UNTED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: Pacific Energy Resources. LId.

Deblor

Case No. 09-10785

Reportng Penod: March 2009

MONTHLY OPERATING REPORT

f" . . ~ ~"., "!

,,~..
, ._"'__...._..
-----_.,
..""- -'-- .,.-"..._~--- ~

~
~
~
~
~
~
~
~
N/A
N/A

~
~
~
~

MOR-4
MOR-4
MOR-S
MOR-S

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

I declare under penalty of perjury (28 V.S.C. Section 1746) that tls report and the attached documents
are tre and correct 10 the best of my knowledge and belief.

Signatue of

Debtor

Signatue of Joint Debtor

Date

Date

Signafu of Au rized Individual.

~ -- ,AI i rJ "A,IL
P nted Naml of Authonzed Individual

Sv- vlf-l(:(o
Title of Authoried Individual

't- V f 'to c?o

AuUiori individual musl be an offcer, diretor or shaholder if debtor is a corpration; a parter if debtor
is a partership; a manage or member if debtor is a limited (jpbilty company.

MOR

(D4I0)

In rc: Pacific Enell Resourcc... Ud.

Debtor

Cas No. 09-107R5

Reportng Perod: March 2009

SCHEDULE OF CASH RECEIPTS AN DISBUREMENTS

4 500 000

4 500 000

50 000 1.55 943 431210

OT

2.469.21a

2.125
18

12.314

1 332

~i2~\~~J~7=~'~::,~"'~;".~
OPERTIG EXENSES

2 300 982

2 737 53

737 53

TRNSF TO LOOX

1 509 573

1 509 573

1 509 573

TRSFE TO PAYROLL

431210

431210

431210

593 040

593 04

593 040

500 000

500 000

58.563

56 56

58 56

203 909

203 909

430 494

8078

500 000

3 033 823

8 989 674

6989874

Nole: Cah rei:i. and ifbW3ements .how above rcCClltiviiy rm iJe pClition dole to Mii 31,2009.

I:OfL" Mon.i
I04N7)

Case No. 09-10785

In re: Pacific Enemv Resources Ltd.

Debtor

Reportg Perod: Mnrch 2009

BANK RECONCILIATIONS
Conllnunllon Shoel for MOR-l

210,242
(211.934)
1.704

12 500,000

13.586

6.570)

7,016

11 28

45,602

II

FORM MaR.I.
(04101)

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Case No, 09-10785

In re: Pacifc Energ Resources. Ltd.

Reporting Penod: Marh 2009

Debtor

STATEMENT OF OPERATIONS
(Income Stutement)

474.331
425,653
321,470
308,341
119.590
99,862
5,910
5,104
3,561
1,300
966
880,450
780.258
(245,241

nses

4,185,512
3.775,508
497,654
427.717
309 589
307.794
51,724
22,249
8,440,278)

costs

Note: The income stutements above reflect Uie Company's activity for Uic entirc month of

March.

FORM MOR-2
(04107)

Cnse No. 09- 10785

In re: Pacific Enen!v Resources Ud.

Debtor

Reprting Perod: March 2009

BALANCE SHEET

74,156
500 000
4,505,531
598,768
782 535
100 000
189 900,349

196461 338

~ "lr,~.A.I,v_jlt'~' ..""'''~'' ',' ~~~.. ~.,

, " 1;):r\1':j;~'111~t~t';/'l. 'h i 1" ' ~,' "',. iV . i' , _ ~ ., '.~~"Zlfl~~~1~" ,J

;",.i~~~!mtJmU.tJ.
lr:l:~'~'II;E';:"'('\':'
I~ :I.. i . (.. ~;'ti:.
i1~ \JII l.~I;:~i;'
-. -,' f.i;".'"..,
.i1~~~~-i
",' l)
s

2,755,366
308 882

143 787 226

9.198
49 972.689

767.195
23 56

iI

197,623812

7,001088
45 83547
39 38.710

Jus

91,623,34

289247,156

20 547
16.123838
36 16,925

239 875 990

3,251.694

128 477,454
16 875.995

FOllM MOll.)
(O.L.U7)

Case No, 09-10785

In re: Pacific Energy Resources. Ltd.

