Exhibit 99.1

       Pope Resources Adopts Unit Repurchase Plan for up to $5 Million in
                             Limited Partner Units

     POULSBO, Wash.--(BUSINESS WIRE)--Oct. 31, 2007--Pope Resources
(NasdaqGSM:POPEZ), A Delaware Limited Partnership, today announced that the
company has adopted a unit repurchase plan. Under the plan the Partnership may
repurchase limited partner units having an aggregate value of not more than
$5,000,000. The plan permits the partnership's management to repurchase units in
compliance with Rule 10b-18 promulgated under the Securities Exchange Act of
1934, as amended, and includes provisions permitting management to enter into
one or more programmed trading plans permitted under Exchange Act Rule 10b5-1.
This rule allows an issuer to repurchase its securities at times when it
otherwise might be prevented from doing so under insider trading laws or because
of self-imposed trading blackout periods. Any programmed trading plan
implemented by the partnership would be adopted only at times during which no
restriction exists under such laws and while no blackout period is in effect.

     The unit repurchase period will commence November 1, 2007 and may continue
for up to one year. While the aggregate maximum purchase price of units
repurchased under the plan is $5,000,000, the actual price of any units
repurchased under the plan is subject to management's discretion and to the
terms of any applicable Rule 10b5-1 plan. There is no guarantee as to the exact
number of units that will be repurchased under the repurchase program, and the
company may discontinue purchases at any time. Repurchased units will be
redeemed and retired.

     About Pope Resources

     Pope Resources, a publicly traded limited partnership, and its subsidiaries
Olympic Resource Management and Olympic Property Group, own or manage over
430,000 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.


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