       REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGMENTS OF THE SUBSCRIBER.
         ------------------------------------------------------------------

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

                  (a) the Subscriber is purchasing the Units for Subscriber's
         own account or for accounts fully-managed by the Subscriber, for
         long-term investment, and not with a view to, or for sale in connection
         with, the distribution thereof. The Subscriber has no present intention
         of selling, granting any participation in, or otherwise distributing
         the Units. The Units will not be resold without registration under the
         1933 Act and qualification under the securities laws of all applicable
         states, unless such sale would be exempt therefrom;

                  (b) the Subscriber is an "accredited investor" as that term is
         defined in Rule 501(a) of Regulation D promulgated under the 1933 Act;

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

                  (d) the Subscriber (i) has adequate means of providing for his
         current needs and possible personal contingencies, without the need for
         liquidity of his investment in the Corporation; (ii) can bear the
         economic risk of losing his entire investment herein; and (iii) has
         such knowledge and experience in financial and business matters that he
         is capable of evaluating the relative risks and merits of this
         investment;

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

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

                                      -5-

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                           (ii) THE PROFIT OR RETURN, IF ANY, TO BE REALIZED AS
                  A RESULT OF THE CORPORATION'S VENTURE; or

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

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

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

                  (h) the Subscriber has reviewed the documents regarding the
         Corporation available on SEDAR (WWW.SEDAR.COM) and the Exchange's web
         site (www.tsx.com) carefully (collectively, the "DISCLOSURE
         DOCUMENTS"), is fully familiar with and understands the contents
         thereof;

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

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

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

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

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

                  (l) as to the source of subscription funds,

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

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

                                      -6-

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

                  (n) the Subscriber agrees that the representations and
         warranties of the Subscriber set forth in this Section 3 shall survive
         the acceptance of this subscription, in the event the subscription is
         accepted.

         3.2 The Subscriber understands and acknowledges that:

                  (a) no federal or state agency has made any finding or
         determination as to the fairness of the offering of Units for
         investment or any recommendation or endorsement of the offering;

                  (b) the Units have not been registered under the 1933 Act or
         qualified under any state securities laws in reliance on exemptions
         from registration provided thereunder;

                  (c) there are restrictions imposed by law on the Subscriber's
         ability to resell the Units and it is the responsibility of the
         Subscriber to find out what those restrictions are and to comply with
         them before selling the securities comprising the Units;

                  (d) the Subscriber acknowledges and agrees with the
         Corporation that the Corporation shall refuse to register any transfer
         of the Units not made pursuant to registration under the 1933 Act, or
         pursuant to an available exemption from registration under the 1933 Act
         (including Regulation S);

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

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

                                      -7-

<page>

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

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

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

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

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

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

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

                           (viii) for use and disclosure as otherwise required
                  by law.

                  (g) during the ten trading day period prior to the date
         hereof, the Subscriber has not purchased (except pursuant to this
         Subscription Agreement), sold or "sold short" any securities of the
         Corporation.

4.       ISSUANCE OF UNITS.
         ------------------

         4.1 The Subscriber agrees to deliver to the Corporation, as soon as
possible and, in any event, not later than 9:00 a.m. (Pacific Standard time) on
October 18, 2007; (a) this duly completed and executed Subscription Agreement;
(b) a duly executed Accredited Investor Certificate attached hereto as Exhibit
"A"; and (c) a duly executed Flow of Funds and Direction letter attached hereto
as Exhibit "B" regarding payment of the Subscription Price as indicated on the
facing page hereof.

         4.2 Promptly following the Closing, the Corporation will forward to the
Subscriber certificates representing the Common Shares and Warrants registered
in the name of the Subscriber or its nominee as per the directions of the
Subscriber on the facing page of this Agreement.

                                      -8-

<page>

5.       CONDITION TO CLOSING.
         ---------------------

         The obligation of the Subscriber to purchase and pay for the Units and
the Closing are subject to the execution and delivery to the Corporation prior
to or at the Closing of the Flow of Funds and Direction letter by all parties
thereto.

