Document:

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EXHIBIT 4.36

                      TRANSFER RESTRICTION LEGEND ON BACK
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

NUMBER                                                                SHARES
[    ]                                                                [    ]

                         PACIFIC ENERGY RESOURCES LTD.
                                    .T SHARES

                                                               CUSIP U69422 12 6
                                                              ISIN US U694221263
                                             See reverse for certain definitions

THIS CERTIFIES THAT:

                                    SPECIMEN

is the registered holder of

                                     AMOUNT

           FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK,
                           $.0001 PAR VALUE PER SHARE

                         PACIFIC ENERGY RESOURCES LTD.

is the Authorized capitalization of the above named Corporation subject to the
Certificate of Incorporation of the Corporation transferable on the Central
Securities Registrar of the Corporation by the registered holder in person or by
attorney duly authorized in writing upon surrender of this Certificate properly
endorsed.

This Certificate is not valid until countersigned by the Transfer Agent and
Registrar of the Corporation.

IN WITNESS WHEREOF the Corporation has caused this certificate to be signed on
its behalf by the facsimile signatures of its duly authorized officers, at
Vancouver, British Columbia.

Dated:                                     COUNTERSIGNED AND REGISTERED
                                           COMPUTERSHARE INVESTOR SERVICES, INC.
                                           (VANCOUVER)(TORONTO)
                                           TRANSFER AGENT AND REGISTRAR

/s/ DARREN KATIC     /s/ KATHLEEN MCCINNES         /s/
----------------                                   ---------------------
President            Secretary                     Authorized Officer

 The shares represented by this certificate are transferable at the offices of
     Computershare Investor Services Inc in Vancouver, BC and Toronto, ON.

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The following abbreviations shall be construed as though the words set forth
below opposite each abbreviation were written out in full where such
abbreviation appears:

TEN COM                  - as tenants in common
TEN ENT                  - as tenants by the entireties
JT TEN                   - as joint tenants with rights of survivorship and not
                           as tenants in common
(Name)CUST (Name) UNIF   - (Name) as Custodian for (Name) under the
GIFT MIN ACT (State)       (State) Uniform Gifts to Minors Act

Additional abbreviations may also be used though not in the above list.

* Please insert Social Insurance, Tax Identification, +-----------------------+
  or other identifying number of transferee.          |                       |
                                                      +-----------------------+

For value received the undersigned hereby sells, assigns and transfers unto
________________________________________________________________________________
                     Insert name and address of transferee

________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ shares
represented by this certificate and does hereby irrevocably constitute and
appoint

____________________________________________________________________the attorney
of the undersigned to transfer the said shares on the books of the Corporation
with full power of substitution in the premises.

Dated __________________________

________________________________                ________________________________
Signature of Shareholder                        Signature of Guarantor

SIGNATURE GUARANTEE:
The signature on this assignment must correspond with the name as written upon
the face of the certificate(s), in every particular, without alteration or
enlargement, or any change whatsoever and must be guaranteed by a major Canadian
Schedule I chartered bank, a major trust company in Canada or a member of an
acceptable Medallion Signature Guarantee Program (STAMP, SEMP, MSP). The
Guarantor must affix a stamp bearing the actual words "Signature Guaranteed".

In the USA, signature guarantees must be done by members of a "Medallion
Signature Guarantee Program" only.

Signature guarantees are not accepted from Treasury Branches, Credit Unions or
Caisses Populaires unless they are members of the Stamp Medallion Program.

COMPUTERSHARE'S PRIVACY NOTICE:

In the course of providing services to you and our corporate clients,
Computershare receives non-public personal information about you - your name,
address, social insurance number, securities holdings, transactions, etc. We use
this to administer your account, to better serve you and our clients needs and
for other lawful purposes. We have prepared a Privacy Code to tell you more
about our information practices and how your privacy is protected. It is
available at our website, computershare.com, or by writing us at 100 University
Avenue, Toronto, Ontario, M5J 2Y1. *You are required to provide your SIN if you
will receive income on these securities. We will use this number for income
reporting. Computershare may also ask for your SIN as an identification-security
measure if you call or write to request service on your account; however you may
decline this usage.<PAGE>

EXHIBIT 10.2

                            2006 SHARE OPTION PLAN OF
                          PACIFIC ENERGY RESOURCES LTD.

     SECTION 1. PURPOSE. This 2006 Share Option Plan of Pacific Energy Resources
Ltd. is intended as an incentive to attract and retain qualified and competent
employees, consultants, advisors and directors for the Company and its
Subsidiaries, upon whose efforts and judgment the success of the Company is
largely dependent, through the encouragement of stock ownership in the Company
by such persons.

     SECTION 2. DEFINITIONS. As used herein, the following terms are added to
the Share Option Plan and shall have the meaning indicated:

     (a) "Act" shall mean the Securities Exchange Act of 1934, as amended.

     (b) "Business Day" shall mean (i) if the Shares trade on a national
exchange, any day that the national exchange on which the Shares trade is open
or (ii) if the Shares do not trade on a national exchange, any day that
commercial banks in the City of Los Angeles, California are open.

     (c) "Cause" shall have the meaning set forth in an Optionee's employment or
consulting agreement with the Company or a Subsidiary, if any, or if not defined
therein, shall mean (i) acts or omissions by the Optionee which constitute
intentional material misconduct or a knowing violation of a material policy of
the Company or a Subsidiary, (ii) the Optionee personally receiving a benefit in
money, property or services from the Company or a Subsidiary or from another
person dealing with the Company or a Subsidiary in material violation of
applicable law or Company policy, (iii) an act of fraud, conversion,
misappropriation or embezzlement by the Optionee or his conviction of, or
entering a guilty plea or plea of no contest with respect to, a felony, or the
equivalent thereof (other than driving under the influence) or (iv) any material
misuse or improper disclosure of confidential or proprietary information of the
Company or a Subsidiary.

