I;NITEI) STATES BANKRUPTCY COURT DISTRICT OF DELAWARE,

In re: Pacific Coergy Resources L t d. Debtor

Case No. 0910785 Reporting Period: April 2010

MONTHLY OPERATING REPORT

REQCL1UD 1)O(i:MENTS
Schedule of Cash Receipts and Disbursements Bank Reconciliation (or copies of debtors bank reconciliations) Schedule of Professional Fees Paid Copies of bank statements Cash disbursements journals Statement of Operations Balance Sheet Status of Postpetition Taxes Copies of IRS Form 6123 or payment receipt Copies of tax returns tiled during reporting period Summary of Unpaid Postpetidon Debts Listing of aged accounts payable Accounts Receivable Reconciliation and Aging Debtor Questionnaire

Form No.
MOR-I MOR-la MOR-lb rn- -. MOR-2 MOR-3 MOR-4
-

I).oeurnent lsibiiaIin AftidaviiiSuppleiuciit Attached. Attached Autiched

/ "

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A N/A

N/A N/A
/ / /

N/A
N/A N/A N/A N/A N/A N/A

1JJ
MOR-4 MOR-4 MOR-5 MOR-5

:.:

"

N/A N/A
/ "

I declare under penalty of perjury (28 USC. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

Signature of Debtor

Date

Signature of Joint Debtor

Date

t w

May 25, 2010 Date

Sinature of Authrizcd Individual*

Jennifer Kuritz Printed Name of Authorized Individual

Treasurer Title of Authorized Individual

is

Aatliorized individual oust be an officer, director or shareholder if debtor is s corporation, a partner if debtor partnership, a manager or member if debtor is a limited liability campany.

MOs 0m07)

In re Pacific Energy Resources Ltd Debtor

Case No. 09-10785 Reporting Period. April 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

"ASH SALES LOANS AND ADVANCES TRANSFERS OTHER TOTAL RECEIPTS

. .

9.414.332
-

9,414,332
-

94,522,670 0l.053,299 30.024.235 10021.229 244,621,434

4.809 C 4,809

5,363
-

34.104 13,680

45,366 14.192 8,473,890

51 51

461 461

6.363

8,462,236

OPERATING ESPENSES TRANSFERS TOLOCEROX TRANSFERS TO PAYROLL AND FLLX TRANSFERS TOPRAO ORANSFERSTOOPERATING TRANSFERS TO SEGREGATED TRANSFERS TOTRANSITION
401(K)

1,627,771
, . . -

15,891
. .

12,369

8,999,641

10.655,673

116.488.447 7,908,878 1,708,882 4.218,321

,,,,,,,,,,,,,,,
. .

,__
V .

________.

___________
-

11,172
,

11,172

. -

V
-

.. -

12,596.799 8,036,013 8.024,883 78,20 5.156.467 70,700,699

--

. -

34.184
-

34194 59.276
.

59,278
-

INTEREST PAYMENTS DEBT PAYMENTS TOTAL DISBURSEMENTS

.

. -

V
-

1.661,965

15,891

12,359

9,070.092

10.760,317 ..235521,030

n4

Easat

a- n

,.a-

b6 49-aD fl?1AB.1-LoI K 6e6 --

E,asp,

-M

nurr

a-r f 5 aNlo moMs7"

.
,

-c 10,760,317 230,521,030

TOTAL IIISBLIRSESIFSTS

LESE TRANSFERS TO DEBTOR IN POSSESSION ACCOUN1S PLUS ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES Ii c Irosi clCsu"
OCCOeflis)

TOTAL DISBURSEMENTS FOR CALCUI,AIING U.S. 1186STn: QUARTERLY FEES

10,714,951

In re Pacific Energy Resources Ltd Debtor RANK RECONCILJATIONS Coatin,suion Sheet for hIOR-t

case No.

10785

Reporting Period. Arm it 2010

u:uuii-. IBMANCF PER BOOKS

BANK BALANCE
(4) DEPOSITS IN TRANSD

tSO9l0v,sa

5253IO
-

3252I5ss

05593j5,V,S

tt5a5O2.
-

175O55I.ss
-

O7cD55i
-

76O59t,,s
-

5Ztt4 ,.

Cs

0252551v,cc

sanms

35b7s,-ss
-

,990,846 6,036,097 (45,252)

-

(10,746)

1,263 1,291 (27)

-

2,691,869 3,025333

1,402,060 1,402,060
-

1,144 1,144
-

10,076,436 0,458.467

S
-

S
-

(7,458)
(3,288)
-

I-) OUTSTANDING CHECKS UKIO11NTIFIEDRECONCILINcI ITEM

(333,4641
-

(3112,031) 10,076,436
-

ADJUSTED BANK BALANCE

Adjusicd bunk balance must equal balance per books

8,990,846
-

(10,746)
-

1,263
-

2,691,869
-

1,402,060
-

1,144
-

In re: Pacific Energy Resources Ltd. Debtor

Andrews Kurth LLP Archon Group Ashby Geddes Bingham McCutchen LLP Birch, Horton, Bittner and Cherot Budget Printing Deloitte Devlin Jensen ERM-West Hartig Rhodes Haynes& Boone Jensen Lunny Lazard Lazard Loeb &Loeb MargaretM.Otico - NotaryPublic Merrill Millstream Omni Management Group Pachulski Stang Ziehi Pachuiski Stang ZiehI PepperHamilton ReedW.Ferril Rutan Schully

