UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: Pacific Energy Resources Ltd.

Debtor

CaseNo. 09-10785
Reporting Period: August 2010

MONTHLY OPERATING REPORT

I.

E111E1I bbCUMrJ~ Schedule of Cash Receipts and Disbursements Bank Reconciliation (or copies of debtois bank recoticilia lions) Schedule of Professional Fees Paid Copies of bank statements Cash disbursements journals Statement of Operations Balance Sheet Status ofPostpetition Taxes Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period Summary of Unpaid Postpetition Debts Listing of aged accounts payable Accounts Receivable Reconciliation and Aging Debtor Questionnaire

Ir MOR-1 OR-la OR-lb I 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 OR-2 OR-3 MOR-4 I I N/A N/A I

I I

OR-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 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

September 28,2010

SeofAuted Individual*

Date

Jennifer

Kuiit

Treasurer

Printed Name

of Authorized Individual

Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation, a partner if debtor is a parinembip; a nianageror member if debtor is a limited liability company.

MOR (04/0?)

In re-, Paoific Ener9v Resources Ltd Debtor

Case No. 09-1 0785 ReoortingPertod: August 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

CASH SALES LOANS AND ADVANCES TRANSFERS OTHER TOTAL RECEIPTS

205 372 677 _. _. ____987,538 - .................. 477 -

112,640,557 _101,053,299 30 5 _39062.681 998,642 _12,472,259 998,947265228,806

_10,255 10.255

.................................................

,J,...._,,._

______ _._

777777-

..

.... . . ..... _--.------------ ....,.-.-3.21B.613 3.000305

-

TOTAL DISBURSEMENTS

26O,1] (48.3J 211,283,196

TRANSFERS TO DEBTOR IN PossEssIoN AccouNTs

PLUS ESTATE DISBURSEMENTS MADEBYOIYrSmESOURCES (i. , from mcmw oCeouom) TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY PES (A) Ttaiisforto BetOpornsing compony.

218,308

FORM MOR.I (04/07

In re: ?acjfig -I3neWRe sQurm Ltd, Debtor BANK RECONCILIATIONS

Continuation Sheet br MOR-1

CaseNo. 09-10785 Reporting Period: August 2010

BANK BALANCE (*)DEPOSITS IN TRANSrr (-) OUTSTA}IdG CHECKS JNIDENTIFD RECONCILING ITEM
ADJUSTED BANK BALANCE

4,572,377

259

267

111.308

1,403,951

1.144

6,099,307

4,572,377
.

* Adjusted bank bilascomust equal

balance _per books

259 (0)

267

(9)

111,308 0

1.403,951
-

1,144
-

6,089,307
-

MOR. I, (0407)

PACIFIC ENERGY

September 28, 2010

Office of the United States Trustee

Subject: Attestation Regard Bank Account Reconciliations The debtor, Pacific Energy Resources Ltd., hereby submits this attestation regarding bank account reconciliations in lieu of providing copies of bank statements and copies of all account reconciliations. 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 Trustees Office.

JferKu ritz, 1easurer

State of California County of Los Angeles ..Subscribed and sworn to (or affirmed) before me on this 28th day of September, 2010 by
.7E1IJIF)Q RL72 ,proved to me on the basis of satisfactory evidence to be the person(a) who

appeared before me.

Gail p6pp, Notary Publi

iep7eJ

-/ 4 -ii My commission expires

GAIL ROPP COMMISSION # 1757533 C) Nolary Public. Calitornia

My Comm. Expi(es July 16. 20il

U LOS ANGELES COUNTY

L!

Pacific Energy Resources Ltd, 111 West Ocean Blvd., Suite 1240 Long Beach, CA 90802, Ph: 562-628-1626 Fax: 582-628-1536