     (d) "Commission" shall mean the Securities and Exchange Commission.

     (e) "Change in Control" shall mean the occurrence of any of the following:

          (i) Any "Person" or "Group," as such terms are defined in Section
13(d) of the Act and the rules and regulations promulgated thereunder who is or
becomes the "Beneficial Owner" (within the meaning of Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company, or of any
entity resulting from a merger or consolidation involving the Company,
representing more than fifty percent (50%) of the combined voting power of the
then outstanding securities of the Company or such entity.

          (ii) The individuals who, as of the time immediately following the
election of directors at the Company's 2006 Annual Meeting of Stockholders, are
members of the Board (the "Existing Directors"), cease, for any reason, to
constitute more than fifty percent (50%) of the number of authorized directors
of the Company as determined in the manner prescribed in the Company's Articles
of Incorporation and Bylaws; provided, however, that if the election, or
nomination for election, by the Company's stockholders of any new director was
approved by a vote of at least fifty percent (50%) of the Existing Directors,

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such new director shall be considered an Existing Director; provided, further,
however, that no individual shall be considered an Existing Director if such
individual initially assumed office as a result of either an actual or
threatened "Election Contest" (as described in Rule 14a-11 promulgated under the
Act) or other actual or threatened solicitation of proxies by or on behalf of
anyone other than the Board (a "Proxy Contest"), including by reason of any
agreement intended to avoid or settle any Election Contest or Proxy Contest.

          (iii) The consummation of (x) a merger, consolidation or
reorganization to which the Company is a party, whether or not the Company is
the Person surviving or resulting therefrom, or (y) a sale, assignment, lease,
conveyance or other disposition of all or substantially all of the assets of the
Company, in one transaction or a series of related transactions, to any Person
other than the Company, where any such transaction or series of related
transactions as is referred to in clause (x) or clause (y) above in the
subparagraph (iii) (singly or collectively, a "Transaction") does not otherwise
result in a "Change in Control" pursuant to subparagraph (i) of this definition
of "Change in Control"; provided, however, that no such Transaction shall
constitute a "Change in Control" under this subparagraph (iii) if the Persons
who were the stockholders of the Company immediately before the consummation of
such Transaction are the Beneficial Owners, immediately following the
consummation of such Transaction, of fifty percent (50%) or more of the combined
voting power of the then outstanding voting securities of the Person surviving
or resulting from any merger, consolidation or reorganization referred to in
clause (x) above in this subparagraph (iii) or the Person to whom the assets of
the Company are sold, assigned, leased, conveyed or disposed of in any
transaction or series of related transactions referred in clause (y) above in
this subparagraph (iii), in substantially the same proportions in which such
Beneficial Owners held voting stock in the Company immediately before such
Transaction.

     (f) "Committee" shall mean the Compensation Committee of the Board of
Directors or other committee, if any, appointed by the Board of Directors
pursuant to Section 13 hereof, and in the absence any appointment, the Board of
Directors shall be the Committee.

     (g) "Common Stock" shall mean the Company's common stock, par value $.0001
per share.

     (h) "Company" shall mean Pacific Energy Resources Ltd., a Delaware
corporation.

     (i) "Date of Grant" shall mean the date on which an Option is granted to an
Eligible Person pursuant to Section 4 hereof.

     (j) "Director" shall mean a member of the Board of Directors.

     (k) "Eligible Person(s)" shall mean those persons who are (i) under written
contract (a "Consulting Contract") with the Company or a Subsidiary to provide
consulting or advisory services to the Company or a Subsidiary and whose Options
could be registered on Form S-8 (a "Consultant"), (ii) Employees, or (iii)
Directors.

     (1) "Employee(s)" shall mean those persons who are employees of the Company
or who are employees of any Subsidiary.

                                      -2-

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     (m) "Fair Market Value" of a share on a particular date shall be the
closing price of the Common Stock, which shall be (i) if the Common Stock is
quoted on the Toronto Stock Exchange or NASDAQ (other than on the National
Market System) or any similar system of automated dissemination of quotations of
securities prices in common use, the closing price listed on the Toronto Stock
Exchange or NASDAQ (or similar system) the day prior to the date of option
grants or (ii) if clause (i) is not applicable, the value determined by any fair
and reasonable means prescribed by the Board of Directors.

     (n) "Incentive Stock Option" shall mean an option that is an incentive
stock option as defined in Section 422 of the Internal Revenue Code.

     (o) "Internal Revenue Code" or "Code" shall mean the Internal Revenue Code
of 1986, as it now exists or may be amended from time to time.

     (p) "Nonqualified Stock Option" shall mean a stock option that is not an
incentive stock option as defined in Section 422 of the Internal Revenue Code.

     (q) "Option" (when capitalized) shall mean any option granted under this
Plan.

     (r) "Optionee" shall mean a person to whom an Option is granted under this
Plan or any successor to the rights of such person.

     (s) "Outside Director" shall mean a Director who qualifies as an "outside
director" under the regulations promulgated under Section 162(m) of the Internal
Revenue Code and as a "non-employee director" under Rule 16b-3 promulgated under
the Act, effective August 15, 1996.

     (t) "Plan" shall mean this 2006 Share Option Plan of Pacific Energy
Resources Ltd.

     (u) "Regulatory Approval" means the approval of the TSX and any other
securities regulatory authority that may have lawful jurisdiction over this Plan
and any Options granted under this Plan.

