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UNITED STATES BANKUPTCY COURT DISTRICT OF DELA WAR

In re: Pacific Enemv Resources Ltd. Debtor

Case No. 09-10785

Reponing Period: April 2009

MONTHLY OPERATING REPORT

REQUI DOCUNTS
Schedule of Cash ReceiPts and Disbursements Bank Reconcilation (or copies of debtor's bank reconcilations) Schedule of Professional Fees Paid Copies of bank statements Cash disbursements journals
Statement of ODerations

Docent
Frm No. MOR-l MOR-Ia MOR-Ib
.... ...

Explantion AffidaviUSupplement

Attached

./ ./
./

Attched Attched
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

",'

N/A N/A

Balance Sheet Status of Postpetition Taxes Copies of IRS Form 6123 or payment receipt Copies of tax returns fied durng reponing period Suinmurv of Unoaid Postpetition Debts Listing of aged accounts pavable Accounts Receivable Reconcilation and Aging
Debtor Questionnaire

MOR-2 MOR-3 MOR-4


...... ... ..'

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

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

./ ./ ./ ./

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the aiiached documents are true and correct to the best of my knowledge and belief.

Signature of Debtor

Date

Signature of Joint Debtor

Date

Date I 7 1

0' f 10

1// + c
Title of Authorized Individual

Autlonzcd individual mIl! be an omcer, director or sharholder if debtor is :1 cnrprJtion; a panner if debtor is a panership; a manager or member if debior is a limited liabilty compay.

MOR

(o.I07)

(9 PACIFIC ENERGY
June 3, 2009

Offce of the United States Trustee

Subject: Attestation ReQard Bank Account Reconcilations


The debtor, Pacific EnerQV 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 ii bank account reconciliation in the ordinary course of its business. Copies of bank account statements and reconcilations are available for

inspection upon request by the United States Trustee's Offce.

Name'tJt ~
Positon: Sr. VP & Chief Financial Offcer

Sworn to and Subscribed


before me on this 3rd day of June, 2009.
- - -GA7iR;PP- - l
COMMISSION 111757533 r NOlary PUblic. Califom'a 't LOS ANGELES COUNTY My Comm E"p"t.~ Juiy 16 :'01' i

My Commission Expires:

1-1/P-1/

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

(9 PACIFIC ENERGY
June 3, 2009

Offce of the United States Trustee

Subject: Attestation of ReQard Postoetiton Taxes


The debtor, Pacific EnerQV Resources. Ltd., hereby submits this attestation regarding pospetition

taxes.
All postpetition taxes for the debtor, which are not subject to dispute or reconcilation, are current. There are no material tax disputes or reconcilations.

Sworn to and Subscribed


before me on this 3rd day of June, 2009.
- ~ - ~GA7iR;PP- - ~
COMMISSION # 1757533 0 Nolary Public. Caliromia ~ LOS ANGELES COUNTY ~

Not

My Comm E.piros July 16. 2011

My Commission Expires:

1~!(P-ol

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 EnerL'V Resources LId, Debtor

Cose No. 09- I 0785 Reponing Pcnod: Anr;1 2009

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

j.i~~~it5lJ~~:;~:,.~",;:" . . '~~: ... ""':..... ~.~~.~~

CASIl SALES 4,505.531 - 4.505.531 7.126.688


LOANS AND ADVANCES

:;:h" :..:.. ,,:' .. ;':" ' . .. . ..' .. ':,' .; ", .,..,,: '~'.::,','

6070,000

6.070,000

10,570,000
2.752,151

TRANSFERS

244,60
18,455 309,588

16.142

2.125
12

262,873
400

OHlER

8,en

337,433

349 765

~,;:,d..:,~~..5.?~9'726 ,::,,2:T ;;;:.::;~;,:::::.12. ",400.;..,.' 11.1?5:837:


OPERATING EXPENSES 3,370,642 17.937 8033 - 3,396,812
TRANSFERS TO LOCKlOX
PAYROLL
TRANSFERS TO PEAO

.':' '.;

. ,.