6.       REGISTRATION STATEMENT.
         -----------------------

         The Common Shares and the Warrant Shares will be "Registrable Shares"
as that term is defined in the Registration Rights Agreement dated as of
November 30, 2006 by and between the Corporation, Goldman, Sachs & Co., SPCP
Group, L.L.C. and SPCP Group III LLC.

7.       LEGEND.
         -------

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

         The legend will be in substantially the following form:

                           (i) "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."

                           (ii) "[THIS WARRANT AND THE SECURITIES ISSUABLE UPON
                  EXERCISE OF THIS WARRANT][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.
                  [THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF
                  THIS WARRANT][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."

8.       RELIANCE UPON REPRESENTATIONS, WARRANTIES AND COVENANTS.
         --------------------------------------------------------

         The Subscriber acknowledges that the representations and warranties and
covenants and acknowledgments contained in this Agreement are made with the
intent that they may be relied upon by the Corporation in determining the
Subscriber's eligibility to purchase the Units and the Subscriber hereby agrees
to indemnify the Corporation against all losses, claims, costs, expenses and
damages or liabilities which it may suffer or incur caused or arising from its
reliance thereon. The Subscriber further agrees that the foregoing
representations and warranties shall survive the purchase by the Subscriber of
the Units and shall continue in full force and effect notwithstanding any
subsequent disposition by the Subscriber of any of the Units.

                                      -9-

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9.       MISCELLANEOUS.
         --------------

         9.1 The Corporation and the Subscriber shall be entitled to rely on
delivery by facsimile machine of an executed copy of this subscription, and
acceptance by the Corporation or the Subscriber of such facsimile copy shall be
equally effective to create a valid and binding agreement between the Subscriber
and the Corporation in accordance with the terms hereof.

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

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

         9.4 Time is of the essence of this Agreement.

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

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

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

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

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

                                      -10-

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                                   EXHIBIT "A"

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

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

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

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

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

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

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

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

_____    Category 4.       An insurance company as defined in Section 2(13) of
                           the 1933 Act; or

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

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

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

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

                                      -11-

<page>

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

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

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

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

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

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

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

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

                                      -12-

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         IN WITNESS WHEREOF, Subscriber has executed this Certificate as of
October _18_, 2007.

SUBSCRIBER:                               /S/ ALBERT DOMBROWSKI
                                     -------------------------------------
                                     (Signature and office, if applicable)

                                     Albert Dombrowski
                                     AUTHORIZED SIGNATORY
                                     -------------------------------------
                                     (Print Name)

                                     85 BROAD STREET
                                     -------------------------------------
                                     (Address)

                                     NEW YORK, NEW YORK 10004
                                     -------------------------------------
                                     (City/State/Zip Code)

                                     (212)357-5126
                                     -------------------------------------
                                     (Area Code/Telephone Number)

                                      -13-<PAGE>

EXHIBIT 4.23

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

                        SUBSCRIPTION AGREEMENT FOR UNITS
                        (NON-U.S./NON-CANADIAN RESIDENTS)

TO:   Pacific Energy Resources Ltd. (the "Corporation")

The undersigned (the "Subscriber") hereby irrevocably subscribes for and agrees
to purchase from the Corporation units ("Units") of the Corporation in the
number set forth below at a subscription price equal to CAD$2.20 per Unit (the
"Subscription Price"), with each Unit consisting of one (1) share of common
stock of the Corporation (a "Common Share") and one-half (1/2) Common Share
purchase warrant of the Corporation ("Warrants"). Each one (1) whole Warrant
shall entitle the holder to acquire one (1) Common Share (a "Warrant Share") at
a price equal to CAD$2.65 per Warrant Share for a period of 18 months from the
date of issue of the Warrants. The Units will separate at Closing. The
Subscriber agrees to be bound by the attached terms and conditions of
subscription (the "Terms and Conditions") and agrees that the Corporation and
its agents and attorneys may rely upon the representations, warranties and
covenants contained therein and in the Subscriber Certificate (as hereinafter
defined). This subscription, plus the Terms and Conditions and the completed and
executed Subscriber Certificate are collectively referred to as the
"Subscription Agreement" or the "Agreement."