     (v) "Securities Act" means the SECURITIES ACT, R.S.B.C. 1996, c.418, as
amended from time to

     (w) "Share(s)" shall mean a share or shares of the Common Stock.

     (x) "Subsidiary" shall mean any corporation (other than the Company) in any
unbroken chain of corporations beginning with the Company if, at the time of the
granting of the Option, each of the corporations other than the last corporation
in the unbroken chain owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such
chain.

     (y) "TSX" shall mean the Toronto Stock Exchange and any successor thereto.

                                      -3-

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     SECTION 3. SHARES AND OPTIONS.

          (a) The Company may grant to Eligible Persons from time to time
Options to purchase an aggregate of up to but not exceeding ten percent (10%) of
the number of issued Shares of the Company at the time of the Grant of the
Options. Options to purchase Shares of the Company to be granted hereunder shall
include all outstanding Options granted under the 2005 Share Option Plan. If any
Option granted under the Plan shall terminate, expire, or be canceled or
surrendered as to any Shares, new Options may thereafter be granted covering
such Shares. An Option granted hereunder shall be either an Incentive Stock
Option or a Nonqualified Stock Option as determined by the Committee at the Date
of Grant of such Option and shall clearly state whether it is an Incentive Stock
Option or a Nonqualified Stock Option. Incentive Stock Options may only be
granted to persons who are Employees.

          (b) The aggregate Fair Market Value (determined at the Date of Grant
of the Option) of the Shares with respect to which any Incentive Stock Option is
exercisable for the first time by an Optionee during any calendar year under the
Plan and all such plans of the Company and any parent and subsidiary of the
Company (as defined in Section 424 of the Code) shall not exceed $100,000. Each
Option will be designated in the option agreement as either an Incentive Stock
Option or a Nonqualified Stock Option. However, notwithstanding such
designations, if the Shares subject to an Optionee's Incentive Stock Options
(granted under all plans of the Company or any parent or Subsidiary) which
become exercisable for the first time during any calendar year have a fair
market value in excess of $100,000, the Options accounting for this excess will
be treated as Nonqualified Stock Options. For purposes of this Section 3(b),
Incentive Stock Options will be taken into account in the order in which they
were granted, and the Fair Market Value of the Shares will be determined as of
the time of grant.

     SECTION 4. CONDITIONS FOR GRANT OF OPTIONS.

          (a) Each Option shall be evidenced by an option agreement that may
contain any term deemed necessary or desirable by the Committee, provided such
terms are not inconsistent with this Plan or any applicable law. Optionees shall
be those persons selected from Eligible Persons. The Committee shall determine
which Eligible Persons, other than Board of Director members, shall be granted
Options from time to time. The Disinterested Committee (as defined in Section
13) shall determine which members of the Board of Directors and which
individuals covered by Section 162(m) of the Internal Revenue Code or Section
16(b) of the Act shall be Eligible Persons and granted Options from time to
time. References to the Committee throughout the remainder of this Section 4
shall mean the Committee or the Disinterested Committee, as appropriate.
Notwithstanding any provision to the contrary, an Option shall be void if the
Optionee is not an Eligible Person.

          (b) In granting Options, the Committee shall take into consideration
the contribution the person has made or may make to the success of the Company
or its Subsidiaries and such other factors as the Board shall determine. The
Committee shall also determine the number of shares subject to each of the
Options and shall authorize and cause the Company to grant Options in accordance
with those determinations. The Committee shall also have the authority to
consult with and receive recommendations from officers and other personnel of
the Company and its Subsidiaries with regard to these matters. The Committee may
from time to time in granting Options under the Plan prescribe such other terms

                                      -4-

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and conditions concerning such Options as it deems appropriate, including,
without limitation, relating an Option to achievement of specific goals
established by the Committee or the continued employment of the Optionee for a
specified period of time, provided that such terms and conditions are not more
favorable to an Optionee than those expressly permitted herein.

          (c) The Committee in its sole discretion may delegate to the President
of the Company any or all of its powers under this Plan with regard to the
granting and administration of Options to Eligible Persons, provided that the
Disinterested Committee may not delegate its duties with respect to granting
Options to, or otherwise with respect to Options granted to, Eligible Persons
who are subject to Section 16(b) of the Act or Section 162(m) of the Code.

     SECTION 5. EXERCISE PRICE. The Exercise Price per Share shall be determined
by the Committee at the time of grant. Notwithstanding anything contained herein
and in the Share Option Plan to the contrary but subject to Section 11 below,
the Exercise Price of any Incentive Stock Option shall not be less than one
hundred percent (100%) of the Fair Market Value per Share on the Date of Grant.

     SECTION 6. EXERCISE OF OPTIONS.

          (a) At the discretion of the Committee, each Option shall specify a
vesting schedule that governs when the Option becomes exercisable; provided,
however, that if the Optionee is an Eligible Person on the date that a Change in
Control occurs, unless such vesting would subject the Optionee to the excise tax
under Section 4999 of the Code, all Options shall become fully vested and
immediately exercisable on the day before the date of such Change in Control,
and if the Optionee ceases to be an Eligible Person by reason of his death or
disability, any Options held by the Optionee shall become fully vested and
immediately exercisable on the date such Optionee ceases to be an Eligible
Person. In no event shall an Option be exercisable after the expiration of ten
(10) years from the Date of Grant.

          (b) An Option shall be deemed exercised when (i) the Company has
received written notice of such exercise in accordance with the terms of the
Option, (ii) full payment of the aggregate exercise price of the Shares as to
which the Option is exercised has been made, and (iii) arrangements that are
satisfactory to the Committee in its sole discretion have been made for the
Optionee's payment to the Company of the amount, if any, that the Committee
determines to be necessary for the Company or a Subsidiary to withhold in
accordance with applicable federal or state income tax withholding requirements.