20798 602

8.134,146
1.754,179
1.258.854 1.140,694

244,605 825.644 547.654


-

244,808
825,644

. . .
-

547 654

TRANSFERS TO OlE/lATING

500.000
57,259
115,822

40ui:i
INTEREST PAYMENTS

57.259
524,936

524 936
5.059,72B

728,845
9.049,394

DEBT I'AYMENTS

5.059,726
5,570.741

TOTAL DlsnUIISEMENT

5059726

17937

,,:.

.,.,...::'..:::...:.:..

.......,!',
517.714

.'...,.......,.........,'.
7182

.' ",'::;':"
15,90Bl

8,033

10,656,437

20,879,934

NET C.\S" FLOIV


(ImL1m'TS U:!\S DISUURSEMENTSi

12

400 II

519.400 II

. ,:lM68I

;, '. :.: " ',: ',;."," .:. :: '. ". ':"; .,...: .: ; ": ':: ", ....: : .. ..'. ' .. ." . CASU. END

c',""", ' (.....~


10,400 II
1,093,558 ~

OF MONTII

517,726 500.000

TOTAL D1snUIlSEMENTS

14.19B

5.620

45,614

. '1.~93.55~ I

"":,:.,:d:'.., "-~ :t.:,"".

:,...,.,.'...,.
10,658.37
1792.260

20.679 934
(4651 727)

LESS: TRANSFERS TO DElHOR IN POSSESSION ACCOUNS


l'LUS. ESTATE DISBURSEMENS MADE BY OUTSIDE SOURCES ,c. from esclOw.ccounlS)

TOT.\L DISBURSEMENS FOIl CALCULATING U.s. TIIUSTEE OUAHTERLI' FEES


Note; Cash rcccipis imd disbursenienis shown nboi.c reflect lICtli.ity rrom the pciilion dntc (0 ~lrch) 1.2009,

9.864.1n

18 02B 207

row.i MUll-I 11l-1U71

In re: Pacific Energy Resources Lld. Debtor

Cuse No. 09- i 0785

Reporting Period: Andl 2009

BANK RECONCILIATIONS
ConlInuoUon Sheet for ~ioR-l

:,':'.
'. .

'.C'

Flex
6321J2ICl'tu.,; 1i331JJllin'Ci

"'M.MkL
Illll.UHliu.,

('n.
JlHllGB7;ilL'\:\

'.'lgtrii ".

(.,.::,..'..

I... ..,~~ Pl'

nnn.."

"i';;;;:~:t,,"~'L"K:.d.... ,...,.' ,'j. I

1i(j(l29J().~~'t,

Jl3.~2551lt.'(u

..y
BANK BALANCE
(+) DEPOSITS IN TRANSIT

..':;".,:'.'.

Iii

517.726 ".:.'..' 993,115 .

500,000

14,198

5,620

45,614
','"

10,400
.......d.,.d..',.

..','"
500,000
-

:./'.'

.:.

.....'.,.....d

1,093,558 '.
1,571,261 -

16,103 -

6.029

45.614
-

10,400

.
(409)
-

.
-

(-) OUTSTANDING CHECKS


UNIDENTIFIED RECONCILING ITEM

(475,389)
517,726
-

(1.905) 14,198
-

(477.703)
-

ADJUSTED BANK BALANCE'


. Adjusled b.nk bal'Dce must eQuol
bolonce per books

500,000
-

5,620
-

45,614
-

16,00
-

1,093,558
-

FORM MOR-I, (lJIIJ1)

In re: Pacific Energy Resources. Ltd. Debtor

Case No. 09-10785 Reporting Period: April 2009


SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
'.

Amount. . .
..'

. Aiio.unlBaid'

Year-Ta-Date
Fees'

PaVee
red

Period Cave

'Approvl'd ." I,

Payor . .
Fees '.

...... ". ::Ghek Date "NUmber

Exoenses

ExoEmses '

No. profesional fees were paid post-petiion.

FORM MOR-Ib
(04107)

In re: Pacific Enemy Resources. Ltd. Debtor


STA TEMENT OF OPERATIONS
(Income Statement)

Case No. 09-10785

Reporting Penod: Avril 2009

. REVENUS

M th on
S
,. ..

