You are on page 1of 12

UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: Pacific Energy Resources Ltd.

Debtor MONTHLY OPERATING REPORT .?.::.-.

Case No. 09-10785 Reporting Period: June ,2QjQ

EQUJR1bOcLJMENTS ?.

..

Yjo" :;ch
MOR-1 MOR-la MOR-lb
-

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 filed during reporting period Summary of Unpaid Posipetition Debts Listing of aged accounts payable Accounts Receivable Reconciliation ad Aging Debtor Questionnaire

OR-2 OR-3 MOR-4 ___________


1

71.WN

OR-4 OR-4 OR-5 MOR-5

I I N/A N/A I I I N/A N/A -/


/

Ikj 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 I N/A

..

taciidt 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

I declare under penalty of perjury (28 U.S.C. 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

August 2, 2010 Date

Jennifer Kuntz Printed Name of Authorized Individual

Treasurer Title of Authorized individual

*Authorized individual must be an officer, director or shareholder ildebtor is a corporaiion; a partner idebtor is a partnership; a manager or member ifdeblor is a limited liability company.

MOR (04107)

In 16: Pacific Energy Resources Ltd. Dcbtor

Case No 09-10785 Resorting Period: JanI 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS


:. ,

r uBEGrWG-O * zE&D
CASHSALES

5692021

175

2688

2,7154831

1402537]

1 144

II

981405711

9760341

TRANSFERS TOPEAQ

TRANSFERS TO OPERATING

TRANSFERS TO SEGREGATED

TRANSFERS TO BETA OPERA1-ING(A) 401(K)

NTERESTPAYMENTS DEBT PAAOENIS TOTAL

NET CASH FLOW

-- --- -- --- -- - -- -- -TRANSFERS - - - -- -- - - --- TRANSFERS FLEX - -- -- - -- - - --- -- --- TANSFERSTOTRANSITION - -- -- -- ---- ---- - - DISBURSEMENTS - - - - _ __ _ - - - 8,602 ,719 LOANS AND ADVANCES 821 422 OTHER 146

_...

77.674

461 481

,,

TOTAL RECEIPTS

987

422

8,882,392

OPERATING EXPENSES

884.866

550

_jj

6,642,559

TRANSFERS TO

i.ocjeox

TO PAYROLL AND

50

372

821

3,400,000

87

884,916

550

10,343,938

(883,949)

(129)

(2,313)

-1

(t683,S46

461

----

8,602,718

112,640,557 101,053,299

1,243 78,281 8,682,243

39,062,024 10.115,908 282,871,797

7,830,389

134,112,790 7,808,878 1,731,694 4,219,321 12,607618 8,038,013 8,028,162 3,400,000 791 , 606 5,156467 70,700,699 256,582,249

422

821

3,400,000

87

--

11,231,718

12,549,475

8,288,548

________ 7 264 77 , ........ - ,,...r. .. TOTAL DISBURSEMENTS LESS; TRANSFERS TO DEBTOR IN POSSESSIONACCOUNTS PLUS: E S TATE DISBURSEM924TS MADE BY OUTSIDE SOURCES (i.e fronrceowsecocmis) TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE p1Jrgpjy FM (A) Trosfw toBco OperiSncomp.ny. -.-,...,..-...----...-. 11,231718 (2,401,243) 258,582,248 (45831,685

FORM NOR-I

In re: Pacific EnegyRecwrees Ltd. Debtor BANK RCONcILIATIONS


Cninuaifo Sheet fr MOR-1
t:. -.

CaeNe. 09-10785 RcnortinPeiiod; June2010

--

...
6O29Lna $523lQ,000(
-

.,.

as

.a,s...t,wr.4w..n.a..-.

ESVVLW.-

;..SflS,.

(a..Wja...WWWS4W

.#.

..#..

..tJ..

I926,o,

C452icoc
-

IBAiLNCEPREOO1S

4,808073
-

-BANK BALANCE

5401 843
-

384 46] -c- - :c 418 384


-

-;:
-

____--

78O$91,co,,

t76O5,00, ]
-

72D4ncu

u 1,402,998 1.402,998
-

..je.