          (c) The Committee will determine the acceptable form of consideration
for exercising an Option, including the method of payment. Such consideration
may consist partially or entirely of:

               (i) cash;

               (ii) certified or cashier's check payable to the order of the
          Company;

               (iii) a promissory note made by the Optionee in favor of the
          Company;

                                      -5-

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               (iv) other Shares which have a Fair Market Value on the date of
          surrender equal to the aggregate exercise price of the Shares as to
          which an Option will be exercised; or

               (v) any other consideration and method of payment for the
          issuance of Shares to the extent permitted by applicable laws.

     SECTION 7. TERMINATION OF OPTION PERIOD.

          (a) Unless otherwise provided in any Option or as determined by the
Committee upon the occurrence of the stated event, the unvested portion of an
Option shall automatically and without notice terminate, and the then
exercisable but unexercised portion of an Option shall automatically and without
notice terminate and become null and void, after the earliest to occur of the
following: (i) two years following the death of the Optionee, (ii) two years
following the total and permanent "disability" (as defined in Section 22(e)(3)
of the Code) of the Optionee, (iii) with respect to an Option held by a person
who is an Employee but who is not also a Consultant or a Director, one year
following the date on which the Optionee ceases to be an Eligible Person for any
reason other than death, total and permanent "disability" (as defined in Section
22(e)(3) of the Code), or termination for Cause, (iv) with respect to an Option
held by a person who is a Director but who is not also a Employee or Consultant
(regardless of whether or not such person was an Employee or Consultant at the
time of the grant), one year following the date on which the Optionee ceases to
be a Director for any reason other than death, disability (as defined in Section
22(e)(3) of the Code), or Cause, (v) with respect to an Option held by a person
who is both a Director and an Employee (regardless of whether or not such person
was a Director or an Employee at the time of grant), one year following the date
on which the Optionee is neither a Director nor an Employee for any reason other
than death, disability (as defined in Section 22(e)(3) of the Code), or Cause or
(vi) immediately upon the termination of an Optionee as an Eligible Person for
Cause. In no event, however, shall the one-year or two-year periods described in
this Section 7(a) extend beyond the exercise period stated on the Option.

          (b) In the event of the death of the Optionee, Options held by such
Optionee may be exercised by the Optionee's legal representative(s), but only to
the extent that such Options would otherwise have been exercisable by the
Optionee.

          (c) For purposes of the Plan, the transfer of an Employee's employment
between the Company and any Subsidiary or between Subsidiaries shall not be
deemed to be a termination of the Employee's employment.

     SECTION 8. ADJUSTMENT OF SHARES.

          (a) If at any time while the Plan is in effect or unexercised Options
are outstanding, there shall be any increase or decrease in the number of issued
and outstanding Shares through the declaration of a stock dividend or through
any recapitalization resulting in a stock split-up, combination or exchange of
Shares, then and in such event:

               (i) appropriate adjustment shall be made in the maximum number of
Shares then subject to being optioned under the Plan, so that the same
proportion of the Company's issued and outstanding Shares shall continue to be
subject to being so optioned; and

                                      -6-

<page>

               (ii) appropriate adjustment shall be made in the number of Shares
and the exercise price per Share thereof then subject to outstanding Options, so
that the same proportion of the Company's issued and outstanding Shares shall
remain subject to purchase at the same aggregate exercise price.

          (b) Upon the happening of a merger, reorganization or sale of
substantially all of the assets of the Company, the Committee, subject to
Regulatory Approval, may do one or more of the following: (i) shorten the period
during which Options are exercisable (provided they remain exercisable for at
least thirty (30) days after the date notice of such shortening is given to the
Optionees), (ii) arrange to have the surviving or successor entity or any parent
entity thereof assume the Options or grant replacement options with appropriate
adjustments in the option prices and adjustments in the number and kind of
securities issuable upon exercise or adjustments so that the Options or their
replacements represent the right to purchase the shares of stock, securities or
other property (including cash) as may be issuable or payable as a result of
such transaction with respect to or in exchange for the number of Shares of
Common Stock purchasable and receivable upon exercise of the Options had such
exercise occurred in full prior to such transaction or (iii) cancel Options upon
payment to the Optionees in cash, with respect to each Option to the extent then
exercisable, of an amount that is the equivalent of the excess of the Fair
Market Value of the Common Stock (at the effective time of the merger,
reorganization, sale or other event) over the exercise price of the Option. The
Committee may also provide for one or more of the foregoing alternatives in any
particular option agreement.

          (c) Except as otherwise expressly provided herein and subject to
Regulatory Approval, the issuance by the Company of shares of its capital stock
of any class, or securities convertible into shares of capital stock of any
class, either in connection with direct sale or upon the exercise of rights or
warrants to subscribe therefor, or upon conversion of shares or obligations of
the Company convertible into such shares or other securities, shall not affect,
and no adjustment by reason thereof shall be made with respect to the number of
Shares reserved for issuance under the Plan or the number of or exercise price
of Shares then subject to outstanding Options granted under the Plan.

          (d) Without limiting the generality of the foregoing, the existence of
outstanding Options granted under the Plan shall not affect in any manner the
right or power of the Company to make, authorize or consummate (i) any or all
adjustments, recapitalizations, reorganizations or other changes in the
Company's capital structure or its business; (ii) any merger or consolidation of
the Company; (iii) any issue by the Company of debt securities, or preferred or
preference stock that would rank above the Shares subject to outstanding
Options; (iv) the dissolution or liquidation of the Company; (v) any sale,
transfer or assignment of all or any part of the assets or business of the
Company; or (vi) any other corporate act or proceeding, whether of a similar
character or otherwise.

