UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE

In re: San Pedro Bav Piiieline Company Debtor

Case No. 09-10790

Reponing Period: Mav 2009

MONTHLY OPERATING REPORT

D~l1111elit.. Explanation AffdaviUSupplcment

REQUIRm DOCMENTS
Schedule of Cash ReceiDts and Disbursemenis

Forrrlo. .
MOR-I

Bank Reconciliation (or copies of debtor's bank reconciliations) Schedule of Professional Fees Paid
CODies of bank statements

Cash disbursements iournals

Statement or Opera iions

7.',;/7
MOR-2 MORc3 MOR-4
i/.
.;'. '.

MOR-la MOR-Ib

Attach~d Attached Attached ./ N/A N/A ./ N/A N/A ./ N/A N/A

N/A N/A

........";. ...............

Balance Sheet StalUs of POstDetiiion Taxes

Copies or IRS Form 61230r Davment receiDI CoDies of tax returns Fied during reporting period

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

I':d)'\..,""" '. .:
MOR-4
MOR~4 MOR-S MOR-S

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

N1A

Summarv of Unpaid Postoetition Debts Listinl! or al!edaccoullts oavable

Accounts Receivable Reconi;i1iation and Aging
Debtor Questionnaire

./ ./ ./ ./
attached documents

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

N/A N/A N/A NfA N/A N/A N/A N/A N/A N/A N/A

I declare under penalty of perjury (28 U.S.c. Sci;tion i 746) that this report and the arc true and correct

to the best of my knowledge and bel ief.

Signiiureof Debtor

Daie

Dale

Date ( !

(ijlt) /0 1

?t Wi- t(
Title of Authorized Individual
'Authorized individual must be aii omcer, director or shareholder if debtor is a corporaiion; a paer if debtor is a paruership: a manager or member if debiar is a limited liability company.

MOR (O-lJ07

In re: ~n Pedro Bav Pipeline Comaany Deblar

Case No. 09- 10790

Repaiting Penad: May 20

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

OPBR PAYROLL TAX OWER

CASHBEGlNlNG OFMONll
RECEiPT

I I II
BANK ACCOUNTS
i-

CUR MONT
ACTAL PROJECTD
u

CUULATIVE FILING TO DATE

ACTAL PROJECBD

T
I

"

The San Peclro Bay Pipeline Campany cloes not maintain any cash account..

TOTAL RECEIPT

II

DISBURSEMENTS

t"m..""'~'=

=1 J- ~I
i -I I I /I

i- ii
'''''0,, "",,"~i,)

It I
ii r
II -I
O.l
$0,00 $0,00
SO,OO

THE FOI,LOWING SECTION MUST R"; COi\IPUTED

DISBURSEMEN FOR CALCULATING U,S, TRUS OUARTERLY VEES, (FROM CURRENT

MONll ACTUAL COLUM~1

TOTAL DISBURSEMENTS
LESS: lRANSf'ERS TO DEBTOR IN POSSeSSIOI' ACCOUNTS
PLUS: ESTATE DISBURSEMENS MADE BY OUTSIDE SOURCES (.e. (rom

TOTAL DISBtlRSi,\IE.,\'T FOR CALCl:U ~'II\G U.s TRUSTEE nUARTERL Y.'EF-S

FORM MOR.I (OVI,m

In re: San Pedro Bay Piiiline Company Deblor

Cae No. 09-10790

Reporting Perod: Mav 2009

BANK RECONClL1A nONS

Caneliualion Slieel tor ~lOR-I

0jaling
IBALA1\'CE PER BOOKS

Pafn

Tax

:~#
1#

Other
1#
l /

~
I

BA~K BALACE
(+) DEPSrrS IN TRAl\Srr (A 'I ACH L1Sn (- OUTS Ai-DI:\G CHECKS tl\ ITACH LIST)

The San Pedro Bay Pipeline Company does not maintain any cash accounts.

ADJUSTD BA.'':K BAl.I\CE.

