UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE

rn re: Pacific Energy Alaska Oiierating. LLC.

Debtor

Case No. 09- J 0789

Reporting Period: May 200

MONTHLY OPERATING REPORT

REQulimDDoCuMNTS
Schedule of C.1sh Receints and Disbursements
Bank Reconciliation (or copies of debtor's bank reconcilations)

FrmNo.
MOR-I MOR-Ia MOR-Ib

Document Attached

EXPi.~Il11tion Affdavit/$upplenient

Schedule of Professional Pees Paid Coiiies of bank statements Cash disbursements journals St.1ement of Opemtions
Balance Sheet

./ ./

Attached Attached
N/A N/A N/A N/A N/A NlA N/A N/A N/A N/A N/A N/A N/A NfA
N/A N/A N/A N/A N/A N/A N/A N/A NlA N/A N/A NIA N/A N/A

'.
',.. '.'.' .......

./
N/A N/A

of Postpetition Taxes Copies of IRS Form 6123 or payiient receipt Copies of tax returns fied during reiiorting iiriod Summary 9fUnpaidPostpetition Debts Listing 9 aged accounts'Davable ACCntsReceivable Reconciliitiniind Aginl! DebtorQuestionnaiTe
Status

MOR-2 MOR-3 MOR-4

":",,,.,.,

:,"7'..
MOR-4

\
.,.'....

./ ./ ./
....

N/A N/A

MdlM
MOR-5 MOR-5

./ ./ ./ ./

r declare tinder penalty of perjury (28 U.S.C. Section J 746) that this report and the altached documents
are true and correct to the best of my knowledge and belief.

Signature of Debtor

Date

Date

o,ql;o/a
Title of Authorized riidividual

~ tff-rf

'Authorized iiidividu,u muSi be aii of director or shareholder if debtor is a corporation; a parner jf debior ticer, is a pannership: a manager or member if debtor is a limited liability company,

MaR
(04107

In re: Pacric Erirov Alaska OirntinR, LLC.

Debtor

Cns l\o,~
Repoiing Period:_YJay 2009_

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

BANK ACCUNS
SEGREAlED

OPll
CASH BEGINNING OI'PERIOD

148,7141

LOX

CURENT

249,943 I

.,

RETO.

P.CASH

55,86 I

ACTAL ACTAL
272 03

MO. CU. TO DATE

2,37611

953,917 I , 822,527 I

RECEIPT
CASH SALES
LOA"'! AXDADVAloCES

272.03
433 54
11

1.30.726
1,560.217

lll:-SfERS
OTHER

433 557

6078
439 624

5165637 272.04
5 165,637

51 51

5.171,766
5,677,356

5,168 450

TOTAt. RECEIPTS

8,072,393

DISBURSEMENTS

OPERA mw EXPENSES
mANSFERS TO LOCXBOX

33.327

25

33

336,68

956,519

TRAi'SFERS TO ESCROW
TRANSFERS TO PEO llANSFERS TO OPERATING
11 11

400,00
11

DEBT RED1Jo."
11\'TEREST PA YMENTS

271.96
20

271,96

1 ,309 647

Onir.R
TOTAL DISBURSEMENTS

338,33

272,013

20

22 22

246 333
610,930

8.00
2674577

NET CAH Fl.OW

RECEll lE DlSBUltSEMl\SI

CASH. EXD 01' MONTH

DISBURSEMENTS FOR CALCULTING US TRUSTEE QUARTELY FEES: (FROM CURRENT MONrH ACTAL COLUlIN!
TOTAL DISBtiRSEME.'i'r
I I I I

610,930
111

2674,577

LESS; TRANSFERS TO DEBTOR II' POSESSION ACCOUNrS

PLUS: ESAn D1SBUREME.'S MADE BY OUTSIDE

(40,011
2274,566

SOURCES (i,e, rronlCorow :Knls)

610.919

TOTAL DISBURSI!ME.'lTS fOR CALCUI..T1f'G 11,S. TRUSEE OUARTI!RI.\' FEES

FORM MOR-I

((~11

. PACIFIC ENERGY

June 30,2009
Offce of the United States Trustee

Subject: Attestation Reqard Bank Account Reconcilations

The debtor, Pacific Enemy Alaska Operatino, LLC., hereby submits this attestation regarding
bank account reconciliations in lieu of providing copies of bank statements and copies of all account reconciliations.