     SECTION 9. TRANSFERABILITY OF OPTIONS. Each Incentive Stock Option shall
provide that such Incentive Stock Option shall not be transferable by the
Optionee otherwise than by will or the laws of descent and distribution and that
so long as an Optionee lives, only such Optionee or his guardian or legal
representative shall have the right to exercise such Incentive Stock Option. The
Committee, in its sole discretion, may provide in the agreement governing any
Nonqualified Stock Option that such Nonqualified Stock Option shall be
transferable to the Optionee's spouse or children, to a trust solely for the
benefit of the transferor, his spouse, or children, or pursuant to the terms of
a qualified domestic relation order (as defined in Section 414(p)(1)(A) of the
Code).

                                      -7-

<page>

     SECTION 10. ISSUANCE OF SHARES. No person shall be, or have any of the
rights or privileges of, a shareholder of the Company with respect to any of the
Shares subject to an Option unless and until certificates representing such
Shares shall have been issued and delivered to such person. As a condition of
any transfer of the certificate for Shares, the Committee may obtain such
agreements or undertakings, if any, as it may deem necessary or advisable to
assure compliance with any provision of the Plan, the agreement evidencing the
Option or any law or regulation including, but not limited to, the following:

          (a) A representation, warranty or agreement by the Optionee to the
Company at the time any Option is exercised that he or she is acquiring the
Shares to be issued to him or her for investment and not with a view to, or for
sale in connection with, the distribution of any such Shares; and

          (b) A representation, warranty or agreement to be bound by any legends
that are, in the opinion of the Committee, necessary or appropriate to comply
with the provisions of any securities laws deemed by the Board to be applicable
to the issuance of the Shares and are endorsed upon the Share certificates.

     SECTION 11. OPTIONS FOR 10% SHAREHOLDER. Notwithstanding any other
provisions of the Plan to the contrary, an Incentive Stock Option shall not be
granted to any person owning directly (or indirectly through attribution under
Section 424(d) of the Code) at the Date of Grant, stock possessing more than 10%
of the total combined voting power of all classes of stock of the Company (or of
its parent or subsidiary [as defined in Section 424 of the Internal Revenue
Code] at the Date of Grant) unless the exercise price of such Incentive Stock
Option is at least 110% of the Fair Market Value of the Shares subject to such
Incentive Stock Option on the Date of Grant, and the period during which the
Incentive Stock Option may be exercised does not exceed five (5) years from the
Date of Grant.

     SECTION 12. NONQUALIFIED STOCK OPTIONS. Nonqualified Stock Options may be
granted hereunder and shall be subject to all terms and provisions hereof except
that each such Nonqualified Stock Option (i) must be clearly designated as a
Nonqualified Stock Option; (ii) may be granted for Shares in excess of the
limits contained in Section 3(b) of this Plan; and (iii) shall not be subject to
Section 11 of this Plan. If both Incentive Stock Options and Nonqualified Stock
Options are granted to an Optionee, the right to exercise, to the full extent
thereof, Options of either type shall not be contingent in whole or in part upon
the exercise of, or failure to exercise, Options of the other type.

     SECTION 13. ADMINISTRATION OF THE PLAN.

          (a) The Plan shall be administered by the Compensation Committee of
the Board of Directors or other committee thereof as appointed by the Board of
Directors (the "Committee"). The "Disinterested Committee" shall be appointed by
the Board of Directors and shall be composed of Outside Directors. The
Disinterested Committee shall administer the Plan with respect to all Eligible

                                      -8-

<page>

Persons who are "covered employees" under Code Section 162(m) or are subject to
Rule 16b-3, and all members of the Board of Directors who participate in the
Plan, if any. The number of persons that shall constitute the Committee and the
Disinterested Committee shall be determined from time to time by a majority of
all the members of the Board of Directors and, unless that majority of the Board
of Directors determines otherwise or Rule 16b-3 is amended to require otherwise,
shall be no less than two persons. To the extent that Rule 16b-3 promulgated
under the Act requires a system of administration that is different from this
Section 13, this Section 13 shall automatically be deemed amended to the extent
necessary to cause it to be in compliance with Rule 16b-3.

          (b) Subject to Regulatory Approval, the Committee, from time to time,
may adopt rules and regulations for carrying out the purposes of the Plan. The
determinations and the interpretation and construction of any provision of the
Plan by the Committee shall be final and conclusive.

          (c) Subject to Regulatory Approval and subject to the express
provisions of this Plan, the Committee shall have the authority, in its sole and
absolute discretion (i) to adopt, amend, and rescind administrative and
interpretive rules and regulations relating to this Plan or any Option; (ii) to
construe the terms of this Plan or any Option; (iii) as provided in Section
8(a), upon certain events to make appropriate adjustments to the exercise price
and number of Shares subject to this Plan and Option; and (iv) to make all other
determinations and perform all other acts necessary or advisable for
administering this Plan, including the delegation of such ministerial acts and
responsibilities as the Committee deems appropriate. Subject to Rule 16b-3 and
Code Section 162(m), the Disinterested Committee may correct any defect, supply
any omission, or reconcile any inconsistency in the Plan or in any Option in the
manner and to the extent it deems necessary or desirable to carry the Plan into
effect, and the Disinterested Committee shall be the sole and final judge of
that necessity or desirability. The determinations of the Disinterested
Committee on the matters referred to in this Section 13(c) shall be final and
conclusive.

