UNITED STATES nANKIWPTCY COURT

DISTRICT OF DELAWARE
In re: Pacific Energv Resources Ltd.
Debtor

Case No. 09-10785

Reporting Period: October 2009

MONTHLY OPERATING REPORT

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./
./
N/A
N/A

./
./
./
N/A
N/A

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

./
./
./
./

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 peijury (28 V.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

December 2, 2009

Date

Wiliam F. Lvng
Printed Name of Authorized Individual

Group Controller

Title of Authorized Individual

Authorized individual must be an officer. director or shareholder if debto,' is a corporation; a partner if debtor

is a partnership; u manager or member if debtor is a limited liabilty company.

MOR
(04107)

.PACIFIC ENIERGY

December 2, 2009

Office of the United States Trustee

Subject: Attestation of Reaard Postpetition Taxes

The debtor, Pacific Enerav Resources. Ltd., hereby submits this attestation regarding pospetition

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.

'---..-,-~
GAil ROPP f

Sworn to and Subscribed

before me on this 2nd

day of December, 2009.

COMMISSION # 1757533 0

Notary Public. California i

lOSANGElES COUN1 ~
My Comm. Expires July 16. 2011

Notary
My Commission Expires:

7.-l(y/1

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

PACIFIC ENERGY

December 2, 2009

Office of the United States Trustee

Subject: Attestation Reqard Bank Account Reconciliations

The debtor, Pacific Enerav Resources, Ltd., hereby submits this attestation regarding bank
account reconciliations in lieu of providing copies of bank statements and copies of all account

reconcilations.
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 Trustee's Offce.

tJ ;

Name: William F. Lyn

Position: Group Contr

Sworn to and Subscribed
before me on this 2nd

l~----------

day of December, 2009.

1 "/';"":;"~" GAIL ROPP f

a: /" ., . COMMISSION # 1757533 0

11 Notary Public - California ~

lOSANGELES COUNTY ~

My Comm. Expires July 16, 2011 f.

~~~...".,-

My Commission Expires:

7-lb-/!

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

551.421

36,242

401,80

32.705

4.949

163,41B

500,00

551,421

36,242

412992

500 00

325 705

4949

163418

11.192

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

3.902.645

441.075

803013

2815911

3.50.889

1.64459

7 808 B78

C'.3e No. 09- 10785

Rcportinr Pcriod: October 2009

i
I

I
I

TOTAL. DISBURSEMENTS FOR CAI.cULATING US. TRUSTEE OUARTERL Y FEES

PLUS, EST ATE DISBURSEME"'T MADE BY OUTSIDE SOURCES Le. frm esrow iieoumsl

LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS

TOTAL DlSBURSEMEr.'TS

14,759890

11.407 06

16,1""955

109 403172

(23814.150

133,217323

::".;'.;(,:;'::;:'"''
'l':~~:"f..:.,:,i:~!:"'N,":!::f!).~~::F"" .. :':.",r~'; :,;;.,1;..=.;/.;".."....,
,..:,'::.'.'.:.iy,::i::"'.
....:...:.:,...'~.r\.:.~;,::,W,'.I~',~....';:.:.,~!.! i.~;;':-:;,.,;;",.,.i':
(;'....
~~~. v.ni;i"u.u,. i;.a; "".0 ~vun... -a"U' :1....,... E\VQ .I~:O'L~-n.tRti'.:t.'ES:~,.lF.Ma)RRtlr.MOi'tt:n~ffCjUMJ~~t~.\2:i,~?:~.~,t1,~;. ii":~K~?;Wi!)k;,~;\~)IDW/H g:~yl:1~~W~tM:t~..~(:j~~1it~:;Xil:f:~~.?r~!::;,.I,....;,;--":\...;i.'.::"::.....c,~,' ~,r. :,'.'i.I.'.'. ,.::.:'/:,.,,;.'.~!.~.:.,.~'.~....::

INTERE!T PAYMENTS

40JIKI

TRANSPERS TO SEGREGATED

TRANSFERS 'ro OPERATING

TRANSFERS TO PEAO

TRANSFERS TO PAYROLL AND FLF-X

TRANSFERS TO LOKBOX

In re: Pacific Energv Resources Ltd.

