Document:

<PAGE>

EXHIBIT 4.10

                          PACIFIC ENERGY RESOURCES LTD.
                              1065 West Pier E St.
                        Long Beach, California 90802-1015

                           UNIT SUBSCRIPTION AGREEMENT
                                (U.S. RESIDENTS)

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

AND TO:           Energy Capital Solutions, LP (the "PLACEMENT AGENT")

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
of CAD $1.30 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 ("WARRANTS"). Each one (1) whole Warrant shall
entitle the holder to acquire one (1) Common Share (a "WARRANT SHARE") at a
price of CAD $1.70 per Warrant Share for a period of three years from the
Closing Date (as hereinafter defined). The Subscriber agrees to be bound by the
attached terms and conditions of subscription (the "TERMS AND Conditions") and
agrees that the Corporation may rely upon the representations, warranties and
covenants contained therein and in the applicable Subscriber Certificate (as
hereinafter defined). This subscription, plus the Terms and Conditions and each
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

<TABLE>
<S>     <C>
-----------------------------------------------------       Number of Units*:
(Name of Subscriber)                                                          -------------------------

                                                            Share Price:    X
Account Reference (if applicable):                                               ----------------------
                                  -------------------                                    =
                                                            Aggregate Subscription Price:
By:                                                                                      --------------
    -------------------------------------------------                        (the "SUBSCRIPTION PRICE")
    Authorized Signature

-----------------------------------------------------
(Official Capacity or Title - if the Subscriber             IF THE SUBSCRIBER IS SIGNING AS AGENT FOR A
is not an individual)                                       PRINCIPAL (BENEFICIAL PURCHASER) AND IS NOT
                                                            PURCHASING AS TRUSTEE OR AGENT FOR ACCOUNTS
                                                            FULLY MANAGED BY IT, COMPLETE THE FOLLOWING:

-----------------------------------------------------
(Name of individual whose signature appears above           -------------------------------------------
if different than the name of the Subscriber printed        (Name of Principal)
above.)

-----------------------------------------------------       --------------------------------------------
(Subscriber's Address, including State)                     (Principal's Address)

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

-----------------------------------------------------
(Telephone Number)                    (Email Address)

 *Calculated based on a fixed exchange rate of US$1.00 = CAD$1.1329 (which is the average noon buying
rate for the 10 trading days from November 3, 2006 through November 16, 2006 as reported by the Federal
Reserve Bank of New York)

                                      -2-

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

-----------------------------------------------------       --------------------------------------------
(Name)                                                      (Name)

-----------------------------------------------------       --------------------------------------------
(Account Reference, if applicable)                          (Account Reference, if applicable)

-----------------------------------------------------       --------------------------------------------
(Address, including Zip Code)                               (Address)

                                                            --------------------------------------------
                                                            (Contact Name)            (Telephone Number)

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

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

-----------------------------------------------------       * 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.
</TABLE>

                                      -3-

<page>

                          TYPE OF OWNERSHIP (CHECK ONE)

          Individual Ownership                    Joint Tenants with Right of
--------                                 -------  Survivorship
                                                  (both parties must sign)

          Corporation*                            Community Property
--------                                 -------  (Spouse's signature required)

          Partnership*                            Tenants-in-common
--------                                 -------  (both parties must sign)

          Trust or Pension Plan*
--------

--------------------
*  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.

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

By: ___________________________        ________________, 2006   Subscription No.

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

                                      -4-

<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) "ARON" means J. Aron & Company.

                  (c) "CLOSING" means the completion of the issue and sale of
         the Units to the Subscriber hereunder upon satisfaction of the
         conditions under both Escrow Agreements.

                  (d) "CLOSING DATE" means the date on which all conditions to
         the closing under both Escrow Agreements have been satisfied, but not
         later than March 31, 2007 (unless a later date is agreed to by the
         parties to the Escrow Agreements).

                  (e) "COMMON SHARE" means a share of common stock in the
         capital of the Corporation.

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

                  (g) "ESCROW AGENT" means U.S. Bank National Association.

                  (h) "ESCROW AGREEMENTS" means the Escrow Agreements by and
         among (as to the first Escrow Agreement) the Corporation, Aron, [SILVER
         POINT], Laurus Master Fund, Ltd., Erato Corp., Goldman, Sachs & Co.,
         D&D Securities Company and the Escrow Agent, and by and among (as to
         the second Escrow Agreement) the Corporation, Aron, [SILVER POINT],
         Aera Energy LLC, SWEPI LP and the Escrow Agent.

