Exhibit 99.1



           Pope Resources Increases Its Quarterly Distribution by 12%


    POULSBO, Wash.--(BUSINESS WIRE)--Aug. 23, 2006--Pope Resources
(Nasdaq:POPEZ) announced today a quarterly distribution of 28 cents
per unit, effective for unitholders of record on September 8, 2006 and
payable on September 22, 2006. This represents a 12% increase in the
partnership's quarterly distribution, or a three-cent increase from
the prior quarterly distribution of 25 cents per unit. "We are pleased
to be able to grow our distribution rate, while at the same time
assuring that we have adequate capital to facilitate the company's
future growth initiatives," said David L. Nunes, President and CEO.

    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.


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