Dcbtor

FORM MOR.
\04lOl

balanc per boks

. Adjusted bank balance must equal

(-) Otrl'SANDING CHECKS

UNIDENTIFIED RECONCILING ITM
ADJUSTED HANK BAI.ANCE .

(+) DEPOSITS IN TRANSIT

BANK BALNCE

In fe: Pacific Energy Resourccs. Ltd.

Debtor

:~

,Y:

t~)'
~':~;
,;'

:L

424,535

( 195,029)

125,367

574

6,446

45,675

Conlinii"tion Sheet for MOR-I

BANK RECONCILJA nONS

6,317,405 I 1,289,771

Reoortine Period: October 2009

Case No. 09-10785

427,307

1,144

10,426

8,648.076

(195,603)

FORM MOR.I.,
(o.lO7t

Skadden, Arps, Slate

Rulan
Schully

Reed W. Ferril

Pepper Hami1on

Peoper Hamilton

Pachulski Stang Ziehl

Omni Manaoement Group

Milstream

Merril

Margaret M. Olico - Notary Public

Lazard

Jensen Lunny

Mar-Aug

June

Aua
Mar-Jul
Jul
Aug
Aug
Mar-Jul

Sep-Oct
Mar-June

May

Apr-June

May
Apr-Jul
July
May

ERM-West
Hartig Rhodes

Hartig Rhodes

March-April

Jun

March

14,743
6,659

9,106

2,335

6,334
4,665

9,921

121,620
5,526
14,060

Sep
Sep
Sep

26,962

May
Aug

Jan-Aug

Devlin Jensen

Deloite

Birch, Horton, Bitner and Cherot

Budget Printing

Bingham McCutchen LLP

Bingham McCutchen LLP

Ashby & Geddes

Archon Group

Andrews Kurth LLP

Reporting Period: October 2009

Case No. 09-10785

PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER
PER

9845

9661

9719

9818

9658
9736

9554
9839
9852
9840

9710

10/09/09
10/28/09

10/16/09

10/28/09

10/09/09
10/21/09

10/01/09
10/28/09
10/29/09
10/28/09

10/14/09

13,288
6,325

7,171

2,335

6,213
4,504

13,555

121,620

9,741

26,559

1,455
334

1,936

161

122

5,526
505

180

403

88,412
77,315
176,948
207,859
885,264

87,051
921,047

137 784

15,967

27,028
29,949
223,580

149,594
42,835
8,526

925,018
58,084

176,208
2,500
44,231

~~ii~r~ ~~rma'f~vliiw ii0~l~1l~lslsWg~! f~~~*~l~~~~~1~~

2,659
4,703
28,168

1,231

6,039

7,328
44,660
162,263

592
675
2,143
40

1,709
12,408
16,151

1,901

39,525

1,694

9,847

if~~*~~ijil~~1tm~

IDP.~I~~x~;~~R~~~~~i\~'1t ?lJll1~~1.~~III~~J1tlgarai~~~?l(rnti,~~
~$iW~Ir~itlRfl~~l~(~~i~~%~~Jti.~i.~

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

~rlll~l'j !ljil'lll'~~i I'LL

In re: Pacific Energy Resources. Ltd.

Debtor

FORM MOR-Ib
(04/07)

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Case No. 09-10785

Reporting Period: October 2009

In re: Pacific Energy Resources, Ltd.

Debtor

BT A TEMENT OF OPERA nONS

(Income Statement)

556,556
577,276
351,720
309,024
294,815
190,753
5,718

4,119,724
3,769,753
2,826,201
2,563,786
1,558,963
881,269
46,227

14,321

83,851
183,460
9,167
19,238
156,136
5,269,514
5,460,188
8,394,998

20,800
1,179

4.900
11 7,421

417,058
678,744
1,686,877
..... ..

.,,-,,~' . . ~. ..'