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

                  (j) "MMS" means the Minerals Management Service of the United
         States Department of the Interior.

                  (k) "OFFERING" means this private placement;

                  (l) "PLACEMENT AGENT" means Energy Capital Solutions, LLC

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

                  (n) "SUBSCRIBER" means the purchaser of Units hereunder.

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

                                      -1-

<page>

                  (p) "UNITS" means the units of the Corporation offered hereby;
         each Unit consisting of one (1) Common Share and one-half (1/2)
         Warrant.

                  (q) "WARRANTS" means the Common Share purchase warrants of the
         Corporation comprising part of the Units.

                  (r) "WARRANT SHARES" means the Common Shares underlying the
         Warrants.

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

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

         2.1 The 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.

         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 the Closing Date. If
the Closing does not occur on or before March 31, 2007 (unless a later date is
agreed to by the parties to the Escrow Agreement), the subscription proceeds
will be returned to the Subscriber with interest and without deduction and the
Subscriber will have the right to withdraw this subscription and to terminate
its obligations hereunder.

         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 Securities and Exchange Commission 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 at the end of this Subscription Agreement.

3.       REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS 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, for long-term investment, and not with a view to, or for
         sale in connection with, the distribution thereof. Subscriber has no
         present intention of selling, granting any participation in, or
         otherwise distributing the 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;

                                      -2-

<page>

                  (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;

                           (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 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
         Subscriber's personal circumstances, financial or otherwise, which may
         cause or require any sale or distribution by Subscriber of all or any
         part of the Units subscribed for herein;

                  (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, as well as the "Risk Factors" delivered
         by the Corporation to the Subscriber (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;

                                      -3-

<page>

                  (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;

                  (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.

                  (o) The Subscriber acknowledges that the Escrow Agent is
         acting only as an escrow agent in connection with the offering of the
         Units described herein, and has not endorsed, recommended or guaranteed
         the purchase, value or repayment of such Units.

         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;

                                      -4-

<page>

                  (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:

                           (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

                                      -5-

<page>

                           (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, sold or "sold short" any
         securities of the Corporation (except pursuant to this Subscription
         Agreement).

4.       ESCROW AND ISSUANCE OF SECURITIES.
         ----------------------------------

         4.1 The Subscriber agrees to deliver to the Placement Agent, as soon as
possible and, in any event, not later than 2:00 p.m. (Pacific Standard time) on
November 10, 2006; (a) this duly completed and executed Subscription Agreement;
(b) a duly executed Accredited Investor Certificate attached hereto as Exhibit
"A"; (c) 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; and (d) wire transfer of funds
representing the aggregate subscription price directly to the escrow account as
indicated on the facing page hereof.

         4.2 All of Subscriber's funds shall be placed into the interest-bearing
escrow account with the Escrow Agent listed on the facing page hereof.
Certificates representing the Units will also be placed with the Escrow Agent
pending the Closing. At or immediately after the Closing Time, the Corporation
will cause the Escrow Agent to forward to the Subscriber certificates
representing the Units registered in the name of the Subscriber or its nominee
as per the directions of the Subscriber on the face page of this Agreement. The
Subscriber's funds will then be either (a) used to purchase a Treasury Note to
support the Corporation's obligations to MMS to satisfy potential abandonment
liabilities or (b) placed into the Corporation's general banking account to be
used for working capital. If the Closing does not occur by the Closing Date, the
Subscriber's funds will be returned with interest.

5.       CONDITIONS TO CLOSING.
         ----------------------

         The obligation of the Subscriber to purchase and pay for the Units, the
Closing, and the release of any funds of the Subscriber held by the Escrow Agent
for the benefit of the Corporation are subject to the satisfaction, prior to or
at the Closing, of all the following conditions:

                  (a) The Corporation shall have entered into binding agreements
         with Aron that requires Aron to act as lead arranger of a debt facility
         available to the Corporation, on the terms and conditions set forth
         therein, in an amount that is not less than $100,000,000 (the "ARON
         FACILITY").

                  (b) An amount not less than $55,000,000 shall have been
         advanced to the Corporation under the Aron Facility and shall be
         outstanding at the Closing Date.

                  (c) MMS shall have delivered to the Corporation a written
         document evidencing the approval of MMS to the transfer of those
         certain oil and gas leases bearing Serial Nos. OCS-P 0300, 0301 and
         0306 pursuant to that certain Purchase and Sale Agreement dated June
         29, 2006 between the Corporation and Aera Energy LLC, which approval
         shall not be subject to any condition precedent that has not been
         fulfilled prior to or at the Closing.