                     SUBSCRIPTION AND SUBSCRIBER INFORMATION

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

---------------------------------------  ---------------------------------------
______________________________________    NUMBER OF UNITS:_____________________
(Name of Subscriber - please print)      ---------------------------------------

By:___________________________________   ---------------------------------------
         (Authorized Signature)           AGGREGATE SUBSCRIPTION PRICE:________
                                         ---------------------------------------
______________________________________
(Official Capacity or Title - please     ---------------------------------------
print)                                    IF THE SUBSCRIBER IS SIGNING AS AGENT
                                          FOR A PRINCIPAL AND IS NOT PURCHASING
______________________________________    AS TRUSTEE OR AGENT FOR ACCOUNTS FULLY
(Please print name of individual whose    MANAGED BY IT, COMPLETE THE FOLLOWING
signature appears above if different      AND ENSURE THAT THE APPLICABLE
than the name of the subscriber           EXHIBIT(S) ARE COMPLETED ON BEHALF OF
printed above.)                           SUCH PRINCIPAL:

______________________________________    ______________________________________
(Subscriber's Address)                    (Name of Principal)

______________________________________    ______________________________________
(Subscriber's Address)                    (Principal's Address)

______________________________________    ______________________________________
(Telephone Number)    (E-Mail Address)

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

           THIS IS THE FIRST PAGE OF AN AGREEMENT COMPOSED OF 14 PAGES
                          (NOT INCLUDING EXHIBITS A-E).

<page>

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

______________________________________    ______________________________________
(Name)                                    (Name)

______________________________________    ______________________________________
(Account reference, if applicable)        (Account reference, if applicable)

______________________________________    ______________________________________
(Address)                                 (Contact Name)

______________________________________    ______________________________________
(Address)                                 (Address)

                                          ______________________________________
                                          (Address)
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                          TYPE OF OWNERSHIP (CHECK ONE)
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SUBSCRIBER'S PRESENT HOLDINGS:

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

--------------------------------------------------------------------------------
                                                    NUMBER OR AMOUNT
                                          --------------------------------------
                                                              INDIRECT OWNERSHIP
                                                              (INCLUDING CONTROL
  TYPE OF SECURITIES PRESENTLY OWNED       DIRECT OWNERSHIP      OR DIRECTION)
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ACCEPTANCE:  The Corporation hereby accepts the subscription as set forth above
on the terms and conditions contained in this Subscription Agreement.

October ______, 2007

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

PACIFIC ENERGY RESOURCES LTD.                           Subscription No:

                                                        ------------------------
By:____________________________________

               THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

<page>

                 TERMS AND CONDITIONS OF SUBSCRIPTION FOR UNITS

                                   DEFINITIONS

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

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

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

      (c)   "Common Share" has the meaning ascribed to it on the cover page of
            this Agreement;

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

      (e)   "Disclosure Documents" has the meaning ascribed to it in paragraph
            4.1(n);

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

      (g)   "Offering" means this private placement;

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

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

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

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

      (l)   "Subscriber" has the meaning ascribed to it on the cover page of
            this Agreement;

      (m)   "Subscriber Certificate" means the additional representations,
            warranties and covenants for non-Canadian subscribers (other than
            U.S. subscribers) attached hereto as Exhibit "C";

      (n)   "Unit" has the meaning ascribed to it on the cover page of this
            Agreement;

      (o)   "U.S. Person" has the meaning attributed to it in Regulation S,
            which meaning is reproduced in Exhibit "A" attached hereto;

      (p)   "Warrants" has the meaning ascribed to it on the cover page of this
            Agreement; and

      (q)   "Warrant Shares" has the meaning ascribed to it on the cover page of
            this Agreement.