          (d) Notwithstanding any provision to the contrary herein, (i) the
number of securities issuable to insiders, at any time, under all security based
compensation arrangements, cannot exceed 10% of issued and outstanding
securities; and (ii) the number of securities issued to insiders, within any one
year period, under all security based compensation arrangements, cannot exceed
10% of issued and outstanding securities.

          (e) The Committee is expressly authorized to make modifications to the
Plan as necessary to effectuate the intent of the Plan as a result of any
changes in the tax, accounting, or securities laws treatment of Participants and
the Plan.

     SECTION 14. GOVERNMENT REGULATIONS. This Plan, Options and the obligations
of the Company to sell and deliver Shares under any Options, shall be subject to
all applicable laws, rules and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required,
including but not limited to the Regulatory Approval.

                                      -9-

<page>

     SECTION 15. MISCELLANEOUS.

          (a) The proceeds received by the Company from the sale of Shares
pursuant to an Option shall be used for general corporate purposes.

          (b) The grant of an Option shall be in addition to any other
compensation paid to the Optionee or other stock option plans of the Company or
other benefits with respect to the Optionee's position with or relationship to
the Company or its Subsidiaries. The grant of an Option shall not confer upon
the Optionee the right to continue as an Employee, Consultant, or Director, or
interfere in any way with the rights of the Company to terminate his status as
an Employee, Consultant, or Director.

          (c) Neither the members of the Board of Directors nor any member of
the Committee shall be liable for any act, omission, or determination taken or
made in good faith with respect to this Plan or any Option, and members of the
Board of Directors and the Committee shall, in addition to all other rights of
indemnification and reimbursement, be entitled to indemnification and
reimbursement by the Company in respect of any claim, loss, damage, liability or
expense (including attorneys' fees, the costs of settling any suit, provided
such settlement is approved by independent legal counsel selected by the
Company, and amounts paid in satisfaction of a judgment, except a judgment based
on a finding of bad faith) arising from such claim, loss, damage, liability or
expense to the full extent permitted by law and under any directors' and
officers' liability or similar insurance coverage that may from time to time be
in effect.

          (d) Any issuance or transfer of Shares to an Optionee, or to his legal
representative, heir, legatee, or distributee in accordance with the provisions
of this Plan or the applicable Option, shall, to the extent thereof, be in full
satisfaction of all claims of such persons under the Plan. The Committee may
require any Optionee, legal representative, heir, legatee or distributee as a
condition precedent to such payment or issuance or transfer of Shares, to
execute a release and receipt for such payment or issuance or transfer of Shares
in such form as it shall determine.

          (e) Neither the Committee nor the Company guarantees Shares from loss
or depreciation.

          (f) All expenses incident to the administration, termination, or
protection of this Plan or any Option, including, but not limited to, legal and
accounting fees, shall be paid by the Company; provided, however, the Company
may recover any and all damages, fees, expenses and costs arising out of any
actions taken by the Company to enforce its rights under this Plan or any
Option.

          (g) Records of the Company shall be conclusive for all purposes under
this Plan or any Option, unless determined by the Committee or the Board to be
incorrect.

          (h) The Company shall, upon request or as may be specifically required
under this Plan or any Option, furnish or cause to be furnished all of the
information or documentation that is necessary or required by the Committee to
perform its duties and functions under this Plan or any Option.

                                      -10-

<page>

          (i) The Company assumes no liability to any Optionee or his legal
representatives, heirs, legatees or distributees for any act of, or failure to
act on the part of, the Company, the Committee or the Board.

          (j) Any action required of the Company or the Committee relating to
this Plan or any Option shall be by resolution of the Company or Committee,
respectively, or by a person authorized to act by resolution of the Company or
Committee, respectively.

          (k) If any provision of this Plan or any Option is held to be illegal
or invalid for any reason, the illegality or invalidity shall not affect the
remaining provisions of this Plan or any Option, but such provision shall be
fully severable, and the Plan or Option, as applicable, shall be construed and
enforced as if the illegal or invalid provision had never been included in the
Plan or Option, as applicable.

          (1) Whenever any notice is required or permitted under this Plan, such
notice must be in writing and personally delivered, telecopied (if confirmed),
sent by mail or delivery by a nationally recognized courier service. Any notice
required or permitted to be delivered under an Option shall be deemed to be
delivered on the date on which it is personally delivered, or, if telecopied,
upon confirmation of receipt, or, if mailed, whether actually received or not,
on the third Business Day after it is deposited in the United States mail,
certified or registered, postage prepaid, addressed to the person who is to
receive it at the address that such person has previously specified by written
notice delivered in accordance with this Section 15(1) or, if by courier,
seventy-two (72) hours after it is sent, addressed as described in this Section
15(1). The Company or the Optionee may change, at any time and from time to
time, by written notice to the other, the address that it or he had previously
specified for receiving notices. Until changed in accordance with this Plan, the
Company and the Optionee shall specify as its and his address for receiving
notices the address set forth in the Option pertaining to the Shares to which
such notice relates.

          (m) Any person entitled to notice under this Plan may waive such
notice.

          (n) The titles and headings of Sections are included for convenience
of reference only and are not to be considered in construction of this Plan's
provisions.

          (o) All questions arising with respect to the provisions of this Plan
shall be determined by application of the laws of the State of Delaware except
to the extent Delaware law is preempted by federal law. The obligation of the
Company to sell and deliver Shares under this Plan is subject to applicable laws
and to the approval of any governmental authority required in connection with
the authorization, issuance, sale, or delivery of such Shares.

          (p) Words used in the masculine shall apply to the feminine where
applicable, and wherever the context of this Plan dictates, the plural shall be
read as the singular and the singular as the plural.