                                      -6-

<page>

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

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

7.       LEGEND.
         -------

         The certificates representing the Units will bear a legend denoting the
restrictions on transfer. The Subscriber agrees to sell, assign or transfer the
Units 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,
                  PRIOR TO [four months from the initial closing date] 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 PRIOR TO SUCH
                  DATE."

                           (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 acknowledgements contained in this Agreement are made with the
intent that they may be relied upon by the Corporation in determining the
Subscriber's eligibility to purchase the Units and the Subscriber hereby agrees
to indemnify the Corporation against all losses, claims, costs, expenses and
damages or liabilities which it may suffer or incur caused or arising from its
reliance thereon. The Subscriber further agrees that 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.

                                      -7-

<page>

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 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.

                                      -8-

<page>

                                   EXHIBIT "A"

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

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

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

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

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

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

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

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

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

                                      -1-

<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

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

                                      -2-

<page>

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

SUBSCRIBER:                               _____________________________________
                                          (Signature and office, if applicable)

                                          _____________________________________
                                          (Print Name)

                                          _____________________________________
                                          (Address)

                                          _____________________________________
                                          (City/State/Zip Code)

                                          _____________________________________
                                          (Area Code/Telephone Number

                                      -3-<PAGE>

EXHIBIT 4.11

                          PACIFIC ENERGY RESOURCES LTD.
                              1065 West Pier E St.
                        Long Beach, California 90802-1015

                           UNIT SUBSCRIPTION AGREEMENT
                                (U.S. RESIDENTS)

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

AND TO:           Energy Capital Solutions, LP (the "PLACEMENT AGENT")

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
of CAD $1.30 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 ("WARRANTS"). Each one (1) whole Warrant shall
entitle the holder to acquire one (1) Common Share (a "WARRANT SHARE") at a
price of CAD $1.70 per Warrant Share for a period of three years from the
Closing Date (as hereinafter defined). The Subscriber agrees to be bound by the
attached terms and conditions of subscription (the "TERMS AND Conditions") and
agrees that the Corporation may rely upon the representations, warranties and
covenants contained therein and in the applicable Subscriber Certificate (as
hereinafter defined). This subscription, plus the Terms and Conditions and each
completed and executed Subscriber Certificate are collectively referred to as
the "SUBSCRIPTION AGREEMENT" or the "AGREEMENT".

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

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

Bateman and Company Ltd.
-----------------------------------------------------       Number of Units*:     802,800
(Name of Subscriber)                                                          -------------------------

                                                            Share Price:    X        CAD 1.30
Account Reference (if applicable):                                               ----------------------
                                  -------------------                                    =
                                                            Aggregate Subscription Price:  US$900,000
By:                                                                                      --------------
    -------------------------------------------------                        (the "SUBSCRIPTION PRICE")
    Authorized Signature

President
-----------------------------------------------------
(Official Capacity or Title - if the Subscriber             IF THE SUBSCRIBER IS SIGNING AS AGENT FOR A
is not an individual)                                       PRINCIPAL (BENEFICIAL PURCHASER) AND IS NOT
                                                            PURCHASING AS TRUSTEE OR AGENT FOR ACCOUNTS
                                                            FULLY MANAGED BY IT, COMPLETE THE FOLLOWING:
Ryan Bateman
-----------------------------------------------------
(Name of individual whose signature appears above           -------------------------------------------
if different than the name of the Subscriber printed        (Name of Principal)
above.)

PO Box 792, West Bay
-----------------------------------------------------       --------------------------------------------
(Subscriber's Address, including State)                     (Principal's Address)

Cayman Islands
-----------------------------------------------------

(345) 943-4766
-----------------------------------------------------
(Telephone Number)                    (Email Address)

 *Calculated based on an exchange rate of US$1.00 = CAD$1.1596 (the noon buying
  rate on December 26, 2006 as reported by the Federal Reserve Bank of New York)

<page>

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

Bateman and Company Ltd.                                    Bateman and Company
-----------------------------------------------------       --------------------------------------------
(Name)                                                      (Name)

                                                            Unit D, Trafalgar Place
-----------------------------------------------------       --------------------------------------------
(Account Reference, if applicable)                          (Account Reference, if applicable)

PO Box 792, West Bay, Cayman Islands                        West Bay Road, Cayman Islands
-----------------------------------------------------       --------------------------------------------
(Address, including Zip Code)                               (Address)

                                                            Ryan Bateman               (345) 943-4766
                                                            --------------------------------------------
                                                            (Contact Name)            (Telephone Number)

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

736,820 Shares of Common Stock
-----------------------------------------------------              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.