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

                                       3

<page>

2.    PURCHASE AND SALE OF UNITS

2.1   The Subscriber acknowledges that:

      (a)   the Securities will be registered in accordance with the
            registration instructions provided on the face page of this
            Agreement, and if no registration instructions are provided, will be
            registered in the name of the Subscriber;

      (b)   fractional Common Shares and Warrants will not be issued to the
            Subscriber. Instead, the number of Common Shares and Warrants issued
            to any one Subscriber will be rounded down to the nearest whole
            number of Common Shares and Warrants issuable to such Subscriber at
            the Closing;

      (c)   the issue of the Common Shares and the Warrants will not restrict or
            prevent the Corporation from obtaining any other financing, or from
            issuing additional securities from time to time; and

      (d)   the Corporation shall have the right to reject this Subscription
            Agreement for any reason in its sole and absolute discretion.
            Acceptance is evidenced only by execution of this Subscription
            Agreement by the Corporation in the space provided above.

3.    REPRESENTATIONS, WARRANTIES AND COVENANTS BY THE CORPORATION

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

      (a)   the Corporation has the full corporate right, power and authority to
            execute and deliver this Subscription Agreement and to issue the
            Securities, and at Closing the Common Shares, the Warrants, and the
            Warrant Shares issuable upon exercise of the Warrants, will be duly
            authorized, and the Common Shares when issued, and the Warrant
            Shares when issued upon the exercise of the Warrants, as the case
            may be, will be issued as fully paid and non-assessable Common
            Shares;

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

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

                                       4

<page>

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

4.    REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGMENTS OF THE SUBSCRIBER

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

      (a)   the Subscriber is purchasing the Securities as principal for the
            Subscriber's own account or for accounts fully-managed by it, for
            long-term investment, and not with a view to, or for sale in
            connection with, the distribution thereof. The Subscriber has no
            present intention of selling, granting any participation in, or
            otherwise distributing the Securities. The Securities will not be
            resold without registration under the 1933 Act and qualification
            under the securities laws of all applicable states and other
            jurisdictions, unless such sale would be exempt therefrom;

      (b)   the Subscriber is purchasing the Securities pursuant to this
            Subscription Agreement, in compliance with the securities laws in
            its jurisdiction of residence and the Subscriber makes to the
            Corporation the additional representations, warranties and covenants
            set out in Exhibit "C" attached to this Subscription Agreement;

      (c)   the Subscriber has received, completed and returned to the
            Corporation the Subscriber Certificate relating to the eligibility
            to participate as an investor in a private offering, and hereby
            affirms the correctness of the Subscriber's answers in the
            Subscriber Certificate;

      (d)   the Subscriber (i) has adequate means of providing for his or her
            current needs and possible personal contingencies, and has no need
            for and may never have liquidity of his or her investment in the
            Corporation; (ii) can bear the economic risk of losing his or her
            entire investment herein and may lose the entire investment, which
            is highly speculative and very risky; (iii) has such knowledge and
            experience in financial and business matters that he or she is
            capable of evaluating the relative risks and merits of this
            investment; and (iv) has an overall commitment to investments which
            are not readily marketable that is not disproportionate to his or
            her net worth and the investment subscribed for herein will not
            cause such overall commitment to become excessive;

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

      (f)   no prospectus or offering memorandum has been delivered to the
            Subscriber in connection with the Offering;

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

                                       5

<page>

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

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

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

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

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

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

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

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

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

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

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

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

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

      (n)   the Subscriber has reviewed the documents regarding the Corporation
            available on SEDAR (www.sedar.com) and the Exchange's web site
            (www.tsx.com) (collectively, the "Disclosure Documents") carefully,
            so as to be fully familiar with and understand the contents thereof,
            and is responsible for conducting its own due diligence under the
            Offering in order to determine whether to proceed with a
            subscription under the Offering;

      (o)   the Subscriber has had the opportunity to review all facts
            concerning the Corporation which the Subscriber deems pertinent;

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

                                       6

<page>

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

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

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

      (r)   as to the source of subscription funds,

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

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

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

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

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

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

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

      (x)   the Subscriber is neither a U.S. Person nor a Canadian resident;