&

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

aee

14
PER PER PER PER PER 10449

Feb-10 May-09 Nov-09 Oct-09 Dec-09 Mar-09 Jun-AugO9 Mar - Apr-09 May-09 Nov-09 Dec-09 Jun-Sept-09 Oct-Dec-09 Jun-Aug-09

527

04114110

PER 9,325 PER PER PER PER PER 25,799 94,351 59,861 654 PER PER PER PER PER PER 13,536 11,259 238,604 64,221 8,425 _____________ PER PER PER PER PER PER PER PER 10458 04114110 10453 10450 10454 10463 10457 04/14/10 04/14/10 04/14/10 04/14110 04/14/10 10462 10447 10455 10456 04/14/10 04/07/10 04/14/10 04114110 10444 04/07/10

June-Sept-09 May-09 Dec-09 Jun-Aug-09 Mar-10 June-Aug-09 Jan-10 June-Aug-09 Aug - 09 MayO9-JanlO Jun-Aug-09

33,660

- - -- -- - -Case No. 09-10785 Reporting Period: April 2010

527 202,146 2,500 981,341 54,686 72,464 174,544 2,101 9,325 43,343 52,500 52,764 16,151 8,526 606,071 10,811 22,311 3,488 246 94,104 59,861 476,104 34,501 654 20,987 13,536 9,157 182,719 125,189 2,102 238,604 49,174 8,425 15,048 1,890,281 140,612 77,315 1,231 584,250 33,660

10,428 1,850

41.197 1,709

12,408

3,143

4,163

7,733 25 40

8,877

76,260

252,555 7,912

4,915

l()RM MC)R- lb

(04/07)

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: April 2010

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Schully
Skadden, Arps, Slate Steptoe & Johnson Steptoe & Johnson Stokes & Spiehier Tetra Tech US Trustee Warren H Smith Warren H Smith Zolfo Cooper Zolfo Cooper

Jan-10 Nov-Dec-09 Jun-Aug-09 Jan-10 Jul -09 April - May-09 Jan-Mar-10 July-Aug-09 Feb-10 Dec-09 Jan-10

22,478 52,181 5,987

PER PER PER PER PER PER

10466 10459 10468

04/21/10
04/14/10 04/28/10

22,056 52,181 5,572

422

550,667 2,184,961

8,743 53,875 29,689 3,712 604

415 695,113 17,900 8,910 133,875

31.950 5,802 19,799 112,351 11,575

PER PER PER PER PER

10470 10445 10460 10464 10469

04/29110 04107/10 04114/10 04/14/10 04128/10

31,950 5,802 19,622 109,568 11,557

177 2,783 18

532 200,535

83,696 2,197.665

Total paid

$822,343.17

$797,642.37

$24,700.80

$11,655,628.28

$761,200.04

FORM MOR- lb (O-O7)

In re: Pacific EnerMe Resources Ltd.

Debtor

Case No. 09-10785 Reporting Period: April 200

STATEMENT OF OPERATIONS
(Income Statement)

REVENI1ES Oil and gas production revenue Royalties Net Revenue Repairs and maintenance Salaries/commissions/fees Transportation expense Utilities Insurance Employee benefit programs Taxes - production Gravity adjustment Rent and lease expense Travel and entertainment Supplies Management fees/bonuses Taxes - payroll General and administrative Depreciation, depletion and amortization Net Profit (Loss) Before Other Income & Expenses Interest expense - cash Interest expense - noncash Stock compensation expense Accretion of discounts and amortization of deferred financing costs Realized gain/(loss) on derivatives Interest income Other revenue General exploration expense Wind down funding Gain on Beta sale Debt forgiveness LOSS from nonconsol i dated subsidiary Net Profit (Loss) Before Reorganization Items REORGAN!ZAlION ITIiM S Professional Fees Income taxes Net Profit (Loss)

Munth. S
$

(uniiil;itivc Filing 65,984.197 (20.320,358) 45,663,839 5,071,659 4,943,324 3,514,277 3,319,812 1.989,526 1.201,633 51,656 17.664 225,060 11,412 22,010 156,136 37,401 8,092,655 6,987,767 9,92L846 (4,983,624) (16,072,916) (4947575) (1.408,502) 2,928.633 716,450 (14,511) 22,167 2,708,881 138.193.294 98,049,077 457,176 225,570,394 14.140,202 203 211.429,990

53,704
-

(53,704) (12)
-

535 1,726
-

15,715
-

(35,740)1
$

(800) (34.940) 5

Note: The cumulative income statement above includes the Companys activity fo the entire month of March 2009. The Company filed for Chapter Ii protection on March 9, 2009.

