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In Re:) : Debtors.)
In Re:) : Debtors.)
In re: )
PACIFIC ENERGY
)
)
Debtors. )
Hearing Date: May 13, 2009 at 4:30 p.m. prevailng Eastern time
NOTICE OF FILING OF BUDGET REGARING MOTION OF THE DEBTORS TO APPROVE INTERIM AND FINAL ORDERS PURSUANT TO 11 U.S.c. SECTIONS 105,
361,362,363,364,365 AND 507: (1) APPROVING SENIOR SECURED
SUPERPRIORITY POSTPETITION FINANCING; (2) AUTHORIZING USE OF CASH COLLATERA; (3) GRATING LIENS AND PROVIDING SUPERPRIORITY ADMINISTRATIVE EXPENSE STATUS; (4) GRATING ADEQUATE PROTECTION; (5) MODIFYNG AUTOMATIC STAY: AND (6) SCHEDULING A FINAL HEARNG
On March 9, 2009, the above-captioned debtors and debtors in possession
(collectively, the "Debtors"), filed the Motion of the Debtors to Approve Interim and Final
Orders Pursuant to 11 USe. Sections 105, 361, 362, 363, 364, 365 and 507: (1) Approving
Senior Secured Super priority Post
(4) Granting Adequate Protection; (5) Modifing Automatic Stay; and (6) Scheduling a Final
Hearing (Docket No. 18) (the "DIP Motion") and Exhibits to the Motion (Docket No. 19) with
the United States Bankptcy Court for the Distrct of
Delaware 19801.
the Debtors' federal tax identification number, are: Pacific Energy Resources Ltd. (3442); Petrocal Acquisition Corp. (6249); Pacific Energy Alaska Holdings, LLC (tax J.D. # not available); Cameros Acquisition Corp. (5866); Pacific Energy Alaska Operating LLC (7021); San Pedro Bay Pipeline Company (1234); Cameros
Energy, Inc. (9487); and Gotland Oil, Inc. (5463). The mailing address for all of
i The Debtors in these cases, along with the last four digits of each of
a Davis Jones (DE Bar No. 2436) . Kharasch (CA Bar No. 109084) Scotta E. McFarland (DE Bar No. 4184, CA Bar No. 165391) Robert M. Saunders (CA Bar No. 226172) James E. O'Neill (DE Bar No. 4042) Kathleen P. Makowski (DE Bar No. 3648) 919 North Market Street, 1 ih Floor P.O. Box 8705 Wilmington, DE 19899-8705
Telephone: 302/652-4100
Facsimile: 310/652-4400
EmaIl: liones(q,pszilaw.com
rsaunders(q,pszilaw.com
ioneill(q,pszi law .com
kmakowski~pszilaw.com
Counsel for Debtor and Debtor in Possession Pacific Energy Resources Ltd.
DOCS_DE:147925.1
Barels produced
25,427
25,382
26,563
27,390
27,340
27,291
27,242
27,193
27,144
27,095
27,046
26,997
$ $
26,949 3,862
413
Revenue receipts
2,418
$
$
$
$ $
$ $ $ $
4,509
$ $ $
3,635
635 634 403
Royalty payments LOE SG&A / pedonnance bond Critical vendor payments Operating outflows
392
144
479
290
335 408 656
415
2,723 635
404
877 414
633
250 642
479
656
30 438
3,358
404
635 1,292
634
403
633
413
(642)
(479) (365) (438) (415) (290)
2,024
3,853
(3,358)
(404)
3,001
(1,292)
(634)
293
25 99
(403)
293
(633)
293
3,449
293
Growth CapEx
247
190 134 127 134 127 134 127 25 99 25 99 25 99 134 127 134 127
Maitenance CapEx
247 280
(1.169)
(916) (626) (551)
1,497
~i~
(3,482)
0,415)
(927)
(696)
(926)
3.155
Barels produced
3,850 3,846
3,843
3,839 2,275
2,449 2,099
1,573
2,485 2,483
$ $
Revenue receipts
611 $ $
$
1,032
$
$
279
333
Royalty payments LOE SG&A / pedonnance bond Unified Command Critical vendor payments Operating outflows
257 227
79 27
231 74
40
246 50