In re: Pacific Energy Resources Ltd. Debtor

No. 09-10785 Reporting Period: August 2010

Case

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAD

MOO
Andrews Kurth LLP Archon Group Ashby & Geddes Bingham McCutchen LLP Birch, Horton, Bittner and Cherot Budget Printing Deloitte Devlin Jensen ERM-West Hartig Rhodes Haynes & Boone Jensen Lunrty Lazard Loeb & Loeb Margaret M. Otico - Notary Public Merrill Millstream Omni Management Group Pachuiski Pepper Hamilton Reed W. Ferril Rutan Schully Skadden, Arps, Slate Stepoe & Johnson Feb-10 May-09 Nov-09 Oct-09 Dec-09 Mar-09 Jun-Aug09 Mar-Apr-09 May-09 Nov-09 Dec-09 Oct-DecO9, Feb Sept-Dec-09 Sep- Dec 2009 May-09 Dec-09 Dec-09 Jul-10 May-10 Jun-10 Aug-09 y-10 April-May-10 Nov-Dec-09 May-10 23,892

am"M ROOM
FE"EMORRIN MV
PER PER PER PER PER PER PER PER PER PER PER PER PER PER PER PER 20,550 10,884 52,749 6,640 PER PER PER 10565 10555 10550 10566 10551 08/25/10 08111110 08/05/10 08/25110 08/05/10 20,550 4,841 45,359 6,155 2,488 10562 08/25110 19,615 4,277 202,146 2,500 54,686 981,341 72,464 10 428
,

1,850 41,197 2,101 1 709

,

174,544 43,343 8,526 52,500 606,071 73,716 526,104 37,997

12,408 16,151

3,143 10.811 8,440 7,733 25 40

20,987

8,877 89,053 292,095 10,371 1,231 5,082 13,171 53,875 29,700

FORM MOR-Ib (04/07)

6,043 7,390 485

203,269 143,779 2,397,385

PER PER 2,488 PER PER PER PER

170,536 77,315 690,826 772,816 2,184,951 723,778

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: August 2010 SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Stokes & Spiehier Tetra Tech US Trustee Warren H Smith Zolfo Cooper

Jul-09 April-May-09 Apr-Jun 2010 May-10 Feb-10, Mar-09 adL 21 950 ,

PER PER PER PER PER 10554 08/05/10 21,950

17,900 8,910 156,150 117,943 2,203,162

3,712 604 1 085 200,564

,

Total paid

$139,153.70 ______ ______ ________

$120,957.82

$18,195.88

$12,725,653.43

$825,457.78

F0R MOR-Ib (04/07)

In re: Pacific Energy Resources Ltd. Debtor

(Income Statement)

Case No. 09-10785 Reporting Period: August 2010 STATEMENT OF OPERATIONS

Oil and gas production revenue Royalties Net Revenue

.

65,984,197 (20,320,358) 45,663,839 5,071,659 4,943,324 3,514,277 3,319,812 1,989,526 1,201,633 51,656 117,664 225,060 11,412 22,010 156,136 37,401 8,914,004 6,987,767 9,100,497

Repairs and maintenance Salaries/commissions/fees Transportation expense Utilities Insurance Employee benefit programs Taxes - production Gravity adjustment Rent and lease expense Travel and entertainment Supplies Management fees/bonuses Taxes - payroll General and administrative Depreciation, depletion and amortization Net Profit (Loss) Before Other Income & Expenses

166,327
-

(166,327)
-

s-

- ,
-

Interest expense cash Interest expense - noncash Stock compensation expense Accretion of discounts and amortization of deferred financing costs Realized gain/(loss) on derivatives Interest income Other revenue General exploration expense Wind down finding Gain on Beta sale Debt forgiveness Loss from nonconsolidated subsidiary Gain/loss on settlement of claims Net Profit (Loss) Before Reorganization Items &, LProfessional Fees Income taxes Net Profit (Loss)

(4,983,624) (16,072,916)
(4,947,575) (1,408,502)

528
-

10
-

(165,789)1
":f

2,928,633 719,793 (12,480) 22,177 2,708,881 138,192,794 98,049,077 457,176 9,584 224,763,513 14,140,202 5,803 210,617,509

-
$

4,800 (170,589)1 $

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

FORM MOR-2 (04/07)

In re: Pacific Energy Resources Ltd. Debtor BALANCE SIIEET

Case No. 09-10785 Reporting Period August 2010

I
Ilnrcstricted Cash and Equivalents Restricted Cash and Cash Equivalents Accounts Receivable (Net) Inventories Prepaid Expenses Professional Retainers Other Current Assets (See Attached Schedule) TOTAL CURRENT ASSETS
$