. Adjusted bank baJe fl equal

balance per books

fOM ~ioR~I" ~107)

In re: San Pedro Bay Pioeline Company Debtor

Case No. 09-10790 Reporting Period: May 2009

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Payee
Payor

Period Covered

Amount Approved

Check Number Date

Amount Paid

Fees

Year- To-Date

EXenses

Fees

Expenses

No profesional fees were paid post-petition.

FORM MOR-Ib
(04107)

In re: San Pedro Bay Pipeline Company Debtor

STA TEMENT OF OPERATIONS
(Income Statement)

Case No. 09-10790

Reporting Period: May 2009

REVENU
Oil and gas production revenue Rcialtv payments Net Revenue OPERATING EXPENSES
Repairs and maintenance

M th on
$
-

Cumulative

Fil D ate neto

$
-

-I
31.721 142.020 3.289 23,061 18,366 2,079
-

Salaiiestcommissionstfees Transponation expense Uiilities Insurance Employee benefit programs

Taxes - Droduction
Inycniorv chane:e

7.367 49,866
698 8.858 6.122 764
-

Rcnt and lease exoense

Travel and eniertainint

24,533
-

72.997
-

Supplies Advertisine
Auto and Iruck

202
-

Bad debt Contnbutions Insider compensation

Management feeslonuses
Offce expenses

Pension& profit sharing plans

Taxes - payroll

Taxes - real estate Taxes - other General and ndnunistrative Depreciaiion. depletion and amoiization Net Profit (Loss) Before Other Income & Eicoenses

3,750
18.947

OTHER INCOME AND (EXPENSES)

Aecretion of discounts and amortization of defen'cd fjiiancini costs fnterest expense non-cnsh - paid in kind Stoek cOIlDensation exensc

29.870 (150.775
-

11.656 31.593 89.934 (426.919)

Interest and dividends

Realized ,lanl(loss) on derivatives

Interest expense- eash

Giher revenue

t 46,459
-

General exploraiion expense Loss from nonconsolidaied subsidiary

Impairment expense

555.939
-

Net Profit (Lss) Before Reorganization Items

REORGANIZATION ITEMS
Professional Fees

(4.316)
-

129.020
-

Reorganization Interest U.S. Trustee Qual1erlv Fees Interest Ei\med on Accumulated Cash from Chapter I I Gain (Loss) from Sale of Euuipment Oiher Reorganization Expenses (attach schedule) Income taxes Net Profii (Loss)

(4.316) S

129.020

FORM MOR-2
(Ol107)

In re: San Pedro Bay Piut"line Comoanv Debtor

Case i'o. 09-10790

Repooing Period: ~1av 209

BALANCE SHEET

ASSET
CURRl\ ASSETS
Unresirictd Cash and EQuivaenls
ReSlricicd Cas and Cash Eouivalenis
Accounts Reivable (Nei)

BOOK VALVE

AT El'D OF

CURRNT RERTING MONTH

$
-

(nycntiies
Prepaid E.oenses Professional ReUliners OiherCurrent Assei, (See Alllicbed Schedule)

209,769

CURRENT ASSETS PROPERTY Al\'D EOUIPMENT

TOTAL

56.803
$
S

26.576

Provfd Proueities iiicludin~ Lease aid Well EoiiiDment

Asset Relireniem Costs In Process Develoument Unproved Properties Oflice Eqiiioment and SoO ware Vehieles
Other Eauipment ..d Lehold (mpro''1m,ents

4,134
40

28.38
5.289,672
(704.73 t

Pipeline Eouiairill
less Accumulated Deoreeiaion

TOTAL PROPERTY & EQUIPMENT

OTHER ASSET Other Assts (See Anahed Schedule)

TOTAL

4,617.553

s
$

ASETS

4,884,129

LIABILIIES B Pavable and Accrued Liabilties AND 0Wl'E EQUITY TESTS 8J 0 M i ECT CO Acconis

L1A IU I

NO

BOOK VALUE AT El'D OF CURl\'T REPORTING MONTII

S

PROMISE (PostDelllon)
-

'I axes Payable Wages Pawble

NOles PaYable - Debtor-iii-possessiun finnncinJ!