Debtor

Reporting Perod: March 2009

BALANCE SHEET - continuation sheet

f~~j.~'~YT'~::~?~i1~~'~;tr~~~~:~~1m~t1~~~~m;~r;~~:~t:~tt~.,. =.:' ::"~~J~~~~T~?:~;~J~~~~;_~~

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:':: ",...,J""'',,,)."J~41~.,,,..,:ur'/;'''
tJi:"i1-)ld~"'A"rt:'~c "'V ~1-": :~(~';t\, f'~)t' = ~~.,
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Intercom an Recetvables

185,837,316
3,561,283
501,750

189,900,349

4,070,853
100,564,297
6,125,000
4,042,257
62,118,089
176,920,495

Dervative Assets

Advances
Other Receivables
Tolal Other Currnt Assets
Performance Bonds

Investments-Abandonment
Investments-CAe
Investments-San Pedro
Investments-PEAH
Total Other Assets

FORM MOR-3 CONro

(04107)

Case No, 09-10785

In re: Pacific Energy Resources. Ltd.

Debtor

Reporting Perod: March 2009

STATUS OF POSTPETITION TAXS

i,~ "~;':~;?)"'.::~ ;':6~ir .,~~;:~Jtb);',~i(:1;'~_';," ;~:f. .':..... ". '; ~''1..':.~.'.~...; ':c,' .::.;.;;;.~.;j)r'5\r' '.' .," ~~.~ :.

kn':'
rf~l'.,~j?;.~A
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j,.., i!,t~~t"''tf''
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~. t." '0 '" !)"~,,'~":,:;/::. ( ''''; '\'~""~''' ~l ~"","i"'~ ," 'i". \~~1 ~:"" '~!'T':~".':' .;,l-~ ';H' " \~~",,,?,~,~::,~ ~~. i-

Wiihholdinl!
F1CA.Emnlovce
F1CA-Emnlovcr

22.493

22.493

Unemnlovrent
Income
Total Fedeml Taxes

tlti

6515

6515

6515

29.008

6515
6.siS

Fmnchisc Taxes

Total Taxes

22 493

22.493

Excis
Uneinlovrent
Total Stale and Local

Wiihholdjn~
Snles

Persnal Proncrt

22 493

SUMMY OF UNPAI POSTPETITION DEBTS

,

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'.
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"'. '~'i":

Accounts Pawble
Accrued Rowiiies

Accred Onemiinl! Exoen

Acced ORRis

Total Posmclitlon Debts

i 160554
731594
612507
250 71 I

2 755 366

I 160554
731 594

612507
25071 I

2755.366

FORM MOR4
(04107)

Case No. 09- 10785

In re: Pacific Enemv Resources. Ltd.

Debtor

Reportg Penod: March 2009

ACCOUNTS RECEIVABLE RECONCILIATION AN AGING

~.
o - 30 da sold
31 - 60 da sold
61 - 90 ci sold

91+ da old

4,505,531

Total Accounts Receivable

Amount considered uncollectible (Bad Debt)

Accounts Receivable (Net)

4,505,531

DEBTOR QUESTIONNAIRE

No

N/A
4. Are workers compensation, gencralliabilty and other necessary insurance

Yes

coverges in effect? Ifno, provide an explanation below.

S. Has any bank nccount becn opened during the reporting period? If yes, provide

No

documentation identifyng the opened account(s). If an investment Dccount bas been opened

provide the require documentation pursant to the Dclaware Local Rule 400 i -3.

FORM MOR.S
(04107)

PACIFIC ENERGY RESOURCES LTD.

BANK RECONCILIATION - GL 'I
Wells Fargo 130- ,MMS - Beta Bond

March 31, 2009

44,883.64

Beginning GL Balance
Fund Bond Deficiency
Additional Collateral
Dividend Income

0.00

0.00/
27.93

Ending GL Balance

44,911.57

Balance Per Bank

Wells Fargo Bank

44,911.57

Reconciled Bank Balance

/'
44,911.57 .

Difference

Prepared by:

/
./

0.00

-i~ VL

Date:

First Approval: / \ ~ ~ _

Date:

Second Approval:

Date:

?J::, i 0 a

+/3/0C(
~//S-/d/

E:\PERL Reconciliations\2009 Cash Bank Reconcilations\PER 1601-017 2009.xls4/13/200911:36 AM

PERL CORP
BANK RECONCILIATION - GL #1601-020

VS Bank 1048 ~bandonment Funds

March 31, 2009 /

Beginning GL Balance 96,363,778.43
Deposits
Electronic transfers
Increase in FMV
Interest earned
Interest earned
Bank Charges
Premium on Beta Bond

0.00
0.00

0.00/
2,126,670.00 /

493.56

0.00 ..
(385,856.74)

Ending GL Balance

Balance Per Bank

Add Outstanding Deposits

98,105,085.25 /'

98,105,085.25

/'

0.00

98, 1 05,085.~

Reconciled Bank Balance

0.00

Difference

Prepared by: ~~ V iA

Date:

FI,,' 'opm,al J 2 6

Date:

Second Approval:

Date:

4 /IA/O~
r'~

Y:\LFerm\My Documents\PERL CORP\Reconciliations\ 1601-020.xls

PERL CORP
BANI

US Bank, __ .