48
148 19
199 58
73 10
150 593
150 255
305
332 407
220 416
30 225
(593)
(305)
355
(332) (220)
807
(137)
22 m m
47
25 1,506
$ (593) $ 355 $ (305) $ (332) $ 785 $ (276) $ (365) $ (475) $ (240) $ (157)
659
612 487 47
384
25 30 25 169 25 25 25 25 25
Corporate SG&A & Other Contingency Capex Professional Fees Monthly Interest Payment
25 30 156 25 127 291 25 30 343
169 25
268
25 25
228
490 27
475
268 25 25
1,893 805 1,075 1,234 1.077 692 1.123 1.206 3,846 867 804 1,384 901 449 2.461
(1,893) 331 (745) (1,978) (2,024) (2,716) 670 (535) (4,381) (4,969) (2,138) (3,522) (4,423) (4,872) (7,333) (1,893) 2,224 (1,075) 0,978) (131) (3,047) 1,415 1,443 (2,357) (2,253) (2,808) (2,986) (42) 97 (5,195)
(552) (30) (552) (127) (286) (25)
27 494
92 25 30
47 25 1,152
1,828 25 635
25 32 643
3,862
641
Total Receipts Total Operating Disbursements Net Operating Cash Flow Cumulative Net Operating Cash Flow Rolling Cumulative Net Operating Cash Flow
(1,893) 2,224 (1,075) (1,234) (46) (692) 3,386 (1,206) (3,846) (588) 2,831 (1,384) (901) (449) (2,461)
3,221
(4,112) (591)
(318) (1,152)
(318) (635)
.M'i-;lllnini;rn..
PERL Borrowigs
(2,005) 1,190 (1,727) (1,213) (978) (1,261) 2,771 (1,115) (3,631) (2,106)
500 775 1,940 840 805 772 814 3,280 760 817
788
2,912
788
809
830
836
Ending Balance
2,162 2,228 (1,562) (941) (1,920) (3,414) 3,000 2,000 1,600 1,000 1,600 1.600 3,800 2,300 1,600 1,000 2,000 3,500 (720) (183) (332) (276) (241) (475) (102) (157) (25) (1,190) (90) (55) (22) (64) (2,530) (0) (67) (38) (2.162) (38) (59) (80) (86) 775 1.940 840 805 772 814 3.280 760 817 788 2.912 788 809 830 836 2.978
500 (475)
475 500 500
500
500
500
500
500
Ending Balance
3,000 (25)
(102)
102
500 (157)
157
500 455
1,510
500
500
500
(930)
500
500
1,941
500
Footnote
The sum ofSSSO,OOO ofthe Interim Order Amunt is resricted and wil only be made available in the event of a delay
or disruption due to third par actions of any scheduled receipt of oil revenues durig the interi period.
lof3
5/72009
~Wl't~wrllll
26,900
26.851
1l
11
1M
7/31
w.
8/14
Mi
9/4
26,562
26,515
~
2l
26,419 712,536 21,932
J:
6,344
14,029
Barels produced
26,803
26,755
26,707
26,658
26,610 26,467
$
$
Revenue receipts
3.707
$
$
3,801 398
932 632
895
401
631 641
400
399 629
Royalty payments LOE SG&A / pedormance bond Critical vendor payments Operating outflows
918 640
397
628
1,564
401
631
400
1.536
399
398
629
1,557
397 628
19,992
1,940
.!
(1,564)
(401)
(631) (1,536)
(629)
Growth CapEx
Maitenance CapEx
125 125 125 125 125 166 166 166 166 117 117
(1,688) (525) (756) 3.183 (1,661) (565) (795) 3,237 (1,723) (514) (744)
(4,041) 28,742
1,922
"'l!mIl-1l
Barels produced
Revenue receipts
Operating outfows
(1,603)
"'~'IWmJ"""'Illlw
47
25 1,152
47
25
Corporate SG&A & Other Contingency Capex Professional Fees Monthly Interest Paymnt
268 25 25 628 25 1,160
27 540 627
201 25 30
145 25 25
145 25 25
1,832
448
1,259 1,737
544
3,707 447
799
3,801 903
1.772
542
797
Total Receipts Total Operating Disbursements Net Operating Cash Flow Cumulative Net Operating Cash Flow Rollig Cumulative Net Operating Cash Flow
3,260
(799) (7,470)
181
2,897
(4,572) (182) (191) (627)
(150) (1,160)
",-ii-llnmTil-In.