          (q) The Company shall be entitled to recover from an Optionee
reasonable attorneys' fees incurred in connection with the enforcement of the
terms and provisions of the Plan and any agreement governing any Option, whether
by an action to enforce specific performance, or an action for damages for its
breach or otherwise.

                                      -11-

<page>

     SECTION 16. AMENDMENT AND DISCONTINUATION OF THE PLAN. The Board may from
time to time amend, suspend or terminate the Plan or any Option; provided,
however, that no such amendment may alter any provision of the Plan or any
Option without compliance with any applicable shareholder approval requirements
promulgated under the Internal Revenue Code, if applicable, or by any stock
exchange or market on which the Common Stock of the Company is listed for
trading, including the Toronto Stock Exchange, and provided, further, that,
except to the extent provided in Section 7, no amendment or suspension of the
Plan or any Option issued hereunder shall, except as specifically permitted in
any Option, substantially impair any Option previously granted to any Optionee
without the consent of such Optionee.

     SECTION 17. EFFECTIVE DATE AND TERMINATION DATE. The effective date of the
Plan is the date set forth below, on which date the Board of the Company adopted
this Plan; provided, however, that the Plan is approved by the Company's
shareholders within twelve (12) months before or after the Plan is adopted. The
Plan shall terminate on the tenth anniversary of the effective date.

ADOPTED BY THE BOARD: _______           APPROVED BY THE COMPENSATION
EFFECTIVE DATE: ____________            COMMITTEE
                                        EFFECTIVE DATE: _____________________

PACIFIC ENERGY RESOURCES LTD.
                                        APPROVED BY THE SHAREHOLDERS
                                        EFFECTIVE DATE: _____________

By: ______________________________
     Darren Katic, President

                                      -12-

<page>

                          PACIFIC ENERGY RESOURCES LTD.

                             2006 SHARE OPTION PLAN

                             STOCK OPTION AGREEMENT

     Unless otherwise defined herein, the terms defined in the 2006 Share Option
Plan of Pacific Energy Resources Ltd. shall have the same defined meanings in
this Stock Option Agreement ("Option Agreement").

I.   NOTICE OF GRANT

     NAME:     _________________________________

     ADDRESS:  _________________________________

     The undersigned Optionee has been granted an Option to purchase Common
Stock of the Company, subject to the terms and conditions of the Plan and this
Option Agreement, as follows:

     Grant Number                  ___________________________________________

     Date of Grant                 ___________________________________________

     Exercise Price per Share      ___________________________________________

     Total Number of Shares        ___________________________________________

     Total Exercise Price          ___________________________________________

     Type of Option:               ____ Incentive Stock Option

                                   ____ Nonqualified Stock Option

     Term/Expiration Date:         ___________________________________________

     Vesting Schedule:
     -----------------

     Subject to the teens and conditions of the Plan, this Option shall vest and
become exercisable according to the following schedule:

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

                                      -13-

<page>

     Termination Period:
     -------------------

Any unexercised portion of this Option shall automatically and without notice
terminate and become null and void, after the earliest to occur of the
following:

          (a) six (6) months following the death or disability of the Optionee;

          (b) thirty (30) days following the date on which the Optionee ceases
     to be an Eligible Person for any reason other than death, disability, or
     termination for Cause; or

          (c) immediately upon the termination of an Optionee as an Eligible
     Person for Cause.

     In no event, however, shall the periods described above extend beyond the
Term/Expiration Date provided above or beyond the expiration of five (5) years
from the Date of Grant.

II.  AGREEMENT

     1. Grant of Option. The Committee (or the Disinterested Committee, if
applicable) hereby grants to the Optionee named in the Notice of Grant (the
"Optionee"), an option (this "Option") to purchase the number of Shares set
forth in the Notice of Grant, at the exercise price per Share set forth in the
Notice of Grant (the "Exercise Price"), and subject to the terms and conditions
of the Plan, which is incorporated herein by reference, and this Option
Agreement. Subject to Section 8 of the Plan, in the event of a conflict between
the terms and conditions of the Plan and this Option Agreement, the terms and
conditions of the Plan shall prevail.

     If designated in the Notice of Grant as an Incentive Stock Option ("ISO"),
this Option is intended to qualify as an Incentive Stock Option as defined in
Section 422 of the Code. Nevertheless, to the extent that it exceeds the
$100,000 rule of Code Section 422(d), this Option shall be treated as a
Nonqualified Stock Option ("NSO").

     2. Exercise of Option.

          (a) Right to Exercise. This Option shall vest and become exercisable
during its term in accordance with the Vesting Schedule set out in the Notice of
Grant and with the applicable provisions of the Plan and this Option Agreement.

          (b) Method of Exercise. This Option shall be exercisable by delivery
of an exercise notice in the form attached as Exhibit A (the "Exercise Notice"),
which shall state the election to exercise this Option, the number of Shares
with respect to which this Option is being exercised ("Exercised Shares"), and
such other representations and agreements as may be required by the Company. The
Exercise Notice shall be accompanied by payment of the aggregate Exercise Price
as to all Exercised Shares. This Option shall be deemed to be exercised when (i)
the Company has received a fully executed Exercise Notice, (ii) full payment of
the aggregate Exercise Price for the Exercised Shares has been made, and (iii)
arrangements that are satisfactory to the Committee (or the Disinterested
Committee, if applicable) in its sole discretion have been made for the
Optionee's payment to the Company of the amount, if any, that the Committee (or
the Disinterested Committee, if applicable) determines to be necessary for the
Company or a Subsidiary to withhold in accordance with applicable federal or
state income tax withholding requirements.

