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UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE

In re: Petrocal Acquisition Corp. Debtor MONTHLY OPERATING REPORT


U.

Case No. 09-10786 Reporting Period: _August 2010_

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 Postpetition Debts Listing of aged accounts payable Accounts Receivable Reconciliation and Aging Debtor Questionnaire

MOR-1 OR-la OR-lb

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

N/A
N/A N/A

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OR-2 OR-3 MOR-4

N/A
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NIA
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

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

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

k-t
Snattire ofAutlidzed lndi vidual*
7

September 28. 2010 Date

Jennifer Kyritz Printed Name of Authorized Individual

Treasurer Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

MOR (O41)

In re: Petrocal AcOuisitjon COIL Debtor

Case No. 09-17 BrIin Period: Augnst 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS


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Petcocal Acquisition Corp. does not maintain any cash accounts.


TOTAL RECLIPTS

TOTAL DISBUESEMENTh I

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THE FOLLOWING SECTION MIJT lip. CflMPC.PTln

FORM

In re: Petrncal AcquisiIon Corp. Debtor ISANK RECONCILIATIONS


ConIinuaIin Sheet for MOR-I

Case No. 09-10786 Reporting Period: Au gust 2010

IJIALANCEPER BOOKS BANK BALANCE (+)DRp()SITS IN TRANSIT (ATFACH LIST) (-) OUTSTANDING CHECKS (ATTACH LIST) ADJUSTED BANK BALANCE * Adjusted bank balance must equal balance per books Petrocal Acquisition Corp. does not maintain any cash accounts.

FORM MOR-Ja (G4i)

In re: Petrocal Acquisition Cork Debtor SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Case No. 09-10786 ReportingPerjod: August 2010

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No profesional fees were paid post-petition.

FORM MOR-ib (04/07)

In re: Petrocal Acquisition Corp. Debtor

Case No. 09-10786 Reporting Period: _August 2010 STATEMENT OF OPERATIONS.


(Income Statement)

Ind gas production revenue Royalty payments Met Revenue Reprs and maintenance Salaries/commissions/fees Transportation expense Utilities Insurance Employee benefit programs Taxes - production Inventory change Rent and lease expense Travel and entertainment Supplies Taxes - other General and administrative Depreciation, depletion and amortization Net Profit (Loss) Before Other Income & Expenses oE1Qc1 0 AM0 VP SFS): Accretion of discounts and amortization of deferred financing costs I nterest expense- non-cash - paid in kind S tock compensation expense I nterest and dividends Realized gain/(loss) on derivatives I nterest expense- cash Other revenue General exploration expense Net Profit (Loss) Before Reorganization Items Professional Fees Reorganization Interest Net Profit (Loss)

25

(25)
-

Y
-

MW
-

(25)
$

(25)

FORM MOR-2 (04/07)

In re: Jelrocal Aeauisjlion Corn. Debtor BALANCE SHEET

Case No. 09-10786 Recoiline Pesiod- August 2010

Res1ricted Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses JProfessional Retainers lOther Current Assets (Sec Attached Schedule) ITOTAL CURRENT ASSETS
,

jlJnre.stricted Cash and Equivalents

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$

Proved Properties Including Lease and Well Equipment Lset Retirement Costs In Process Development lUnproved Properties Office Equipment and Software FYles IOther Equipment and Leasehold Improvements Pipeline Equipment ILess Accumulated Depreciation TOTAL PROPERTY &EQUJPMENT ther O7 fjsse ts (See Attached Schedule)

15,762,849 15,262,849 g-

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AlI lTI1Al ............... Accounts Payable and Accused Liabilities Taxes Payable gsgyable Notes Payable - Debtor-in-possession financing Rent I Leases - BuildiagtEquiprnent ecured Debt /Adequate ProteIion Payments ProSesional Fees Intercompany Payables An.sel Retirement Obligations Accrued Interest Oilier Liabilities TOTAL POSTPETITJON LIABILITIES reused Debt Priority Debt Unsecured Debt Intercompany Payables orAl. PRE-PETITJ ON LIABiLITIES

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$ -

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25 25 25
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$ S
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COTAL LIABILITIES J.WER Zt1TE, Share Capital Contributed Surplus Warrants ddllional Paid In Capital Accumulated Other Comprehensive Loss miners Capital Account Owners Equity Account Retained Eamings- Pre-Pelition Retained Earnings - Postpeliiion Adjustment to owner Equity (attach schedule) opilion Contributions (Distributions (Draws) (attach schedule) NET SHAREHOLDERS EQUITY

15762849 15,762.849 -

S i.

15.762,824

TOTALMBSOR$ 4

fly

FORM slOSsj

(mm)

In re: Petrocal Acquisition Corp. Debtor

Case No. 09-10786 Reporting Period: August 2010

BALANCE SHEET

continuation sheet

Me
Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets
$

15,762,349

15,762,849

FO}MMOR-3 CONTD (04101)

In re: Petrocal Acquisition Corp. Debtor STATUS OF POSTPETITION TAXES

Case No. 09-10786 Reporting Period: August 2010_

... Withholding FICA-Employee PICA-Employer Unemployment I ncome Total Federal Taxes fWithholding

....