801
(2,568) 2,600
782 2,544
834
788
808
841
(2,142) 2,200
2,080
(2,691) 2,700
(2,094) 2,100
Cash Sweep
(2.228) (94) (51) (32) (2.544) (84) (38) (58) (2,080) (9) (91)
Ending Balance
500 500
844 801 782 3,294 834 788 808 2.830 759 841 756
500 (24,933) 41,500 (2,486) (13,826) 756 500 500 500 500
500
500
500
500
Ending Balance
500
500
1,406
500
500
500
500
500
500
500
500
500
(18)
2,59
(32)
(54)
416
2,162
(58)
620
791
2,009
26,410
Footnote
The sum of$550,OOO of the Interim Order ArWlt is resricted and will onl be made available in the event ofa delay
or disruption due to third par actions of any scheduled receipt of oil revenues durg the interim period.
2of3
5n12009
June
July
Aui:ust
September
Total
-
Cash nasis
-
300
300
300
50 -
232 -
298
85 127
1,432 50 1,566
230 66 447
1,432
14
Bingham Meyers, Norris, Penney Pachulski Stang Ziehl & Jones LLP Rutan & Tucker LLP Seller Note Counsel Skadden Merril - Data room expenses
232 300 300 300
2 106 106
17
51
300
-
2
13
5 5
Unsecured Professionals
5
7 2 82 2 106 17 2 158 25
17 5 51 51
Lazd
153 61 153 61
340 340
340
153
61
5 -
39 263 124 49
76 506 215 86
Netherland Sewell
17 10
17 -
17 10
Claims Agent
25 -
25 25 89 20
187
596
2,393
100 1,834
50 1,187
675 9,628
Accrual nasis
300
300
-
300
300
300
-
Bingham Meyers, Norris, Penney Pachulski Stang Ziehl & Jones LLP
232 50
271 77
\00
-
1,832 50
350 350
100 100
350 100
350
100
350
100
117 33
2,138
611
300 2
125
300 2
125
300 2
125
300
2 125
100
I
1,832
15
Unsecured Professionals
15 5 5
7 97
20
60
20
5
20
5
20
5
20
5
60
60
42 7 2 20
Lazd
56
400
175
400
175
400
175
60 400
175
Engineering consultat
70
-
70
-
70
-
70
60 400 175 70
133 58 23
Netherland Sewell
25 25
15 3
20
3
25 25
Claims Agent
20
3
20
3
20
3
20
3
7
3
US Trustee FTI
122 23
Contingency Fee
75
1,684
125
100
100
125
100
675
2,055
2,030
2,030
2,055
2,030
50 696
--579
3 on
5/72009
In re: )
STATE OF
Debtors. )
)
(Jointly Administered)
AFFIDAVIT OF SERVICE
DELAWARE )
) ss:
Pachulski Stang Ziehl & Jones LLP, attorneys for the Debtors in the aboveMay, 2009 she caused a copy of
the following
document(s) to be served upon the paries on the attached service lists in the maner indicated:
NOTICE OF FILING OF BUDGET REGARDING MOTION OF THE DEBTORS TO APPROVE INTERIM AND FINAL ORDERS PURSUANT TO 11 U.S.C.