                                      -14-

<page>

          No Shares shall be issued pursuant to the exercise of an Option unless
the issuance and the exercise complies with all applicable laws, rules and
regulations as determined by the Committee (or the Disinterested Committee, if
applicable) in its sole discretion. Assuming such compliance, for income tax
purposes the Shares shall be considered transferred to the Optionee on the date
on which the Option is exercised with respect to the Shares.

     3. Optionee's Representations. If the issuance of the Shares is not
registered under the Securities Act of 1933 ("Securities Act") at the time this
Option is exercised, then the Optionee shall, if requested by the Company,
deliver to the Company his or her Investment Representation Statement in the
form attached hereto as Exhibit B.

     4. Method of Payment. Payment of the aggregate Exercise Price shall be by
any of the following, or a combination thereof, at the election of the Optionee:

          (a) cash;

          (b) certified or cashier's check payable to the order of the Company;

          (c) other Shares which have a Fair Market Value on the date of
     surrender equal to the aggregate Exercise Price of the Shares as to which
     this Option will be exercised; or

          (d) any other consideration and method of payment for the issuance of
     Shares to the extent permitted by applicable laws and authorized by the
     Committee (or the Disinterested Committee, if applicable).

     5. Restrictions on Exercise. This Option may not be exercised until such
time as the Plan has been approved by the stockholders of the Company, or if the
issuance of the Shares upon exercise or the method of payment of consideration
for the Shares would constitute a violation of any applicable law.

     6. Non-Transferability of Option. This Option may not be transferred in any
manner otherwise than by will or by the laws of descent or distribution and may
be exercised during the lifetime of Optionee only by Optionee or his guardian or
legal representative. The terms of the Plan and this Option Agreement shall be
binding upon the executors, administrators, heirs, successors and assigns of the
Optionee.

     7. Term of Option. This Option may be exercised only within the term set
out in the Notice of Grant, and may be exercised during such term only in
accordance with the Plan and the terms of this Option Agreement.

                                      -15-

<page>

     8. Tax Obligations.

          (a) Withholding Taxes. The Optionee agrees to make appropriate
arrangements with the Company (or the Subsidiary employing or retaining
Optionee) for the satisfaction of all federal, state, local and foreign income
and employment tax withholding requirements applicable to the Option exercise.
The Optionee acknowledges and agrees that the Company may refuse to honor the
exercise and refuse to deliver Shares if the withholding amounts are not
delivered at the time of exercise.

          (b) Notice of Disqualifying Disposition of ISO Shares. If this Option
is an ISO, and if the Optionee sells or otherwise disposes of any of the Shares
acquired pursuant to the ISO on or before the later of (i) the date two (2)
years after the Date of Grant, or (ii) the date one (1) year after the date of
exercise, the Optionee shall immediately notify the Company in writing of the
disposition. The Optionee agrees that the Optionee may be subject to income tax
withholding by the Company on the compensation income recognized by the
Optionee.

     9. Entire Agreement. The Plan is incorporated herein by reference. The Plan
and this Option Agreement constitute the entire agreement of the parties with
respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and the Optionee with respect to the
subject matter hereof, and may not be modified adversely to the Optionee's
interest except by means of a writing signed by the Company and the Optionee.

     10. Governing Law. The corporate laws of the State of Delaware shall govern
all issues concerning the relative rights of the Company and its security
holders under this Stock Option Agreement. All other questions and obligations
under this Option Agreement shall be construed and enforced in accordance with
the internal laws of the State of California, without giving effect to any
choice of law or conflict of law provision or rule (whether of the State of
California or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of California. In any action,
dispute, litigation or other proceeding concerning this Option Agreement
(including arbitration), exclusive jurisdiction shall be with the courts of
California, with the County of Los Angeles being the sole venue for the bringing
of the action or proceeding.

     11. No Guarantee of Continued Service. THE OPTIONEE ACKNOWLEDGES AND AGREES
THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED
ONLY BY CONTINUING AS AN ELIGIBLE PERSON AT THE WILL OF THE COMPANY (NOT THROUGH
THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES
HEREUNDER). THE OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET
FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED
ENGAGEMENT AS AN ELIGIBLE PERSON FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT
ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH THE OPTIONEE'S RIGHT OR THE
COMPANY'S RIGHT TO TERMINATE THE OPTIONEE'S RELATIONSHIP AS AN ELIGIBLE PERSON
AT ANY TIME, WITH OR WITHOUT CAUSE.

                                      -16-

<page>

     The Optionee acknowledges receipt of a copy of the Plan and represents that
he or she is familiar with the terms and provisions thereof, and hereby accepts
this Option subject to all of the terms and provisions thereof. The Optionee has
reviewed the Plan and this Option in their entirety, has had an opportunity to
obtain the advice of counsel prior to executing this Option and fully
understands all provisions of this Option. The Optionee hereby agrees to accept
as binding, conclusive and final all decisions or interpretations of the
Committee (or the Disinterested Committee, if applicable) upon any questions
arising under the Plan or this Option. The Optionee further agrees to notify the
Company upon any change in the residence address indicated below.

     IN WITNESS WHEREOF, the Company has caused this Option Agreement to be duly
executed by its officer thereunto duly authorized, and the Optionee has hereunto
,set his or her hand, on the respective dates set forth below, to memorialize
the grant of the Option that occurred as of the Date of Grant set forth in the
above Notice of Grant.

OPTIONEE                                   PACIFIC ENERGY RESOURCES LTD.

                                           By:
---------------------------------------        ---------------------------------
Signature

                                           Title:
---------------------------------------           ------------------------------
Print Name

                                           Date:
---------------------------------------          -------------------------------

---------------------------------------
Residence Address

---------------------------------------
Social Security Number/Taxpayer ID

Date:
      ---------------------------------

                                      -17-

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