UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE

In re: Pacific Energy Alaska Ho]dineJnc. Debtor

Case No, 00-10787 Reporting Period. April 2010

MONTHLY OPERATING REPORT

Schedule of Cash Receipts and Disbursements Bank Reconciliation (or copies of debtors bank reconciliations) Schedule of Professional Fees Paid Copies of bank statements Cash disbursements journals Statement of Operations Balance Sheet Status of Postpetition Taxes Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period Summary of Unpaid Postpetilion Debts Listing of aged accounts payable Accounts Receivable Reconciliation and Aging Debtor Questionnaire

MOR- I MOR- I a MOR- lb

V N/A

7777777777 N/A
MOR-2

MOR-3
MOR-4 ___________

/ /
V

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

N/A N/A V

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 U.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

_
Snature of Authorfzed Individuals Jennifer Kurttz Printed Name of Authorized Individual

May 25, 2010 Date

Treasurer Title of Authorized Individual

Atilhorizcd individual insist bean officet, director or shareholder if debtor is a corporation: is partnership, a manager or member if debtor is a limited liability company.

palmer ildebtor

MOR (04/07)

In re. Pacific Enemy Alaska IToldines. lire Debtor

Case No. 09.10787 Reorlin Period April 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

THE FOLLOWING SECTION MUST BE COMPLETED

T5T1OTI TTflnt (AIflIJ orINa5 11 p1iiiTPflhIA1tT5P1 V VE- VRAMCIIRBVNT MANTB atiiI

mi

11MM

- -

--

- - -

TOTAL DISBURSEMENTS LESS. TF5NSFERS TO DEBTOR IN POSSESSION ACCOUNTS PLUS. ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES ILc from escrow accoun(s) TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

$000 $0.00 $0.00 $0.00

IOISM 50)0-I

noah

In re Pacific Enertav Alaska Holdings, Inc Debtor BANK RECON0I.1ATIONS

Coennuation Sheet for MOE-I

Case No 09-1077 Rertorttno leitod: .jspnL2O 0

BANK BALANCE

N-) DEPOSITS IN TRANSIT (ATTACH LIST)

(-) OUTSTANDING CHECKS (ATTACH LIST) ADJUSTED BANK BALANCE Adjusted bank balance must equal balance per books

Pacific Energy Alaska Holdings, Inc. does not maintain any cash accounts.

FORM MOR-1u ((.1/07)

In re: Pacific Energy Alaska Holdings, Inc. Debtor

Case No. 09-10787

Repo rting Period: April 2Qj

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

No profesional fees were paid post-petition.

FORM MOR-i b (O/O7

In re: Pacific Energy Alaska HoldingsJnc. Debtor

Case No. 09-10787 Reporting Period: April 201

STATEMENT OF OPERATIONS
(Income Statement)

Oil and gas production revenue Royalty payments Net Revenue Repairs and maintenance Sal arieslcornmissions/fees Transportation expense Utilities I nsurance Employee benefit programs Taxes - production I nventory change Rent and lease expense Travel and entertainment S uppli e s Advertising Auto and truck Bad debt Contributions I nsider compensation Management fees/bonuses Office expenses Pension& profit sharing plans Taxes - payroll Taxes - real estate Taxes - other General and administrative Depreciation, depletion and amortization Net Profit (Loss) Before Other Income & Expenses Accretion of discounts and amortization of deferred financing Costs I nterest expense- non-cash - paid in kind Stock compensation expense I nterest and dividends Realized gainl(loss) on derivatives I nterest expense- cash Other revenue General exploration expense I ncome from equity investment Gain on Alaska sale I mpairment expense Net Profit (Loss) Before Reorganization Items Professional Fees Alaska abandonment Net Profit (Loss)

(1920,000)
-

(L920,000)
$

9665,816 (11,585,8 16)

Note The Cumulative Filing to Date income statement above reflect the Companys activity for the entire month of March.

FORM MOR-2 (04/07)

In re: Pacific Enemy Alaska -pljgRjtrc.. Debtor

lose Ets.

1Q22 Rggasjng Period: April 2010

BALANCE SHEET

ASSETS
(Iii ?ett.iV A Ql?T

CURREIT REPORTING MOPWI1 S

-

U nrestricted Cash and Equivalents

Restricted Cash and Cash Equivalents Accounts Receivable (Net) I nventories Prepaid Expenses Professional Retainers Other Current Ase1u (See Attached Scltedule) TOTAL CURRENT ASSETS

--

50,355273 $50355273

f.IAIIH.lI IRS ND OVNIIR LQLlI I.I.hIhII.lIIRS NOT SII3.IECI 10

Accounts Payable and Accrued Liabilities Taxes Payable Wages Payable Notes Payable - Debtor-in-possession financing Rent I Leases - BuildiagfEquipmeut Secured Debt / Adequate Protection Payments Professional Fees Intercompany Payables Asset Retirement Obligations Accrued Interest Other Liabilities TOTAL POSTPETITION LIABILITIES : Securedljebt Pnorsty Debt Unsecured Debt Insercoisapany Puyables TOTAL PRE-PETITION LIABILITIES ITOTAL LIABILITIES Uo,nR FU7JITY :. R:IPastuetilinil,

LIOOK VALL:t. Al IND 01 ct.IgIUiNf REN.RTINC S

-

S
-

sareCapit;I C ontributed Surplus

Warrants A dditional Paid In Capital Arasstnslated Oilser Cotnprelsenstve Loss artnems Capital Accotast O wner s Equity Accosstir lained Eansings - Pro-Petition Retained Earnings - Postpeririott A djustme n t to owner Equity (attach schedule) sntpeition Contributions (Disrribu otis (Draws) (astacls schedule) ET SHAREHOLDERS EQUITY -

62,118,089
-

(177,000) (11,585,816)
-

50355.273
$

OTALABUJTLESANJ) OWNERS EQUITY

50,555273

FORM

Mon-s
ttamrt

In re: Pacific Encrav Alaskaloldin s, Inc. Debtor

Case No. 09_10797 Reporung Period: April 20 10

BALANCE SHEET continuation sheet

Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets Investmenls-PEAO Investments-C[PL Total Other Assets

50,355,273
$

50,355,273 -

S $

FORM MOR.3 CONTP (04/07)

In re: Pacific Energy Alaska HoIdjgs_jc Debtor STATUS OF POSTPETITION TAXES

Case -No. 09-10787 Reporting Period: April 2010

Withholding PICA-Employee PICA - Employer Unemployment Income Total Federal Taxes Withholding Sales Excise Unemployment Real Property Personal Property Total _State _and _Local Total Taxes

I
Not Applicable

I I

I I
Not Applicable

SUMMARY OF UNPAID POSTPETITION DEBTS

Accounts Payable Wages Payable Taxes Payable Rent/Leases-Budding Rent/Leases - Equipment Secured Debt/Adequate Protection Payments Professional Fees Total Postpetition Debts

umbe ofays Past Rue:

er0-Total

I
Not Applicable

FORM

MOR-4 (04/07)

In re: Pacific Energy Alaska Holdings, Inc. Debtor

Case No. 09-10787 Reporting Period: April 201 .0

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 the reporting period

Amount
__ Not Applicable

0 - 30 days old 31-60 days old 61 -90 days old 91+ days old Total Accounts Receivable Accounts Receivable (Net)

Not Applicable

DEBTOR QUESTIONNAIRE .Just be cowpeted each month

I. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. 4. Are workers compensation, general liability and other necessary insurance coverages in effect? if no, provide an explanation below. 5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delawa r e Local Rule 4001-3.

Yes/No
No No Yes Yes No

FORM MOR-5 (04/07)