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

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

                                       7

<page>

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

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

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

4.2   The Subscriber understands and acknowledges that:

      (a)   (on its own behalf and, if applicable, on behalf of each person on
            whose behalf the Subscriber is contracting) that the Securities
            subscribed for by it hereunder form part of a larger issuance and
            sale by the Corporation of up to CAD$75 million in Units;

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

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

      (d)   the Common Shares and Warrant Shares will bear incidental
            registration rights in accordance with the terms of the Registration
            Rights Agreement;

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

      (f)   the offer and sale of the Securities, and the issuance of the Common
            Shares, the Warrants, and the Warrant Shares upon exercise of the
            Warrants, as the case may be, is being made in reliance upon
            Regulation S. Regulation S requires that, for a one (1) year
            "distribution compliance period" (as defined in Regulation S), no
            offer or sale of any of the Securities issued in reliance on
            Regulation S may be made to a U.S. Person or for the account or
            benefit of a U.S. Person. Specifically, the offer or sale of any of
            the Securities issued in reliance on Regulation S, if made prior to
            the expiration of the one-year "distribution compliance period,"
            must be made pursuant to the following conditions:

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

                                       8

<page>

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

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

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

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

                                       9

<page>

            Under Rule 905 of Regulation S, because the Corporation is a U.S.
            corporation, the Securities will be deemed to be "restricted
            securities" (as defined in Rule 144 of the 1933 Act) and as such may
            be resold or otherwise transferred only in accordance with
            Regulation S or pursuant to a registration under the 1933 Act or an
            exemption from the registration requirements of the 1933 Act; the
            Securities will continue to be deemed to be restricted securities,
            notwithstanding that they are acquired by another purchaser in a
            resale transaction made pursuant to Rule 901 or Rule 904 of
            Regulation S. Subject to listing approval of the Exchange, the
            trading symbol for the Common Shares and the Warrant Shares shall
            bear a designation separate from the currently listed "PFE" and
            "PFE.S" designations and the CUSIP number for the Common Shares and
            the Warrant Shares issued upon the exercise of the Warrants will be
            a different CUSIP number than the CUSIP number for outstanding
            common shares that currently trade under the "PFE" and "PFE.S"
            designations, to indicate that they are restricted securities.
            Restricted securities may have significantly less liquidity than
            unrestricted securities that do not bear such separate designation
            and are not fungible securities with "PFE" and "PFE.S" listed shares
            and, if listed, may be limited to trading in a market restricted to
            the Common Shares or Warrant Shares issued under the Offering. There
            is no assurance that the Common Shares or Warrant Shares will be
            listed.

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

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

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

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

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

                                       10

<page>

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

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

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

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

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

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

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

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

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

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

      (m)   the Subscriber acknowledges that the initial US$50 million of the
            proceeds of the Offering will be used to repay a portion of the debt
            associated with the acquisition of the offshore producing Alaskan
            assets of Forest Oil Corporation, with any balance of funds to be
            used for general working capital and business purposes; and

                                       11

<page>

5.    ISSUANCE OF UNITS

5.1   The Subscriber agrees to deliver to the Corporation, as soon as possible
      and, in any event, not later than 1:00 p.m. (Pacific time) on October 15,
      2007 (or such later date and time as the Corporation in its sole
      discretion may allow): (a) this duly completed and executed Subscription
      Agreement; (b) a duly executed Registration Rights Agreement attached
      hereto as Exhibit "B", together with a duly completed selling security
      holder questionnaire attached thereto as an exhibit; (c) a duly executed
      Certificate of Additional Representations, Warranties and Covenants for
      Non-Canadian Subscribers (Other Than U.S. Subscribers) attached hereto as
      Exhibit "C"; (e) such other documents as may be required under applicable
      securities laws; and (d) a certified cheque or bank draft payable to the
      Corporation for the aggregate subscription price or payment of the same
      amount in such other manner as is acceptable to the Corporation.