FORM MOR-2 (04107)

In in - Pacifi c Ener Resources Lid. Debtor

Case No. 0 1)- 1078-S Rporene Pend: April 2010

BALANCE SHEET

(flRENT RFIORTJNG 1

LI

I RRF

.si i-c
$

Unrestricted Cash and Equivalents Restricted Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses Professional Retainers Other Current Assets (See Attached Schedule) TOTAL CURRENT ASSETS -

5,981,863 4 . 095 , 063 9,5 15,178 32.186 385,497 437,489,472 457,499,259

Accounts Payable and Accrued Liabilities Taxes Payable Wages Payable Notes Payable - Debtor-in-possession financing Payable to Rise Esergv/Silverpoint Secured Debt I Adequate Protection Payments Professional Fees niercompony Payableu Asset Retirement Obligations Accrued Interest Other Liabilities TOTAL POSTPETITION LIABILITIES Secured Debt Priority Debt Unsecured Debt I ntercompany Psyablet TOTAL PRE-PETITION LIABILITIES

6,789,805
-

590,693
-

34,770.743
$ $

12,822,745 54,973,986
-

7,791,680 92190,809 99,982.488

t-OnM M05..t (solO

In re: Pacific Energy Resources Lid. Debtor

Case No. 09-10785 Reporting Period: Aril 2010

BALANCE SHEET - continuation sheet

Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets Jthei- Ms PerFormance Bonds Investments-Abandonment Investments-CAC Investments-San Pedro Investments-PEAl-I Total Other Assets

432,006,015
-

$ $

234,747 -),248,710 437,489,472 266.480 0 6,125,000

-

62,118,089 68,509,569

FORM MOR-3 CONTD (04/07)

In re: Pacific Eogv Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: April 2010

STATUS OF POSTPETITION 1 AXES

Withholding Sales Excise Unemployment Franchise Taxes Personal Properly Total State and Local Total Taxes

SUMMARY OF UNPAID POSTPETITION DEBTS jinber.ofDas rom Invoke D

Accounts Payable Accrued Royalties Accrued Operating Expenses Accrued ORRIs Total Poatpetition Debts 0-3)) 2.487,518 2,378.794 191.757 713,638 5,771,708

31-(0
106,918
-

b1-9U
191,710
-

Over % 314,226
-

Total
3100,372 2,378794 597.000 713,638 6.789,805

16T874
-

64.026
-

173.343
-

274,792

255,736

487,569

FORM MOR-4
(04/07)

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: A_pj:il 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Receivable MuffAuwunt 0-30 days old 9 515 178

, ,

31-6o days old 61-90 days old

9I days old

Total Accounts Receivable

Amount considered uncollectible (Bad Debt)

9,515178
-

Accounts Receivable (Net)

9,515,178

DEBTOR QUESTIONNAIRE

I. Have any assets been sold or transferred outside the normal course of business this reporting period? liyes, provide an explanation below.
Sole completed December 2009 per court docket 91239.

No

2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. 3. Have all posipetition tax returns been timely Sled? If no, provide an explanation below. 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. 5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.

No
Yes Yes

No

FORM MOR-5 (04/07)

PACIFIC ENERGY

May 25, 2010

Office of the United States Trustee

Subject: Attestation of Regard Postpetition Taxes The debtor, Pacific Energy Resources Ltd., hereby submits this attestation regarding postpetition taxes.

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

Jenifer Kuritz, treasurer

State of California County of Los Angeles Subscribed and sworn to (or affirmed) before me on this 25t6 day of May, 2010 by U L /uN/FEk KO. t7_ proved to me on the basis of satisfactory evidence to be the person(s) who appeared before me.

Gail , opp,

4FMy

COMMISSION # 1757533 Notary Public . Calitornia LOS ANGELES COUNTY Comm Expires July 16, 7011

My commission expires
o

Pacific Energy Resources Ltd, 111 West Ocean Blvd., Suite 1240 Long Beach, CA 90802, Ph: 562-628-1526 Fax: 562628-1536

PACIFIC ENERGY

May 25, 2010

Office of the United States Trustee

Subject: Attestation Regard Bank Account Reconciliations The debtor, Pacific Energy Resources Ltd., 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 for inspection upon request by the United States Trustees Office.

Jefifer Kuritz, treasurer

State of California County of Los Angeles J Subscribed and sworn to (or affirmed) before me on this 2515 day of May, 2010 byJ6iV/JJF- kO 12 T7. proved to me on the basis of satisfactory evidence to be the person(s) who appeared before me.

Gail koppl

&Llid

GAIL ROPP Notary Public . Calilorna

My commission expires

COMMISSION #1757533 LOS ANGELES COUNTY y Comm Expires July 16, 2011

Pacific Energy Resources Ltd, 111 West Ocean Blvd., Suite 1240 Long Beach, CA 90802, Ph: 562-628-1526 Fax: 562-628-1536