.-J
-

1,051,937 1,080,076
-

L144 1 1.144
-

7.264,582 7,886,863
-

(+) D0SrTS IN D1ANSrF


I.) 0tSTAD1NCHEC1(S UNDENTUM rrEM An3usr8D BANE BALANCE * Adj ust od
-

(593,771)
-

(372)
-

c28,139
-

622,281)
-

4,808,013
-

46 0

384 (0]

1,051,937
-

1.402,998
-

1,144
-

7,264,582
-

FORM MOR-l. (04117)

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: June 2010 SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Rayee

Cojrep
Feb-IC May-09 Nov-09 Oct-09 Dec-09 Mar-09 Jun-AugO9 Mar-Apr-09 May-09 Nov-09 Dec-09 Mar 2009 adj Sept-Dec-09 Sep-Dec 2009 May-09 Dec-09 Jun-Aug-09 May-10 Mar-10 Sept-Oct-Nov-0 Mar-10 Sept-Nov09,Ap Aug-09 Mar-10 Sept-Nov-09,Ap

ppEoyed
PER PER PER PER PER PER PER PER PER PER PER PER PER 50,000 3.496 PER PER PER PER 5,437 166,492 129,445 8,173 11,184 14,806 58,167 PER PER PER PER PER PER PER PER

&ube?

te

ees

Eenses,

es3 202,146 2,500 54,686 981,341 72,464 174,544 43,343 8,526 52,500 606,071 54,100

pejse 10,428 1,850 41,197 2,101 1 709 12,408 16,151


,

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 Loeb & Loeb Margaret M. Otico - Notary Public Merrill Millstream Omni Management Group Pachulski Pachutski Pepper Hamilton Pepper Hamilton Reed W. Ferril Rutan Rutan

3,143 10,811 4,163 7,733 25 40 8,877 82,169 277,041 9,647 1,231

10520 10521

06/30110 06/30110

50,000 3,496

526,104 37,997 20,987 182,719

10507 10495 10514 10496 10524 10497 10528


1

06/17/10 06104/10 06130/10 06/04/10 06130/10 06104/10 06130/10

3,936 150,700 129,445 7,976 10,343 14,706 58,167

1,501 15,792 197 842 100 -

136,142 2,250,213 161,446 77,315

688,338

5,082

FORM MOR-ib (04/07)

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: June 2010 SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

od

_____

_____

Scl1I4ly Schully Skadden, Arps, Slate Steptoe & Johnson Stokes & Spiehier Tetra Tech US Trustee Warren H Smith Warren H Smith Zolfo Cooper

Mar-10 Sept-Nov-09 Nov-Dec-09 Sept-Nov09,Ma Jul-09 April-May-09 Jan-Mar-10 Apr-10 Sept-Nov-09 Feb-10, Mar-09 adj

16,040 62,446

PER PER

10500 10525 10526

06110/10 06130/10 06130/10

14,736 62,446 17,155

1,304 9 758,053 2,184,961 718,618 13,006 53,875 29,700 3,712 604 1,057 200,564

PER 17,164 PER PER 325 9,859 5,520 PER PER PER PER PER

10508 10501 10527

06/17/10 06110110 06/30/10

325 9,753 5,520

17,900 8,910 134,200 106 112.978 2,203,162

Total paid

$558,555.69

$538,705.84

$19,849.85

$12,472,262.41

$798,325.01

FORM MOR.lb (04/07)

In re: Pacific Energy Resources Ltd. Debtor


(Income Statement) 7

Case No. 09-10785 Reporting Period: June 2010 STATEMENT OF OPERATIONS

;:-

p-.-

-.

3DLrI?,.Wc?Q

MA
$

loll and gas production revenue lRoya lties l Net


Rs and maintenance Salaries/commissionsffees Transportation expense Utflitis I nsurance E mployee 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 nterest expense - cash

I$
I
--.

65,984,197 (20,320,358) 45,663,839 5,071,659 4,943,324 3,514277 3,319,812 1,989,526 1,201,633 51,656 117,664 225,060 11,412 22,010 156,136 37,401 8.517,134 6,987,767 9,497,367 (4,983,624 (16,072,916) (4,947,575) (1,408,502) 2,928,633 717,488 (12,538) 22,167 2,708,881 138,193,294 98,049,077 457,176
-

298,501
-

(298.509
-

I nterest expense - noncash


Stock compensation expense Accretion of discounts and amortization of deferred financing costs Realized gainl(loss) on derivatives Interest income Other revenue General exploration expense Wind down funding Gain on Beta sale Debt forgiveness Loss from nonconsolidated subsidiary Gain/loss on settlement of claims Net Profit (Loss) Before Reorganization Items Professional Fees Income taxes Net Prof it (Loss)

561 1,149
-

(296,790)
$

225,148,926 14,140,202 1,003 211,007,721

800 (297,590)1 $

Note: The cumulative income statement above includes the Companys activity for the entire month of March 2009. The Company filed for Chapter 11 protection on March 9, 2009.