,r IN-GL#'

__, _ - SPBP Sinking Fund

March 31, 2009

Beginning GL Balance

549,647.04

Deposits

0.00
0.00

Electronic transfers

88.10.r

Interest earned on Beta Abandonment

Bank Charges

0.00

Reconciled Items pending Court's approval:

Sinking Fund Deposit in transit - 03/09

25,096.00 r

Sinking Fund Deposit In transit, 02109

30,990.64

--

Ending GL Balance

574.831.14

Balance Per Bank

,,

518,744.50 /'

Reconciled lIems pending Court's approval:

Sinking Fund Deposit in transit - 02109

30,990.64 :/

Sinking Fund Deposit in transit - 03/09

25,096.00

Add Outstanding Deposits

Reconciled Bank Balance

574.831.14

Difference

Prepared by:

First Approval

Second Approval:

0.00

I ~ Ji

j,9 bs

Date:

Date:

4/;4 /09

~rf'

Date:

Y:\LFerm\My Documents\PERL CORP\Reconcilalions\1601-030.xls

PACIFIC ENERGY RESOURCES

BANK RECONCILIATION - GL #1001-010

Wells Fargo 602. )perating Account

nnarcn .n. ;i)D9

Beginning GL Balance

Deposits

11,850.44

Bank deposits

Electronic transfers

85.127.59 /'

6,690,847.54/'

Total deposits

6,702,697.98

Checks - computer
Less: Wire AP checks and Cashier AP checks
Checks - manual

(3.807,245.94)/
3,067,741.42
0.00
(739,504.52)

Total checks
Electronic transfers/debits - including AP wire checks
Total payments

(6,050,013.08)

(6,050,013.08) ,/

Reconciled wire 01/09 AP checks:

TransAmerica CK# 7737
TransAmerica CK# 7742

0.00
Bank Charges

0.00

Ending GL Balance

(1,692.03) r-

Balance Per Bank

210,242,36/

Add Outstanding Deposits

Less Outstanding Checks

(211.934.39) /'

Reconciled Bank Balance

(1.69203)

Difference

Prepared by:

000

-T~ "-

Date:

Fi"tApp'~" ~~

Dale:

Second Approval: .

Date:

4 /.: Iocr
~~~~,

Y:\LFerm\My Documents\PERL OperationslReconcllalions\2009 Bank ReconciliationslPER 1001-010 2009.xls

1

PACIFIC ENERGY RESOURCES

BANK RECONCILIATION - GL

Wells Fargo 525-1 Lockbox Account

March 31, 2009
Beginning GL Balance

3,550,274.76

./

0.00/

Deposits
Electronic transfers

Interest earned daily investment

4,802,238.94
0.00

Checks - computer
Checks - manual
Electronic transfers/debits

Bank Fees

Bank courier charge

(7,852,513.70)
0.00
0.00

Ending GL Balance

500,000.00 /

Balance Per Bank

500,000.00 /"

Add Outstanding Deposits

0.00
0.00

Less Outstanding Checks

Reconciled Bank Balance

500,000.00 :/

Difference

Prepared by:

First Approval:

0.00

\~J~

tJ~ t

Second Approval:

PER 1,)1-020 2009,xls0309

Date:

Date:

Date:

.4/D1/0q
11rl&?

~~

PACIFIC ENERGY RESOUR~i:~ LTD.

BANK REC"""~" . '-""N - GL

Wells Fargo i-Payroll Account

Beginning GL Balance

lil2ff 2.~ i-pr

Electronic transfers in

Interest earned
Subtotal

Direct deposits
Payroll checks

Gamishmenls
Payroll
taxes
Paychex fee
Paychex fee
Direct deposits
as Payroll checks PE 03-22,09

as Garnishments PE 03-22-09

Payroll taxes

6,756.90
431,209.51

0.00/

431,209.51"

(278.804.44)
(3,032.01 )

(2,87716)
(138,833.23)
(370.05)
(11.18)
0.00
(3,542.62)
(3,027.16)
0.00

Paychex fee
Subtotal

./

(452.03) /

(430,949.88V

Ending GL Balance

Balance Per Bank

13.586.31

7.016.53 /./

Direct Deposit
Less Outstanding Checks

0.00

as Payroll checks PE 03-22-09

(3,542.62)'l

as Garnishments PE 03-22,09

(3,027.16)

Reconciled Bank Balance

7,016.53

Difference

P'.p".'" ~~ \J 'A

0.00

Date:

A"iApp~,1 J ti~/

Date:

Second Approval: . 4 0

Date:

E:\PERL Reconcllatlons\2009 Cash Bank Reconcilatlons\PER 1001,030 2009.xls4/9/20092:48 PM

l/Dci /0 9
f((j

PACIFIC ENERGY RESOURCES LTD.

BANK RECONCILIATION - GL #10(
Wells Fargo 804-58 . Money Market

March 31, 2009

Beginning GL Balance
Electronic transfers in
Electronic transfers out

Bank fee
Dividend income earned

45,584.70

0,00
0.00
0.00
18.37 ./

/'

Ending GL Balance

45,603.07

Balance Per Bank

Add Outstanding Deposits

Less Outstanding Checks

45,603.07-

0.00
0.00

45,603.07

Reconciled Bank Balance

0.00

Different

Prepared by:

~ \!~

Date: 4/1\/D9

First APproval:~ '2

Date: ~ 1./'7

Second Approval:

Date:

I:\PERL Reconciliations\2009 Cash Bank Reconciliations\PER 1001-04020094/11/20095:22 PM

PACIFIC ENERGY RESOURCES L TO.

BANK RECONCILIATION - GL #1001-070

Wells Fargo 883-687 30nd - Department of Interior

March 31, 2009
Beginning GL Balance

10,385.34 /

Electronic transfers in

Intefest earned

6.78

Electronic transfers out

Bank fee

0.00
0.00

Ending GL Balance

Balance Per Bank

10,392.12

Add Outstanding Deposits

10,392.12

/'

10,392.12

/'

/'

0.00
0.00

Less Outstanding Checks

Reconciled Bank Balance

0.00
CD Term: 3 months from maturity date 07/15/09
We will receive the time account maturity notice sometime around 07/15/09

Prepared by:

First Approval:

Second ApPfoval:

I~ \Iv-

j.e~

Date: -4/(/o 9

Date: ~ I S'1t' 7
Date:

I:\PERL Reconcilations\2009 Cash Bank Reconciliations\PER 1001-07020094/11/20097:07 PM

PACIFIC ENERGY RESOURCES LTD.

BANK RECONCILIATION - GL #1001.

Wells Fargo 339.316- - Flex Spending

March 31, 2009

15,551.26/

Beginning GL Balance
Electronic transfers in

0.00
0.00

Subtotal

/'

Deposit for benefit payment cards

2,125.00 /

Check # 9052
Creative Benefit to CBI FSA

(50.00)
(679.10) r

Bank fee

0.00
1,395.90

Subtotal
Reconciled Items:

,/

Creative Benefit to CBI FSA

Check # 9055

(5,360.79) ./
(58.47) r

(5,419.26)

Ending GL Balance

11,527,90

Balance Per Bank as of 09/26/08

16,947.16

Less Outstanding Checks

0.00

Outstanding Reconciled Items:

Creative Benefit to CBI FSA

(5,360.79)/

Check # 9055

(58.47) ./

(5,419.26)

Reconciled Bank Balance

11,527.90
0,00

Prepared by:

First Approval:

-i~
l)~

Vv-

Date: -+ /( /01
Date "I1-.s rr

1:\P&dff~9!ip'ns\2009 Cash Bank Reconciliations\PER 1001-080 20094/11/20098:~fe

PACIFIC ENERGY RESOURCES LTD.

BANK RECONC" IATION - GL #1601