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

6.    REGISTRATION STATEMENT

6.1   The Common Shares and the Warrant Shares will bear incidental registration
      rights in accordance with the terms of the Registration Rights Agreement.

7.    LEGENDS

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

      The legend for certificates for the Common Shares, the Warrants, and the
      Warrant Shares issued upon exercise of the Warrants as the case may be,
      will be in substantially the following form:

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

            and

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

                                       12

<page>

            and

            (iii) THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
                  ISSUED PURSUANT TO REGULATION S PROMULGATED UNDER THE U.S.
                  SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). AS SUCH, THE
                  SECURITIES REPRESENTED BY THIS CERTIFICATE ARE "RESTRICTED
                  SECURITIES" AND MAY NOT BE SOLD, OFFERED FOR SALE,
                  TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE
                  TRANSFERRED OR DISPOSED OF OTHER THAN (I) PURSUANT TO AN
                  EFFECTIVE REGISTRATION STATEMENT AS TO THE SHARES REPRESENTED
                  BY THIS CERTIFICATE UNDER THE ACT, (II) OUTSIDE THE UNITED
                  STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904
                  UNDER THE ACT, (III) PURSUANT TO RULE 144 UNDER THE ACT, OR
                  (IV) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
                  REGISTRATION REQUIREMENTS OF THE ACT. THE HOLDER HEREOF AGREES
                  THAT (A) ANY HEDGING TRANSACTION WITH RESPECT TO THE
                  SECURITIES REPRESENTED BY THIS CERTIFICATE WILL BE CONDUCTED
                  IN COMPLIANCE WITH THE ACT AND (B) IT WILL DELIVER, OR CAUSE
                  TO BE DELIVERED, TO EACH PERSON TO WHOM THE SECURITIES
                  REPRESENTED BY THIS CERTIFICATE ARE TRANSFERRED A NOTICE
                  SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN,
                  THE TERMS "OFFSHORE TRANSACTION" AND "UNITED STATES" HAVE THE
                  RESPECTIVE MEANINGS ASSIGNED TO THEM IN REGULATION S UNDER THE
                  ACT.

8.    RELIANCE UPON REPRESENTATIONS, WARRANTIES AND COVENANTS

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

9.    MISCELLANEOUS

9.1   The Corporation shall be entitled to rely on delivery by facsimile machine
      of an executed copy of this subscription, and acceptance by the
      Corporation of such facsimile copy shall be equally effective to create a
      valid and binding agreement between the Subscriber and the Corporation in
      accordance with the terms hereof.

                                       13

<page>

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

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

9.4   Time is of the essence of this Agreement.

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

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

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

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

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

9.10  This Agreement, including without limitation the representations,
      warranties and covenants contained herein and in the Subscriber
      Certificate, shall survive and continue in full force and effect and be
      binding upon the Corporation and the Subscriber, notwithstanding the
      completion of the purchase of the Securities by the Subscriber pursuant
      hereto, the completion of the Offering and any subsequent disposition by
      the Subscriber of the Securities.

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

                                       14

<page>

                                   EXHIBIT "A"
                           DEFINITION OF "U.S. PERSON"
                           ---------------------------

The term "U.S. person" is defined in Rule 902(k) of Regulation S, which
definition shall apply for purposes of this Agreement, as follows:

(1)   "U.S. Person" means:

      (i)   Any natural person resident in the United States;

      (ii)  Any partnership or corporation organized or incorporated under the
            laws of the United States;

      (iii) Any estate of which any executor or administrator is a U.S. person;

      (iv)  Any trust of which any trustee is a U.S. person;

      (v)   Any agency or branch of a foreign entity located in the United
            States;

      (vi)  Any non-discretionary account or similar account (other than an
            estate or trust) held by a dealer or other fiduciary for the benefit
            or account of a U.S. person;

      (vii) Any discretionary account or similar account (other than an estate
            or trust) held by a dealer or other fiduciary organized,
            incorporated, or (if an individual) resident in the United States;
            and

      (viii) Any partnership or corporation if:

            (a)   Organized or incorporated under the laws of any foreign
                  jurisdiction; and

            (b)   Formed by a U.S. person principally for the purpose of
                  investing in securities not registered under the Securities
                  Act, unless it is organized or incorporated, and owned, by
                  accredited investors (as defined in Rule 501(a) of the 1933
                  Act) who are not natural persons, estates or trusts.