FORM MOR-2
(04/07)

In re Pacific Energy Resources LtdDebtor BALANCE SHEET

Case Na 09.10785 Reporling Period: June 2010

4
Unrestricted Cash and Equivalents Restricted Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses Professional Retainers Other Current Assets (Sec Attached Schedule) TOTAL CURRENT ASSETS
$

0"

XK",AM;
4,809,003 2,456,069
-

83,857 385.497 433,676,576 441411 p002


-

In Process Development lUnproved Properties Ioffiee Equipment and Software Vehicles Other Equipment and Leasehold Improvements Less Accumulated Depreciation TOTAL PROPERTY &r EUIPMENT Other Assets (See Attached Schedule)

I Proved Properties Including Lease and Welt Equipment

rKoft M .-

S
$

68,509,569

Amounts Payable and Accrued Liabilities Taxes Payable Wages Payable Notes Payable . Debtor.irs-possession financing Pay le to Rise EnergylSilverpotnt Secured Debt / Adequate Protection Payments !ofessional Fees Intercompany Payables Asset Retirement Obligations Accrued Interest Other Liabilities TOTAL POSTPETITION LIABILITIES Secured Debt Priority Debt Ussecured Debt Intercompany Payabtes TOTAL PRE-PETITION LIABILITIES TOTAL LIABILITIES -" Share Capital Contributed Surplus Warrants Additional Paid In Capital "cumulated Other Comprehensive Loss Partners Capital Account Owners Equity Account Retained Earnings - Pre-Petition Retained Earnings - Postpelition Adjustment to owner Equity (attach schedule) Postpeilion Contributions (Distributions (Draws) (attach schedule) NET SHAREHOLDERS EQUITY
-\

811,009 57,505
-

35,439,426
$ $ -

3,000,000 39,307,939

7,791,737 92,190,809
$

99,982445

Ts
5

139,290,485 20,547 45,906,724 36,905,612 213,954,337


-

(137,165,608) 211,008,472
-

S
$

370 630,085 I 9

TbML L1M

01$ Qft1Y

I
FOSMMOR-3 (5(W)

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: June 2010

BALANCE SHEET

continuation sheet

Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets -Performance Bonds Investments-Abandonment Investments-CAC Investments-San Pedro Investments-PEAH Total Other Assets ----.

432,148,773
-

$ $

0 1,527,803 433,676,576
-

266,480
-

6,125,000
$

62,118,089 68,509,569

1ORM MOR3 CONrO (04101)

In i-c: Pacific Energy Resources Ltd. Debtor

Withholding

II
Total Federal Taxes

Unemployment
Income

Withholding Sales Excise Unemployment FranchiseTaxes , Personal Properly Total State and Local Total Taxes

.................:;
Accounts Payable

:,

Accrued Royalties Accrued Operating Expenses Accrued ORRIs Total PostpetitlonDebts

-. - - .__ -Case No. 09-10785 Reporting Period: June 2010 STATUS OF POSTPETITION TAXES

T,.cn,r,;;c::c.; . - .; _:&5.

See Attestation of Regard Postpetition Taxes

SUMMARY OF UNPAID POSTPETITION DEBTS 30 3t_60 61_90

.:. ,

.:.

O90 _________lotal________I
14,l96 442,341
45,975

..

..........:...

164,819

6.122

87.203

236,347

86,347

368,669

401,166

92,469

87,203

230,172__811,009

FORM MOR-4 (04(0?)

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: June 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

0- 30 days old 31-6O days old 61-9O days old 91+ days old

Total Accounts Receivable


Amount considered uncollectible (Bad Debt) Accounts Receivable (Net)

DEBTOR QUESTIONNAIRE

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. Sale completed December 2009 per court docket 91239. 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 filed? 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

No Yes Yes No

FORM MOR-5 (01107)

Q
August 2, 2010 Office of the United States Trustee taxes.

PACIFIC ENERGY

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

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

State of California County of Los Angeles ubscribed and sworn to (or affirmed) before me on this 2nd day of August, 2010 by
ZjewlFek AU1Q1T2., proved to me on the basis of satisfactory evidence to be the person(e) who

appeared before me.

wiff so
GAIL ROPP COMMISSION U 1757553
Nobry Pubic. carirosnia

7-16 - 11
My commission expires

i.

LOSANGELES COUNTY My Comm Epies July 1620j

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

O
August 2, 2010 Office of the United States Trustee

PACIFICENIERGY

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.

Jennifer Kuritz, Treasurer

State of California County of Los Angeles _-Subscribed and sworn to (or affirmed) before me on this 2nd day of August, 2010 by EAJ,.J/PEi kLiQi TZ, proved tome on the basis of satisfactory evidence to be the person(s) who appeared before me.

Gail
GAIL ROPP

My commission expires

COMMISSION #i757533

4NMY

Notary Public - California LOS ANGELES COUNTY Comm. Expres July 1 6 , 20

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