The debtor has, on a timely basis, performed all bank account reconciliation in the ordinary
course of its business. Copies of bank account statements and reconciliations are available

inspection upon request by the United States Trustee's Office.

for

Sworn to

and Subscribed

before me on this

30th

day of June, 2009.

Notary P blic

~i,~;
i~;W-I:?

j 'Nc ~la :: W ", lOSAHES COONTY

J .. ',' "~C.~.JAN20i2?~3J .. T _... .. ..' _ _ir .. .".,. ."'.."" 'I"

~:.... COMM, #183124( m

l' , ~ ' , . . MAGAi M~ ii L

MyCommission Expires:

Pacific Energy Resources Ltd, 111 West

Ocean Blvd., Suile 1240 Long Beach, CA 90802, Ph: 562-628-1526 Fax: 562-628-1536

. PACIFIC ENERGY

June 30, 2009

Office of the United States Trustee

Subject: Attestation of Reaard Postpetition Taxes

The debtor, Pacific Enerqv Alaska Operatinq, LLC., hereby

pospetition taxes.

submits this attestation regarding

All postpetition taxes for the debtor, which are not subject to dispute or reconcilation, are current. There are no material tax disputes or reconcilations.

Name: Gerry Tywon'uk

~-

Position: Sr. VP& ief Financial Offcer Sworn to and Subscribed

this 30th day of June, 2009.
before me on

_ 1.~' Notar ublic

My Commission Expires: t:J .1)

~, ' \ CQMM. 1#1831246 ~

r 1 d : t ~MAAiTi(riC' f

l3 . iNQai ~a :: LOSANlfSCO
).. u ..',. !"~'.~~~2J~3J

Pacific Energy Resources Ltd, 111 West Ocean Blvd., Suite 1240 Long Beach, CA90802, Ph: 562-628-1526 Fax: 562-628-1536

In reo Pacific Enellv Alaska Ooeraiinii. LLC, Debtor

Case No. 09.10789

Reporting Period:_May 2009_

BANK RECONCJLlA nONS

Coniio..ilon She.i ror :\IOR.l

IBALAi"CE PlR BOOKS

BANK BALCE
(+) DEPOSIT IN TIA:0Srr (AITACH L1SI) (-) OUTANDh'lG CHECKS (AITACH LIST)
OTHER (ATTACH EXPLANA11O~)

467.327

249,974

5,t65.617

552,709

2.043

6,37.670
-

(217,327)
250,000
249,974
-

(217.327 )
-

ADJUTED BAlI'K BALANCE'

. Adjusted bank ii1Jae must equ.iJ

5,165.617
-

552,709
-

2,043
-

6.iiO,.l43
-

balnce ocr bool:

FOM MOR-I:i (0107)

In re: Pacific Energy Alaska Ooeratine:. LLC.

Debtor

Case No. 09-10789 Reporting Period:_May 2009_

SCHEDULE OF PROFESIONAL FEES AND EXPENSES PAID

P~ee
Payor

Period Covered

Amount _Approved

Check Number Date

Year-To-Date

Amunt Paid Fees Exenses

Fees

Expenses

No profesional fees were paid post-petition.