(2)   The following are not "U.S. persons":

      (i)   Any discretionary account or similar account (other than an estate
            or trust) held for the benefit or account of a non-U.S. person by a
            dealer or other professional fiduciary organized, incorporated, or
            (if an individual) resident in the United States;

      (ii)  Any estate of which any professional fiduciary acting as executor or
            administrator is a U.S. person if:

            (a)   An executor or administrator of the estate who is not a U.S.
                  person has sole or shared investment discretion with respect
                  to the assets of the estate; and

            (b)   The estate is governed by foreign law;

      (iii) Any trust of which any professional fiduciary acting as trustee is a
            U.S. person, if a trustee who is not a U.S. person has sole or
            shared investment discretion with respect to the trust assets, and
            no beneficiary of the trust (and no settlor if the trust is
            revocable) is a U.S. person;

<page>

      (iv)  An employee benefit plan established and administered in accordance
            with the law of a country other than the United States and customary
            practices and documentation of such country;

      (v)   Any agency or branch of a U.S. person located outside the United
            States if:

            (a)   The agency or branch operates for valid business reasons; and

            (b)   The agency or branch is engaged in the business of insurance
                  or banking and is the subject to substantive insurance or
                  banking regulation, respectively, in the jurisdiction where
                  located; and

      (vi)  The International Monetary Fund, the International Bank for
            Reconstruction and Development, the Inter-American Development Bank,
            the Asian Development Bank, the African Development Bank, the United
            Nations, and their agencies, affiliates and pension plans, and any
            other similar international organizations, their agencies,
            affiliates and pension plans.

<page>

                                   EXHIBIT "C"

                                   CERTIFICATE

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

Capitalized terms used herein have the meaning ascribed thereto in the
subscription agreement (the "Subscription Agreement") of which this Exhibit "C"
forms a part.

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

      (a)   the Subscriber is:

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

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

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

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

<page>

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

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

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

Dated at  ________________this______day of October, 2007.

                                        ________________________________________
                                        Jurisdiction of residence

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

                                        ________________________________________
                                        Signature

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

                                        ________________________________________
                                        Title

<page>

                                   EXHIBIT "D"

                            RULE 904 OFFSHORE RESALE
                              SELLER CERTIFICATION

                                     [DATE]

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

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

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

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

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

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

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

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

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

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

<page>

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

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

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

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

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

                                          Tax Id. No.:

______________________________________    ______________________________________
Signature                                 Advisor (if applicable):

______________________________________    ______________________________________
Name of Seller                            Custodian:

______________________________________    ______________________________________

Name and Title of Signatory (if           Account No.:
applicable)                               ______________________________________
Address:
______________________________________
______________________________________

Dated:

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

<page>

                                   EXHIBIT "E"

                            RULE 904 OFFSHORE RESALE
                              BROKER CERTIFICATION

                                     [DATE]

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

The Seller has advised the undersigned of the following:

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

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

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

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

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

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

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

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

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

7.    The undersigned certifies that it is not, and at the time of the Resale
      was not, an "affiliate" of, or a person "affiliated" with, the
      Corporation, except the undersigned may be an officer or director of the
      Corporation who is an affiliate solely by virtue of holding such position.
      An "affiliate" of, or person "affiliated" with, a specified person
      includes a person or entity that directly, or indirectly through one or
      more intermediaries, controls or is controlled by, or is under common
      control with, the person or entity specified.

<page>

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

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

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

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

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

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

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

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

______________________________________    ______________________________________
Address:                                  Account No.:

______________________________________    ______________________________________
______________________________________    ______________________________________

Dated:________________________________

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

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