4,5fl 903 1,516,403

-

373,214 432,693,291 439,155,812

-

OPYDTJJRNT

s-

, t

5i

Proved Properties Including Lease and Well Equipment In Process Development Unproved Properties Office Equipment and Software Vehicles Other Equipment and Leasehold Improvements Less Accumulated Depreciation TOTAL PROPERTY Sc EQUIPMENT Other Assets (See Attached Schedule) 55. J5

S
S
I(

68,243,089
Ct er3 51e.y

,thk

7 f;

rmpmml

Accounts Payable and Accrued Liabilities Taxes Payable Wages Payable Notes Payable - Debtor-in-possession financing Payable to Rise Energy/Silverpoint Secured Debt / Adequate Protection Payments rofssionsl Fees Intercompany Payables Asset Retirement Obligations ccrucd Interest icr Liabilities TOTAL POSTPETITION LIABILITIES
Ai

873,405
-

(114,302)
-

35,439.426
-

987,538 37,186,066

Secured Debt I Priorit y Debt Unsecured Debt Intercompany Payables TOTAL PRE-PETITION LIABILITIES TOTAL LIABILITIES

S
-

$ $
.J JO

7,782,153 92.190,809 99,972.962 137,159,028 20,547 45,906,724 36,905,612 213,954,337

-

O)NRR RiYJir1

Share Capital Contributed Surplus arrants Additional Paid In Capital Accumulated Other Comprehensive Loss ailners Capital Account Owners Equity Account Retained Earnings - Pre-Petition Retained Earnings -Poslpelilion Adjustment to owner Equity (attach schedule) Pestpeilion Contributions (Distributions (Draws) (attach schedule) NET SHAREHOLDERS EQUITY

(137,165,608) 210.618,260
$ -

370,239,873 5iS9890(

t:

FORM MOO-i COiel)

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reoorting Period: August 2010

BALANCE SHEET continuation sheet

IfM

-r-

Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets Perfonnance Bonds InvesLments-Abandonment Inveatments-CAC Investments-San Pedro Investments-PEAl-I Total Other Assets

1fum ti
ei

401

432,170,413

$ $

522,878 432,693,291
-

6,125,000 62,118,089 68,243,089

FORM MOR.3 COTD (04/0?)

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: August 2010 STATUS OF POSTPETITION TAXES

PICA-Employee RCA-Employer Unemployment Income Total Federal Taxes Wilhholding Sales Excise Unemployment Franchise Taxes Personal Properly Total Slate and Local Total Taxes

. See A1ttat on of Regard Postpctitton Taxes es

-

SUMMARY OF UNPAID POSTPETITION DEBTS

--

.:

3_
-

rnither of 1aVa-oth

vnw1laf.

Accounts Payable Accrued Royallies Accrued Operating Expenses Accrued OR.RJs Total Postpetition Debts

173,610 1
-

44,367 1
-

283,874 1
-

501,852 371,554

154,036
-

112,429
-

100,186
-

4,903
-

154,036

286,040

144,553

288,776

873,405

FORM MOR-4 (OlfOl)

PACIFIC ENERGY

September 28, 2010

Office of the United States Trustee

Subject: Attestation of Regard Postetition Taxes The debtor, Pacific Energy Resources Ltd., hereby submits this attestation regarding postpetition 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.

JeKurirs urer

State of California County of Los Angeles Subscribed and sworn to (or affirmed) before me on this 28th day of September, 2010 by
ft5A/AI/FEfl /ciif172, proved tome on the basis of satisfactory evidence to be the person(4) who

appeared before me. Gai___________________________

/10
p

My commission expires
GAIL ROPP COMMISSION # 1757533 Notary Public- California LOS ANGELES COUNTY My Conm. Expires July 16.2011_F

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

In re: Pacific Energy Resources Ltd. Debtor

Case No. 09-10785 Reporting Period: August 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

0-3o days old 3l-60 d a ys old 61 -90 days old 91+ days old Total Accounts Receivable Amount considered uncoflectible (Bad Debt) Accounts Receivable (Net)

DEBTOR QUESTIONNAIRE

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

No

Sale completed December 2009 per court docket P1239.