I
Not Applicable

I I I
Not Applicable
-

Sales
LEXCISe Unemployment Rea l Property LPeona1 Property LTPIaI State and Local ITotal Taxes

SUMMARY OF UNPAID POSTPETITION DEBTS

FORM MOR.4 (04/01)

In re: Petrocal Acquisition Corp. Debtor

Case No. 09-10786 Reporting Period: August 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Total Accounts Receivable at the beginning of the reporting period + Amounts billed during the period - Amounts collected during the period Total Accounts Receivable at the end of the reporting period

Not Applicable

0-3o days old 31 -60 days old 61-90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net)

Not Applicable

I
DEBTOR QUESTIONNAIRE

L Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. 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. Note: We carry only fiduciary liability insurance. Company has only one employee. Workers comp not requred. S. 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 (04107)

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

In re: PACIFIC ENERGY RESOURCES LTD., et al., 1 Debtors.

)
)

Chapter 11 Case No. 09-10785 (KJC) (Jointly Administered)

) )

AFFIDAVIT OF SERVICE Linda M. Ellis, being duly sworn according to law, deposes and says that she is employed by the law firm of Pachulski Stang Ziehl & Jones LLP, attorneys for the Debtors in the above-captioned action, and that on the 29th day of September, 2010 she caused a copy of the following document(s) to be served upon the parties on the attached service lists in the manner indicated: August Operating Report for Petrocal Acquisition Corp.

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Sworn to and Subscribed before me this 29th da,fftpJmer 2010
/

in M. Ellis

No Pub ic Commission Exp.:

DEBRA L. YOUNG NOTARY PUBLIC STAThOFDEWARE mmissioneX5JUlYlB

The Debtors in these cases, along with the last four digits of each of the Debtors federal tax identification number, are: Pacific Energy Resources Ltd. (3442); Petrocal Acquisition Corp. (6249); Pacific Energy Alaska Holdings, LLC (tax I.D. # not available); Cameros Acquisition Corp. (5866); Pacific Energy Alaska Operating LLC (7021); Cameros Energy, Inc. (9487); and Gotland Oil, Inc. (5463). The mailing address for all of the Debtors is Ill W. Ocean Boulevard, Suite 1240, Long Beach, CA 90802.

Pacific Energy Resources Ltd. Core Service List Case No. 09-10785 Document No. 146442 05 - Hand Delivery 05 - First Class Mail

Hand Delivery (United States Attorney) Ellen W. Slights, Esq. United States Attorneys Office District of Delaware 1007 N. Orange Street, Suite 700 Wilmington, DE 19801

Counsel for Debtors) Laura Davis Jones, Esquire James E. ONeill, Esquire Kathleen P. Makowski, Esquire Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Interoffice Pouch to Los Angeles Counsel for Debtors) Robert M. Saunders, Esquire Ira D. Kharasch, Esquire Scotta E. McFarland, Esquire Pachulski Stang Ziehl & Jones LLP 10100 Santa Monica Blvd., 11th Floor Los Angeles, CA 90067 Hand Delivery (United States Trustee) Joseph McMahon, Esquire Office of the United States Trustee J. Caleb Boggs Federal Building 844 North King Street, Suite 2207 Lockbox 35 Wilmington, DE 19801 Hand Delivery (Copy Service) Parcels, Inc. Vito I. DiMaio 230 N. Market Street Wilmington, DE 19801

Hand Delivery (Counsel to Official Committee of Unsecured Creditors) David B. Stratton, Esquire James C. Carignan, Esquire Pepper Hamilton LLP Hercules Plaza, Suite 1500 1313 Market Street Wilmington, DE 19899 Hand Delivery (Counsel to DIP Administrative Agent) Don A. Beskrone, Esquire Ashby & Geddes, P.A. 500 Delaware Avenue Wilmington, DE 19801 First Class Mail (Counsel to Goldman Sachs, J.Aron & Company; DIP Administrative Agent) Jeffrey Sabin, Esquire Steven Wilamowsky, Esquire Scott K. Seamon, Esquire Bingham McCutchen LLP 399 Park Avenue New York, NY 10022 First Class Mail (Counsel to PEA Collateral Agent, et al.) Seth E. Jacobson, Esquire Chris L. Dickerson, Esquire Skadden, Arps, Slate, Meagher & Flom LLP 333 West Wacker Drive, Suite 2100 Chicago, IL 60606

First Class Mail (Counsel to Official Committee of Unsecured Creditors) Francis J. Lawall, Esquire Pepper Hamilton LLP 3000 Two Logan Square Eighteenth & Arch Streets Philadelphia, PA 19103 First Class Mail (counsel to Official Committee of Unsecured Creditors) Filiberto Agusti, Esquire Steven Reed, Esquire Joshua Taylor, Esquire Steptoe & Johnson LLP 1330 Connecticut Avenue NW Washington, DC 20036 First Class Mail (counsel to Official Committee of Unsecured Creditors) Robbin Itkin, Esquire Katherine Piper, Esquire Kelly Frazier, Esquire Steptoe & Johnson LLP 2121 Avenue of the Stars, 28th Floor Los Angeles, CA 90067