Rent lleiss - BuildinoJ,nipn'cnt

Secured Debil Adeoiiate Proiection Pu\'ients
Professional r-ees
Intercompany Pa""b)es

Asset Retirement Oblieatiaos

Accrued Iniere51

S S

Other Liabilities

TOT AL POSTPETTIO~ LIABILITIES

LIABILITIES SUBJECl TO COMPROMISE (Pre.Petition)

Secur Debt

Priority Debt

Unsecu Debi
Intercopany PlIvables

TOTAL PRr:.PETlTo:- L1ABIUTIES

1'10'1 AI. LIABILITIES

2,23.567
S

2.423.567
2423 567 I

OWNER EOUITY
Shar Capital

Is
S

Coniribuied Surplus

1.00
-

Warants
Additional Paid In Capital

Accumulated Oter Coiiorhens;,'e Los

Parner' Capital Account Owner's Eouitv Aecaiini

8.314.252
-

Retaned EnminJ!s - PrePeiiiion

(5.983.709) 129.020
S

Reiainfd E.imin/(-- Postvtili

Adjustment 10 owner Eouitv (atiach schedule)

Postoeition Cooiribntions (Disuibiitiaas (Draws) (Ilioch sehedule) NET SHAREHOLDERS' EQUITY

2.46062
4.88,129

TOTAL LlABILlTIBS AI''D OWNERS' EQUITY

fOL\I )lOR..l o.um

In re: San Pedro Bay Pineliiie Company

Debtor

Case No. 09-10790

Reporting Period: Mav 2009

BALANCE SHEET - continuation sheet

BOOK VALUE AT EN OF

ASSETS
Othr Current Assets

CUREPORTING MONlH
$

Intercompany Receivable Derivative Assets Advances

Other Receivables

56.808
-

Total Oiher Current Assets

56.808

FORM MOR.) CONTD

(0410)

In re: San Pedro Bay Pipeline Company Debtor

Case No. 09- 10790

Reponing Period: May 2009

STATUS OF POSTPETITIONTAXES
BegilUlng Tax Liability
I

Amount
Withheld or Accrued
I

Fedral
Withholding PICA-Emplovee

Amount Paid
I

Date Paid
i

Check No.

Ending Tax

or EFl
I

Liahilty

F1CA-Emoloer Unemplovnieiit rneome Total Federal Taxes

Stale and Local Withholding Sales Excise

Not Applicable
I

Unemplovrent
Real Properiv Persoiial Pl'opelty

Not Applicable

Total Slate and Loal Tolal Taxes

I I

I I

i
i

i I

SUMMARY OF UNPAID POSTPETITION DEBTS

Curent
Accounls Payable
I

0-30
I

31-6 61-90 Over 90

I I I

Numbe or Days Past Due

Total

WaRes Payable
Taxes Pavable

Rem/Leses-Buildin.e

Rcnt/L.es-EouiDlent
Secured Debt/Adequate Protection Payillnis
Prfessional Fees
I I

Nol Applicable

Total Postoet1ton Debts

I I

I I

,I

FORM MOR-4
(04107)

In re: San Pedro Bay Pipeline Company Debtor

Case No. 09- 10790

Reporting Period: May 20

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Receivable Reconciliation 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

Amount
I

Not Applicable

the reporting period

I

Accounts Receivable A~jng

o - 30 days old 31 - 60 days old 61 - 90 days old 91+ days old Total Accounts Receivable
Accounts Receivable (Net)

Amount
I

Not Applicable

DEBTOR QUESTIONNAIRE
Must be completed each month
I. Huve any assets been sold or transferred outside the normal course of business

this reporting periodl If yes, provide an explanation below.

2. Have any funds been disbursed from any aecount other than a debtor in possession
account this reponing peod? If yes, proyide an explanation below.

YeslNo No
No
N/A
Yes

3. Have all posipetition tax relUriis ben timely filed? If no, provide an explanation
below.

4. Are workers compensaiioii, generalliabiJity and other necesary insurance

coverages in effect? ir no, proyide aii explanation below.
5. Has any bank account been opened during the reponing period? If yes, provide

docnmeiiaiion identifying the opened aecount(s). If an invesinieiii aecounr has been opened
provide the required documentation pursuant to (he Delaware Local Rule 400 1-3.

No

rdoRM MOR.5

(0410)