FORM MOR-Ib
(04/07)

In re: Pacific Energy Alaska Operating, LLC. Debtor

Case No. 09-10789

Reporting Period:_May 2009_

STA TEMENT OF OPERATIONS

(I ncome Statement)

REVENES
Oil and "as production revenue
Rovlties Net Revenue

Cumulative

Month
S

F" ill! to Date

386,121

082,022)
204.099
596,166 1,201,122 46,564 726,002 169,634

OPERATING EXPENSES
Reoairs and maintenance
Salariesfcomrssioiif ees

8,043.717 718.375 8,762.092

TranSPortation expense

Utilties
Insurance EmDlovee benefit pro!!rams Taxes - oroduction
Inventorv chanJ!e

2,051,317 3.942,608 1,287,884 3.078,741 497,771

I i 5.523

39,780
20,081 (909,630) 290,831 409 243.567 81,231 214.279 27,865
(2,543.801 )
-

Rent and lease exiiense

SuoDJies

Taxes - Dlvroll Taxes - real estate

General and administrative

DeDreciation, deoIetion and amortization

Net Profit (Loss) Before Other Income & Expenses

OTIJER INCOME AND (EXPENSES)

Accretion of discunts and amoi1ization of deren-ed financinJ! costs
ImereSl eXDense- non-cash - Daid in kind Stock cOIDDensalion eXDense

62,760 (5.919.992) 842.444 722 413.005 245,415 1,237,607 (1,231,011) 2.137,299

-

(806,7i4)
-

rnterest and dividends Realized l!ain/(Ioss) on derivatives

Interest eXDcnse- cosh

Other revenue General eXDlomtion exoense

Loss from noneonsolidated subsidiarv

7.257 420,480 (248,520) -

191,760

0,324,852)
(1.936,001) (14,460)
-

(14,460)
-

I moaimieni eXDelis

Net Profit (Loss) Before Reomanizmion Items

887,042

(4,684.015)

REORGANIZATION ITES
Professional Fees Net Profit (Loss)

0,492,002)

(6,36,983)
(6,436.983)

0,492,002) $

Noie: The cummulaiive income statements above reflect the Company's activity for the entire inmh or March.

FORM ~OR-2

(0410)

In fe: Paific F-nerev Alaska Oocratin~ ILC

Debtor

Case 1\0. ..
Reponing Penod:_May 2009_

BALANCE SHEET

CURREI\'T ASSETS
UnreSlcted Cash and &iuivalelilS

ASSE

BOOK VALUE AT END OF

CURR'T REPORTING MONTH

S

Restrcted Cash and Cash &iuivalems AccouoIs Receivable (Net)

805,120
5.4 15,591
383,71 I

Inventors
Prepaid E~penses
Professional Reiainers
Othr Cuent Assets (See Aiiached Schedule)

6.878.02
429.605
-

TOTAL CURREJ'T ASSETS

3,209,799
S

PROPERTY AND EOUIPMEl-'T

Proved Pronis Includi Lease and Well F.ouiDmem

t7.t21,858
448.559. i 82

In Procss Devdopmem

Unproved Prooes Offce Equipment and Software

Vehicles
O1r &illmenl nnd leasehold Imorovemenls

2J.783,656 925.535
84,061
-

Pipeline Eqiiipmeni
Les Aecunnlaied Depreiation

19,246

PROPERTY & EOUIPMENT OTHER ASSETS

TOTAl, Otr Assets (See AI~iched Schedule)

$
S

(/65,006,596) 308.365.085
7,949.705

TOTAL ASSETS
$
333.436.648

LIABILITIS N T SUBJECT TO COMPROMISE (PosoolltJon) o

Accounis Pavable an Accrud liabilties

LIABILITIES AND OWl''ER EQUITY

BOOK VALUE AT END OF CURRENT REPORTING MONTH

Taxes Pavable W.~es Pavable

Notes Pavable - Debtor-in-oossession fiiiancin.:
Rem I wses - BuildiliwF.ouipiinl Secured Debt I Ailuale Protection Pavmems

:;

10.170,088
-

Professional Fees
JlUercomoanv Pavables

Asset Reiirement Oblieations

100,967.192
12.123.981
S

Accrud Interest Other Uabilties TOTAL I'STPETlTlON L1AlLmGS LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt
Pnorty Deb!

