Exhibit 99.1

     Pope Resources More Than Doubles Its Quarterly Distribution

    POULSBO, Wash.--(BUSINESS WIRE)--Aug. 18, 2004--Pope Resources
(Nasdaq:POPEZ) announced today a quarterly distribution of 15 cents
per unit, effective for unitholders of record on September 1, 2004 and
payable on September 15, 2004. This represents a 114% increase in the
partnership's quarterly distribution, or an eight-cent increase from
the prior quarterly distribution of seven cents per unit. David L.
Nunes, President and CEO said, "We are pleased that improvement in the
company's bottom-line performance has allowed us to grow our
distribution. This substantial increase in our distribution payout
underscores our desire to return more value to our unitholders, while
still preserving adequate capital to facilitate future growth for the
company."

    About Pope Resources

    Pope Resources, a publicly traded limited partnership, and its
subsidiaries Olympic Resource Management and Olympic Property Group,
own 118,000 acres of timberland and development property in
Washington. In addition, it provides 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.

    CONTACT: Pope Resources
             Tom Ringo, VP & CFO, 360-697-6626
             Fax, 360-697-1156