SECTIONS 105,361,362,363,364,365 AND 507: (1) APPROVING SENIOR
SECURED SUPERPRIORITY POSTPETITION FINANCING; (2) AUTHORIZING USE OF CASH COLLATERAL; (3) GRANTING LIENS AND PROVIDING SUPERPRIORITY ADMINISTRATIVE EXPENSE STATUS; (4) GRANTING ADEQUATE PROTECTION; (5) MODIFYING AUTOMATIC
NESSA A. PRESTON
the Debtors' federal tax identification number, are: Pacific Energy Resources Ltd. (3442); Petrocal Acquisition Corp. (6249); Pacific Energy Alaska Holdings, LLC (tax J.D. # not available); Cameros Acquisition Corp. (5866); Pacific Energy Alaska Operating LLC (7021); San Pedro Bay Pipeline Company (1234); Cameros
Energy, Inc. (9487); and Gotland Oil, Inc. (5463). The mailing address for all of
Pacific Energy Resources Ltd. 2002 Service List Case No. 09-10785
Document No. 145745
12 - Hand Delivery
39 - First Class MaIl 02 - FOREIGN First Class Mail
Hand Delivery (United States Attorney) Ellen W. Slights, Esq. United States Attorney's Offce District of Delaware
1007 N. Orange Street, Suite 700
Wilmington, DE 19801
Hand Delivery (Counsel for Silver Point Finance) Ian S. Fredericks, Esquire Skadden Ars, Slate, Meagher & Flom LLP One RodIiey Square P.O. Box 636 Wilmington, DE 19899 Hand Delivery (Counsel for J. Aron & Company) Don A. Beskrone, Esquire Amanda M. Winfree, Esquire Ashby & Geddes, P.A.
500 Delaware Avenue, 8th Floor
Counsel for Debtors) Laura Davis Jones, Esquire James E. O'Neil, 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., 11 th Floor
Wilmington, DE 19899
Hand Delivery (Counsel for Union Oil Company of California, a California Corporation) Norman M. Monhait, Esquire Rosenthal, Monhait & Goddess, P A Citzens Ban Center, Suite 1401 919 Market Street, P.O. Box 1070 Wilmington, DE 19899
Wilmington, DE 19801
Hand Delivery (Copy Service)
Parcels, Inc.
Hand Delivery (Counsel for Westchester Fire Insurance Company and Noble Energy Inc.) Tobey M. Daluz, Esquire Joshua E. Zugerman, Esquire Ballard Spah Andrews & Ingersoll, LLP
919 N. Market Street, 12th Floor
Wilmington, DE 19801
Wilmington, DE 19801
Hand Delivery (Counsel for Oxy Long Beach Inc.) David L. Finger, Esquire
Finder, Slanina Liebesman, LLC
Wilmington, DE 19801
Hand Delivery
Unsecured (Official Committee of Creditors) David B. Stratton, Esquire James C. Carignan, Esquire Pepper Hamilton LLP
Hercules Plaza, Suite 1500
Hand Delivery (Counsel for Marathon Oil Company) Kevin J. Mangan, Esquire Womble Carlyle Sandridge & Rice, PLLC 222 Delaware Avenue, Suite 1501 Wilmington, DE 19801
Hand Delivery (Counsel for Cook Inlet Region, Inc.) Eric Lopez Schnabel, Esquire Dorsey & Whitney (Delaware) LLP
1105 North Market Street, Suite 16th Floor
Wilmington, DE 19801
Hand Delivery (Counsel for Area Energy LLC) Norman L. Pernck, Esquire Karen M. McKinley, Esquire Cole, Schatz, Meisel, Forman & Leonard, P.A. 500 Delaware Avenue, Suite 1410 Wilmington, DE 19801
District Director Internal Revenue Service 31 Hopkins Plaza, Room 1150 Baltimore, MD 21201
New York Regional Office 3 World Financial Center, Suite 400 New York, NY 10281-1022
Washington, DC 20554
(Counsel tor Union Oil Company of California, a California Corporation) Cabot Christianson, Esquire Christianson & Spraker
911 West 8th Avenue, Suite 201
Anchorage, AK 99501
Banptcy Coordinator
MMS / Denver Federal Center P a Box 25165 Mail Stop 370B2 Denver, CO 80225
Philadelphia, PA 19103
Baltimore, MD 21209
Greenwich, CT 06830
E. Kathleen Shahan, Esquire U.S. Deparment of Justice 1100 L Street, NW Washington, D.C. 20005
Creditors) Filiberto Agusti, Esquire Steven Reed, Esquire Joshua Taylor, Esquire Steptoe & Johnson LLP 1330 Connecticut Avenue NW Washington, DC 20036
Anchorage, AK 99501