IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: PACIFIC ENERGY RESOURCES LTD, et al.

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

STIPULATION REGARDING TRANSFER OF CLAIM J. Aron & Company (J. Aron) c/o Goldman Sachs Specialty Lending Group and Rise Energy Partners, LP (Rise) hereby agree and stipulate as follows: 1. On November 6, 2009, J. Aron entered into a Purchase Agreement with Rise pursuant to which J. Aron sold, conveyed, assigned and transferred to Rise all of its rights and obligations as set forth in the Purchase Agreement, including but not limited to J. Arons rights under the Final Order Pursuant to 11 U.S.C. 105, 361, 362, 363, 364, 365 and 507: (Approving Senior Secured Superpriority Postpetition Financing; (2) Authorizing Use of Cash Collateral; (3) Granting Liens and Providing Superpriority Administrative Expense Status; (4) Granting Adequate Protections; and (5) Modifying Automatic Stay) [Dkt. 415] (but, for the avoidance of doubt, not including all rights of J. Aron (i) to all payments or distributions received by J. Aron prior to the Closing Date under the Loan Documents, (ii) under the Purchase Agreement and all documents related to the Purchase Agreement (other than the Loan Documents or certain overriding royalty interests as further set forth in the Purchase Agreement) or the closing under the Purchase Agreement, (iii) to receive any proceeds from the sale of crude oil or other petroleum products produced from Trading Bay Unit and Trading Bay Field, including without limitation those which are currently held in a segregated, interest-bearing account by order of the United States Bankruptcy Court for the District of Delaware dated April 28, 2009 (Docket No. 230), other than such proceeds which are required to remain in the estate of Pacific Energy Alaska Operating LLC pursuant to Paragraph 35 of Final Order described above, (iv) all payments or proceeds from insurance covering the Debtors business interruption and debt service and related losses resulting from the eruptions of Mount Redoubt and related events and any refunds or rebates of insurance premiums associated with the abandonment or other discontinuation of operations of the Debtors Alaska operations and assets, (v) all payments or proceeds resulting from deposits made by potential purchasers of the Debtors operations or assets in Alaska or claims relating thereto, including without limitation, Catherwood Limited and its affiliated entities, and (vi) any other payments or distributions under the Loan Documents that result from the Debtors operations or assets in Alaska or claims relating thereto.1 Contemporaneously

Purchase Agreement means that certain Purchase Agreement made and entered into as of the 6th day of November, 2009, by and among J. Aron & Company, a New York partnership, (b) MLQ, L.L.C., a Delaware limited liability company, (c) MTGLQ Investors, L.P., a Delaware limited partnership, and (d) Rise Energy Partners, L.P., a Texas limited partnership.

with the filing of this stipulation, Rise filed a Notice of Transfer of Claim Pursuant to FRBP 3001(e)(2). 2. For the avoidance of doubt, J. Aron acknowledges and agrees to the transfer of its claims and the substitution of Rise as transferee of such claims pursuant to the Purchase Agreement. 3. J. Aron hereby waives any right to object to the transfer of its claims and the substitution of Rise as transferee of such claims pursuant to FRBP 3001(e)(2). It is hereto stipulated and agreed to this 8th day of December, 2009. /s/ Mark Elmore HAYNES AND BOONE, LLP Robert D. Albergotti Texas State Bar No.00969800 Mark J. Elmore Texas State Bar No. 24036523 2323 Victory Avenue, Suite 700 Dallas, Texas 75219 Telephone: 214.651.5000 Facsimile: 214.651.5940 COUNSEL FOR RISE ENERGY PARTNERS, LP -and/s/ Jeffery Sabin (with permission) BINGHAM MCCUTCHEN LLP Jeffery S. Sabin 399 Park Avenue New York, New York 10022 Telephone: 212.705.7747 Facsimile: 212.752.5378 COUNSEL FOR J. ARON & COMPANY

CERTIFICATE OF SERVICE I, Pamela J. Groff, certify that I am not less than 18 years of age, and that service of the foregoing document was made on December 8, 2009, via the method indicated, upon: SEE ATTACHED SERVICE LIST Under penalty of perjury, I declare that the foregoing is true and correct.

12/8/09 Date

/s/ Pamela J. Groff Pamela J. Groff

WCSR 3894900v1

Hand-Delivery (Counsel to Debtors) Laura Davis Jones, Esquire James E. O'Neill, Esquire Kathleen P. Makowski, Esquire Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 First Class Mail (Counsel to 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 First Class Mail (United States Attorney) Ellen W. Slights, Esq. United States Attorneys Office District of Delaware 1007 N. Orange Street, Suite 700 Wilmington, DE 19801

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