Pope Resources Quarterly Distribution

Pope Resources (Nasdaq:POPEZ) announced today a
quarterly distribution of 25 cents per unit, effective for unitholders
of record on June 1, 2006 and payable on June 15, 2006.

   About Pope Resources

   Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property Group,
own or manage over 400,000 acres of timberland and development
property in Washington and Oregon. In addition, we provide forestry
consulting and timberland management services to third-party owners
and managers of timberland in Washington, Oregon, and California. The
company and its predecessor companies have owned and managed
timberlands and development properties for more than 150 years.
Additional information on the company can be found at www.orm.com. The
contents of our website are not incorporated into this release or into
our filings with the Securities and Exchange Commission.