Wells Fargo 118-131 California DOG Bond

March 31, 2009

Beginning GL Balance

262,659.48/

Electronic transfers in
Interest earned

0.00

379.07--

Transfer to Per Operating 602-9106382

0.00

Electronic transfers out

Bank fee

0.00
0,00

Ending GL Balance

Balance Per Bank

263,038.55

/'

263,038.55

/'

263,038.55 /'

Add Outstanding Deposits

0.00
0.00

Less Outstanding Checks

Reconciled Bank Balance

Difference

Prepared by:

First Approval:

Second Appfoval:

0.00

I~ ViA

tJ,?~

Date:

Date:

4/I/04
~;-Sl/

Date:

I:\PERL Reconcilations\2009 Cash Bank Reconciliations\PER 1601-01020094/11/20096:38 PM

E)
PACIFIC ENERGY RESOURCES L TO.
BANK RECONCILIATION - GL #1601

Federal Reserve Bank - Account Number: - MMS - Beta Bond

March 31, 2009
Beginning GL Balance

1,839,999.85 /"

Bonds

0.00
0.00
0.00
0.00
0.00
0.00

Dividend Income

Misc. Income
Bank fee
Fund Bond Deficiency

Additional Collateral

Ending GL Balance

Balance Per Bank

Federal Reserve Bank at Par

1,839,999.85

1,840,000.00/

Purchased Bond
Purchased Bond at Discount Rate from our book

0.00
(0.15)

Reconciled Bank Balance

1,839,999.85

Difference

Prepared by:

First Approval:

0.00

i~ J~
lJ. R tJ

Second Approval:

./

Date:

Date:

AI~/O~

iFf

Date:

Y:\LFerm\My Documents\PERL Operations\Reconciliations\2009 Bank Reconciliations\PER 1601-011

2009.xls4/16/20091
0:45 AM

PACIFIC ENERGY RESOURCES LTD.

BANK RECONCILIATION - GL #1601-

Wells Fargo 757-892 Bond - Department of Interior

March 31, 2009
Beginning GL Balance

100,OOO.00r-

Electronic transfers in
Interest earned

0.00 r
69.06 /
(69.06)

Transfer to Per Operating 602-9106382

Electronic transfers out
Bank fee

0.00
0.00

Ending GL Balance

100,000,00 ;,

Balance Pef Bank

100,000.00,.

Add Outstanding Deposits

0.00
0.00

Less Outstanding Checks

Reconciled Bank Balance

100,000,00 r

Difference

0.00

CD Term: 3 months from maturity date 02/12/09

We will receive the time account maturity notice sometime around 05/12/09

Prepared by:

First Approval:

Second Approval:

-I~ V~

~);2~

Date:

Date:

4/11 /09
V-!f(e/

Date:

I:\PERL Reconcilations\2009 Cash Bank Reconcilations\PER 1601-01220094/11/20096:42 PM

(i

PACIFIC ENERGY RESOURCES L TO.

BANK RECONCILIATION - GL #1601-013

Wells Fargo 757-89~ lond - Department of Public Works

March 31, 2009
Beginning GL Balance

500,000.00 ./

Electronic transfers in
Interest eamed

0,00
345,32 '

Transfer to Per Operating 602-9106382

(345.32) or

Electfonic transfers out

Bank fee

0.00
0.00

Ending GL Balance

500,000.00

Balance Per Bank

\/

500,000.00/"

Add Outstanding Deposits

0.00
0.00

Less Outstanding Checks

Reconciled Bank Balance

500,000.00

Difference

l'

0.00

CD Term: 3 months from maturity date 02/12/09

We will receive the time account maturity notice sometime around 05/12/09

Prepafed by:

I~ JiA

Date:

First Approval: ) 7 4.

Date:

Second Approval: ' 0 (S

Date:

4 /fl /09
~lS' )1

I:\PERL Reconciliations\2009 Cash Bank Reconciliations\PER 1601-01320094/11/20096:46 PM

(9

PACIFIC ENERGY RESOURCES LTD.

BANK RECONCILIATION - GL #1601-014
Wyoming Bond

March 31, 2009

Beginning GL Balance

25,000.00

Electronic transfers in

Interest earned

0.00
0.00

Electronic transfers out

Bank fee

0.00
0.00

Ending GL Balance

25,000.00

Add Outstanding Deposits

0,00
0.00

Less Outstanding Checks

25.000.00 /

Reconciled Bank Balance

Difference

First

Approval: ~.? ~

Second Approval:

/'

25.000.00/

Balance Per Bank

Prepared by:

0.00

Date:

Date:

l1~7i7

Date:

I:\PERL Reconciliations\2009 Cash Bank Reconciliations\PER 1601-01420094/11/20096:51 PM

PACIFIC ENERGY RESOURCES LTD.

BANK RECONCILIATION - GL #1601-015

Wells Fargo 883-687 30nd - Department of Interior

March 31, 2009

CD Term: 3 months from maturity date 10/23/08

We will receive the time account maturity notice sometime around 01/23/09

Prepared by;

First Approval:

Second Approval;

~~ V~
J,tY

Date:

Date:

A- Ai/o 9

?/~

Date:

I;\PERL Reconciliations\2009 Cash Bank Reconcilations\PER 1601-01520094/11/20096:48 PM