~;~1~ii;Z~~~~y.t~I;~~.1~__.j"'1::::~;~::;~~\.::
;?, ~.....
- ~":.....
~:::~...,:;~..;:::i"i:~t~~~~::.~;~Hii:~~:.~
~~~'" :~~H;. ......... ....~
..........~:..,.,..
... ._.'.... .'~'h'.~... '" ......~.
.-..-....-.,.. ..- . ...~....... . .'~-.
....~.... ...~,..:..:-..:...........
,--..,. ........,......_. . ... ...~.........:.....,....:-.... ~. .......

Interest expense - cash

Interest expense - noncash
Stock compensation exoense
Accretion of discounts and amortization of deferred financing costs

(591,268)
(1,468.846)
(476,928)
-

(3.705,795)

(1,230,642)
(3,998,982)
(1,427,7 i 7)

2,376,604
279,977
Reaized rrain/Ooss) on derivatives
643,804
46,652
Interest income
2,737
(39,646)
Other revenue
22,177
Genera exploration expense
(10,965,198)
(520,799)
Net Profit ..(Loss) Before
Reorganization
Items
.::.-:;.~.,.-::..:.~'.
..,
',~,:~:.:.-':,...,~.:,~
::.~,'.:;.~.:.;.......
.~.
~.'...~::.,;
'.,;'''';
," -., ~., '-:.~ ::: :~'::":"~:;~ -.",' -::;.:
'." ....."
"'.~.':
.:;;"
.:..,..-:',..::, :.,;
,~
",'
,..',"..'.-.::
",;.;";,,,..,':, .,.:-_.;"'.~:":.:.~;,,..:,
..;...:.'....:.,.:~;:.::.~;;:..:;.'"....::,;:'~~."7:':'.."~'''':''.:
,',H
.'..-.:....,:.:..'.,.,....':..
,
......,;.~::...;:.'~:..:
:;;;.;
.~1~,~;'.:.)':i
!.:::1;:,./f~
.:f.'::.:~t~tt.\~;.:.:g:::t:::.~::1:~:1t.::.::,;:;t~;
::~~:~.
...,.........
...
............................"....."M......'.

..'.... ...~:. ........-: ......'. ....,....-..... ...,.~-~...... ._..

..
RERG~A:ilIONr,:MS~;:$!.!;ii':';"";i:l,";',r!:"'J~(',',~.\""':,;,;.'i:"l';"".;;;,~\,.'g(.,~.;"",,),~'!:;':..:ii"";ii."",,,,:,,:,:,,,,,.,,.,';":'

Professional Fees
Income taxes
Net Profit (Loss)

.............-.."......

856,572
203
$

(1,377574) $

12,406,141
203
(23,371.542)

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

FORM MOR-2
(04/07)

Case No. 09-L0785

Reooriine Period: October 2009

In fe: Pacific E"erp:y Resources, Lid.

Debtoi'

BALANCE SHEET

603,024
8,046,052
7,743,943
598,768
3,5 i 4.387

468,456
258,116,351
279,090,981

~;~:\~"~;;g~~':l:'::'.._'.:: ::':e:~.;,.':': .:~S~:~:tf~~tifg~mf:&~.~~.&i~:Wf.:~~~?;~~1i;~r~~1.~~:::;

69,269,792
3.351.931
1.563,008
794,293
47,938
37,179
(7,851,937)
67,212,203

328,008
159,776,427

$
..

...

Secured Debt

;:;~~~G.;~~i(.:~;~t~t~~;~i?~:f;~::~~;:;);\f\~:;Yf;
)~.':;;:.
:'::;~::~i~r:::.:'",', --.7.:.:::'::::.::i.::;'~~:~.~~~:~~~~?~::.s::::!:'::
................._......... ..................._..-.
......."....,...,.....
.. ...~...,_.,. ........~.....-.... '-'. ..'........ .... ........ ......:i~~;:~:l.t~~;::~~~~~:~~~~~:;:.:;

6,956,525

44,159.134
94,518,429
145,634.088

Priority Debt
Unsecured Debt
Intereomoaiv Payables

TOTAL PRE.PETITION
LIABILITES
-.....-,.,. -.. ..,........
....
".-,'1"-',-"-

17,100,252
52,049,300
525,377
95,056
239,417,497

'.'--"
'.., "'~' .
......._.
.....
,.. .... .........--....._., .'_..
::;~t.:.~~....: ~:~~.:X;.~'ir:~1;:ri~. ::.:,'::::.:
~:/f:\~.~?:.:.H~,::~~