123.261,261

321,986.214

Unsecurd Debi

lnlercomo.nv Pavables TOTAL PRE-PEITIO1\ L1ABILlTIFS

$

64,793.824
1 t9,95 1,461

506,731,499
629.992,760 I
-

ITOTALLIABILITES OWNER EOUITY Share Caiital

Contrbute Surolus

1$
S

Warnts
Addition.il Paid In CaDital
Accumulated Other Comprehensive Loss

Paners' Capital Accout

Ownr's EQuiiy Account

0 15,032,141

Relained Eaiinos . Pre-Petition

Retained Eainl! - P0Soctition

(305.151,270)

Adiustnieni to owner &iuitv (allaeh scliedule)

(6,36.983)
$

Posliiilion Conlnbulions (Disinbution (Draws) (attch schedule)

NET SHAREHOLDERS' EQUITY

(29.556,112)
333.436,648

TOTAL LIABILITIES Ai'lD OWNERS' EQUIY

$

FORM )'(DR..l

(.'J

In re: Pacific Energy Alaska Ooerating, LLC. Debtor

Case No. 09-10789

Reporting Period:_May 2009_

BALANCE SHEET. continuation sheet

BOOK VALUE AT END OF CURRET REPORTING MONTH

ASSETS
Other Current Assets
IntereomDanv Receivables

Derivative Assets Advances

Other Receivables

1,309,678
-

Total Other Current Assets Other Assets

Perfoimance Bonds

$
S

22,597 1,877524 3,209,799

Investments-Abandonment Toial Other Assets

1,315.40
6,634,297 7,949.705

FORM ~OR.) CONT'O

()/o?)

In re: Pacific Energy Alaska Ooerating, LLC. Debtor

STA TUS OF POSTPETITION TAXES
Beginning Tax

Case No. 09- i 0789

Reporting Period:_May 2009_

Amount
WlIhheld or

Llabllty
Federal
Withholding FICA-EmDlovee
FICA -Employer
I

Accred
I

Amount Paid
I

Dale PaId

CheckNlI. or EFT
I

Ending Tax Liability

See Attestation of Regard Postpetition Taxes

Unemolovinent Ineome

Total Pedetl Taxes

I
f - I

I I

i I - J

I I - I

State and Lol

Withholdine Sales Excise
UnemDlovment
Real PronerlY

-I

Personal Prooerty

Total Staie and Loal

1'olal Ta.ices

SUMMARY OF UNPAID POSTPETITION DEBTS

Number or Days From InvoIce Dale

Accounts Pavable

Non-ODerated Accruals
Accrued Rovaliies

Accrued ORRis
Accrued OoeTaiinl! &oenses

Total Poslpclilon Debts

0-30 293,055 4,629,675 68,995 29,010 124.429 5,145.164

31-60 61.90 Over 90

18,489 -

Total
-

4,503.466
-

73,842 104,072 132,598 329,001

120,866
-

4,815,010 4,629,675 263,703

133,082 328,618 10,170.088

71,591 4,695,923

FORM MOR.4
(04107)

In re: Pacific Enerl!y Alaska Ooeratine, LLC.

Debtor

Case No. 09-10789

Reporting Period:_May 2009_

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Receivable Aging

0- 30 days old

Amount
17,791

31 - 60 days old 61 - 90 days old 91+ days old

365.920 .
-

Total Accounts Receivable Amount considered uncollectible (Bad Debt)

Accounts Receivable (Net)

383,711 . 383,711

DEBTOR QUESTIONNAIRE
Must be completed each month
I. Have any assets been sold or transfered outside the normal course of business this reporting peiod? If yes, provide an explanation below.
2. Have any funds been disbursed from any account other than a debtor in possession account this repolting period? If yes, provide an explanation below.

Yeso
No

No
Yes

3. Have all postpetition tax returns been timely fied? r no, provide an explanation
below.
4. Are workers compensation, general

liability and other necessary insurance coverages in effect? If no, provide an explanation below.

Yes Yes

5. Has any bank account been opened dUling the reporiing period? If yes, provitle
documentation identifying the opened aecount(s). rf an investment account has been opened
provide the required documentation pursuant to the Delaware Local Rule 400 I -3,

FORM .\fOR-S
(04107)