2. Have any finds been disbursed from any account other than a debtor in possession Recount 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. Note: We early only fiduciary liability insurance. Company has only one employee. Workers comp not requred. 5 Has any bank account been opened during the reporting period? If yes, provide documentation identif,ing the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001.3.

No Yes Yes

No

FORM MOR-5 (04107)

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

In re:

)
)

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

PACIFIC ENERGY RESOURCES LTD., et al., ) ) Debtors. )

AFFIDAVIT OF SERVICE Linda M. Ellis, being duly sworn according to law, deposes and says that she is employed by the law firm of Pachuiski Stang Ziehl & Jones LLP, attorneys for the Debtors in the above-captioned action, and that on the 29 th day of September, 2010 she caused a copy of the following document(s) to be served upon the parties on the attached service lists in the manner indicated: August Operating Report for Pacific Energy Resources, Ltd.

Sworn to and S me this 291h d

before nber 2010

ac
V

Ellis

Notary Public Commission Exp.:

DEBRA L. YOUNG NOTARY PUBLIC STATE OF DELAWARE

i

The Debtors in these cases, along with the last four digits of each of the Debtors federal tax identification number, are: Pacific Energy Resources Ltd. (3442); Petrocal Acquisition Corp. (6249); Pacific Energy Alaska Holdings, LLC (tax I.D. # not available); Cameros Acquisition Corp. (5866); Pacific Energy Alaska Operating LLC (7021); Cameros Energy, Inc. (9487); and Gotland Oil, Inc. (5463). The mailing address for all of the Debtors is Ill W. Ocean Boulevard, Suite 1240, Long Beach, CA 90802.

Pacific Energy Resources Ltd. Core Service List Case No. 09-10785 Document No. 146442 05 - Hand Delivery 05 - First Class Mail

Hand Delivery (United States Attorney) Ellen W. Slights, Esq. United States Attorneys Office District of Delaware 1007 N. Orange Street, Suite 700 Wilmington, DE 19801

Counsel for Debtors) Laura Davis Jones, Esquire James E. ONeill, Esquire Kathleen P. Makowski, Esquire Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Interoffice Pouch to Los Angeles Counsel for Debtors) Robert M. Saunders, Esquire Ira D. Kharasch, Esquire Scotta E. McFarland, Esquire Pachulski Stang Ziehl & Jones LLP 10100 Santa Monica Blvd., 1 1th 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 Hand Delivery (Copy Service) Parcels, Inc. Vito I. DiMaio 230 N. Market Street Wilmington, DE 19801

Hand Delivery (Counsel to Official Committee of Unsecured Creditors) David B. Stratton, Esquire James C. Carignan, Esquire Pepper Hamilton LLP Hercules Plaza, Suite 1500 1313 Market Street Wilmington, DE 19899 Hand Delivery (Counsel to DIP Administrative Agent) Don A. Beskrone, Esquire Ashby & Geddes, P.A. 500 Delaware Avenue Wilmington, DE 19801 First Class Mail (Counsel to Goldman Sachs, J.Aron & Company; DIP Administrative Agent) Jeffrey Sabin, Esquire Steven Wilamowsky, Esquire Scott K. Seamon, Esquire Bingham McCutchen LLP 399 Park Avenue New York, NY 10022 First Class Mail (Counsel to PEA Collateral Agent, et al.) Seth E. Jacobson, Esquire Chris L. Dickerson, Esquire Skadden, Arps, Slate, Meagher & Flom LLP 333 West Wacker Drive, Suite 2100 Chicago, IL 60606

First Class Mail (Counsel to Official Committee of Unsecured Creditors) Francis J. Lawall, Esquire Pepper Hamilton LLP 3000 Two Logan Square Eighteenth & Arch Streets Philadelphia, PA 19103 First Class Mail (counsel to Official Committee of Unsecured Creditors) Filiberto Agusti, Esquire Steven Reed, Esquire Joshua Taylor, Esquire Steptoe & Johnson LLP 1330 Connecticut Avenue NW Washington, DC 20036 First Class Mail (counsel to Official Committee of Unsecured Creditors) Robbin Itkin, Esquire Katherine Piper, Esquire Kelly Frazier, Esquire Steptoe & Johnson LLP 2121 Avenue of the Stars, 28th Floor Los Angeles, CA 90067