;:::.~~~:-.,:;.~:;",,::,~":-':'::".';'~:;:'
;.;r:J~.~~~.:~.;: ,::.~::::~, ;;\~"
:.~.'.":::.~(;
~~?;i:CX~~;~:;;~.'Y~:\~ f'"'' n~.;:;~.~':::
385,051,584 I
1$
.::'.:":;,~
:-"';.;'.'
,,'
:.,.:::;.:::;:.:;:,:~i~~:~::-;.r:f:t"~~;;-D.~ :.:;~.::.:,;:;...
,..::.~.,':;.~:;..:
:~!p)::.i!.~~:f;f~~l; ,~~~;.::.:
:..\;::::.'::~'.:":;; ~;j~~ft"t?:\~~;~fi.r~r :ii~~:i)~~..\?~.;~.::
,:;:~
:::;.::;~:::::~
.(~~..~::..)!:~:~:!:~;~;
.....,., '.,.. ...~'

20.547
31.685,380
50.178,363
213,954,337
1,461,995

(135,276,446)
(23,371,542)

FORM MOR.3

(04)

Case No. 09-10785

In re: Pacific Energv Resources. Ltd.

RepOlting Period: Octoher 2009

Debtor

BALANCE SHEET. continuation sheet

Intercom any Receivables

Derivative Assets
Advances
Other Receivables
Total Other Currnt Assets

258.116,351

Pedormance Bonds

Investments-Abandonment
Investments-CAC
Investments-San Pedro
Investments-PEAR
Total Other Assets

4,006,812
101,108,877
6,125.000
4,042,257
62,118.089
177,401,034

62,836
1,555

FORM MOR-3 CONTD

(04107)

In re: Pacitc Energy Resources, Ltd.

Debtor

Case No. 09-10785

Reporting Period: October 2009

STA TUS OF POSTPETITION TAXES

Withholdina
Sales
Excise

Unem 10 ent
Franchise Taxes
Personal Pro 11

Total State and Local

Total Taxes

SUMMARY OF UNPAID POSTPETITION DEBTS

1.179.904

586.000

837.121

2,087.034

905.312

1.582.947

FORM MOR-4
(04107)

In re: Pacific Energy Resources, Ltd.

Debtor

Case No. 09-10785

Reporting Period: October 2009

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

o - 30 da sold
31 - 60 days old
61 - 90 days old

7,743,943

91+ da sold

Total Accounts Receivable

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

7,743,943

7,743,943

DEBTOR QUESTIONNAIRE
...................
~i$iWb'~gitt~:t~lijflth1j:f~J&\,i!fi;tfi:~;)t%i%~;;iii0~jji.:t2)~(j;;i;f.%l:#:~;)Wig\T~;:~!Ji:)f&~!:~;:g;W!)j;~;~t;;';);;tifi~~~~;M;t\\\&~ili~;!l~\%i~i;'fNiY~&tWi
..ow....,... ..._._H........_....~.~ "....'"'.~.,,,....~_....:..._.....'.;.H....'....._.,,.'_..,.:,'_~.'~"H..._
.,.,..........w..:.........."...... ...... .,................,.......'....~,..........~...

1.

Have any assets been sold or trnsfeired outside the normal course of business

No

this reporting period? If yes, provide an explanation below,

2. Have any funds been disbursed from any account other than a dehtor in possession

No

account this reporting period? If yes, provide an explanation below.

3. Have all postpetition tal( returns been timely fied? If no, provide an explanation

Yes

below.
4. Are workers compensation, general liability and other necessary insurance

Yes

coverages in effect? If no, provide an explanation below,

5, Has any bank account been opened during the reportng period? If yes, provide

No

documentation identifying the opened account(s), If an investment account has been opened
provide the required documentation pursuant to the Delaware Loal Rule 4001-3.

FORM MOR-S
(04107)