                          TYPE OF OWNERSHIP (CHECK ONE)

          Individual Ownership                    Joint Tenants with Right of
--------                                 -------  Survivorship
                                                  (both parties must sign)

   X      Corporation*                            Community Property
--------                                 -------  (Spouse's signature required)

          Partnership*                            Tenants-in-common
--------                                 -------  (both parties must sign)

          Trust or Pension Plan*
--------

--------------------
*    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.

                                                                ----------------
By:                                   December 28, 2006         Subscription No.
    ---------------------------
                                                                ----------------
</TABLE>

                                      -2-

<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 DATE" means December 28, 2006 (unless a later
         date is agreed to by the parties).

                  (c) "COMMON SHARE" means a share of common stock in the
         capital of the Corporation.

                  (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" means the purchaser of Units hereunder.

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

                  (j) "UNITS" means the units of the Corporation offered hereby;
         each Unit consisting of one (1) Common Share and one-half (1/2)
         Warrant.

                  (k) "WARRANTS" means the Common Share purchase warrants of the
         Corporation comprising part of the Units.

                  (l) "WARRANT SHARES" means the Common Shares underlying the
         Warrants.

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

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

         2.1 The 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.

                                      -1-

<page>

         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 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 Securities and Exchange Commission 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 at the end of this Subscription Agreement.

3.       REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS 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, for long-term investment, and not with a view to, or for
         sale in connection with, the distribution thereof. Subscriber has no
         present intention of selling, granting any participation in, or
         otherwise distributing the 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;

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

                                      -2-

<page>

                           (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 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
         Subscriber's personal circumstances, financial or otherwise, which may
         cause or require any sale or distribution by Subscriber of all or any
         part of the Units subscribed for herein;

                  (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, as well as the "Risk Factors" delivered
         by the Corporation to the Subscriber (collectively, the "DISCLOSURE
         DOCUMENTS"), and 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;

                                      -3-

<page>

                  (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:

                           (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;

                                      -4-

<page>

                           (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, sold or "sold short" any
         securities of the Corporation (except pursuant to this Subscription
         Agreement).

4.       SUBSCRIBER'S DELIVERIES; ISSUANCE OF SECURITIES.
         ------------------------------------------------

         4.1 The Subscriber has delivered to the Corporation, or agrees to
deliver to the Corporation as soon as possible: (a) this duly completed and
executed Subscription Agreement; (b) a duly executed Accredited Investor
Certificate attached hereto as Exhibit "A"; (c) 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; and (d)
wire transfer of funds representing the aggregate subscription price as
indicated on the facing page hereof.

         4.2 Reasonably promptly after the Closing Date, the Corporation will
forward to the Subscriber certificates representing the Units registered in the
name of the Subscriber or its nominee as per the directions of the Subscriber on
the face page of this Agreement.

5.       REGISTRATION STATEMENT.
         -----------------------

         The Corporation will prepare and file with the SEC a registration
statement covering 110% of the Common Shares and 110% of the Warrant Shares in
accordance with the terms of the Registration Rights Agreement executed by the
Corporation and attached hereto as Exhibit "B."

                                      -5-

<page>

6.       LEGEND.
         -------

         The certificates representing the Units will bear a legend denoting the
restrictions on transfer. The Subscriber agrees to sell, assign or transfer the
Units 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."

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

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

8.       MISCELLANEOUS.
         --------------

         8.1 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.

         8.2 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.

                                      -6-

<page>

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

         8.4 Time is of the essence of this Agreement.

         8.5 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.

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

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

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

         8.9 This Agreement will be governed by and construed in accordance with
the laws of the State of California.

                                      -7-

<page>

                                   EXHIBIT "A"

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

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

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

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

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

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

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

__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

<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

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

                            [signature page follows]

                                      -2-

<page>

         IN WITNESS WHEREOF, Subscriber has executed this Certificate as of
December 26, 2006.

SUBSCRIBER:                         --------------------------------------
                                    (Signature and office, if applicable)

                                         RYAN BATEMAN, PRESIDENT
                                    --------------------------------------
                                    (Print Name)

                                         PO BOX 792
                                    --------------------------------------
                                    (Address)

                                         WEST BAY, CAYMAN ISLANDS
                                    --------------------------------------
                                    (City/State/Zip Code)

                                         (345) 943-4766
                                    --------------------------------------
                                    (Area Code/Telephone Number

                                      -3-

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