Pacific Energy Resources Ltd. has confirmed the closing of the LA Basin portion of the onshore California assets sale for US $101 million in cash (net of customary purchase price adjustments). The Company announced the execution of definitive agreements to sell its LA Basin and San Joaquin assets on May 21. The balance of the sale, US $34 million for the San Joaquin producing assets, is expected to close by July 31, 2008.
Darren Katic, President states; "We are pleased with the closing of the first portion of the sale of the California onshore producing assets. We are committed to our planned debt reduction target of 20% by year end and focused on the redevelopment of our core assets in offshore California and Alaska."