Cumulativc

Fil to Datc i~
5.001,250 S (1.559,443) 3.441,807
, '.

Oil and gas oroduction revenue Rovaltv payments Net Rcvcnue

9,506.78 I

OPERATING EXPENSES
Repairs and irintenance

. ..
,

(2.883.419) 6.623,362
732.691 881,615 643,411 553,579 248,425 194.366
12.161 13,671

Salares/commissions/fees TransDonation cxoense Utilities Insurapce

258,360 455,962 321,941 245.238


128,835

Employec bencfit prom


Taxes - production
Inventorv chani:e

94,504
6,251 8,567

Rent and lcasc expense Travel and entertnment Supplies Taxes - real estate
Gencral and administrtive

20,800 (28)
147

24.361 1,272 1,113

6,37
588,214 489,932
8 I 6.648
...

6,37
1.468.663 1.270,190 571,406

Depreciation. dcpletion and amortization Net Profit (Loss) Before Other Income & Expenses
OTHER , . INCOME AN (EENSES)

"

.: .'

...

Interest expense - cash Interest expense - noncash Stock compensation expense


Accretion of discounts and amortzation of deferred finacing costs

(67.995)

(1,277366) (500.755) (284.946)


306,650
1,347

(434,976) (5.052,875)

(998,09)
(4,531,194) 616.239 309.141 52,413 22,177 (9.446,078)

Realized gainl(loss) on derivatives Interest income

Other revenue General exploration expense Nct Profit (Lss) Beforc Reorganization Items
REORGANIZATION ITEMS

689

(7)
(1,005,800)

Professional Fees Net Profit (Loss)

2.277,084

3.913,809

(3.282.884) $

(1,359.887)

Note: The Cumulative Filing to Date income statcment above renects the Company's activity for thc entire month of March.

FORM MOR-2
(04107)

In re: Pacific Enemv Resonl'es. LId,

OIe No. 09-10785

Debior

Reponing Penod: April 2009

BALANCE SHEET

CRASSETS

Sm

1i00KV ALUE AT

EN OF
594.867 500.000 5.001.250 598.768 852,478 250.000
249.24 I .503

CR REPORTlNGMONT
S

Unrslncted Cas and Eiuivalcnts Reslncled Oish and Cash Eiuivalents Accounts Receivable (Net) lnventones Prenaid Exnenses Professional Reiainers Other Currnt Assets (See AUached Schedule) TOTAL CURRNT ASSETS

257.038.867
65.437"54 3.963.570 1.563.008 794.293 47.938 37.179 (5.448.91 I) 66.394.529
176.879.787

PROPERTY AND EQUIMENT


Proved Proiinies Includinc Lease and Well Eiuinment In Procss Developmeot
S

Unproved Propenies Office Ecuipment and Sofiwar


Vchicles Otler EiuiDment lInd Leashold ImorovemenlS
Less Accumulaied DeDrecIntion

TOTAL PROPERTY & EQUIPMENT

500,31,183
. BOOK VALUE AT EN OF
LIABILITIES AND OWNR EQlT1TY
LIABILITIES NOT SUBJECT TO COMPROMISE (Postnctiton)

CURRTREPORTING.MONTH
S

Accounts Pavablc and Accrued Liabiliies Taxes Pavable


Waces Pa v:ib Ie

5.297.093

NOles Pavablc - Debtor.in~ssession finnneinn

472.539 145,246.253
-

Rent I Lc:iscs - BniIdi~mcnt


Secured Debi I Adcnuaic Protection Pavmenis Professional Fces InICreomiiaov Pavables Assct Retirement Oblicaiions Accrued Inierest Oier Liabilties
TOTAL POSTPETITION LlABILlTES

4.405.118
50.264. i 97

414.021 $
$

206.099.220
7.001.088
-

LIABILITIES SUBJECT TO COMPROMISE (Pre.Petitlon) Secured Debt


Priority Debi Unsecured Debt
Inicreompany PaYJbJes

45.525,950 94.526.990
S

TOTAL PRE-PE1ON LlABILITS


ITOTAL LIABILITIES
OWNER EOUITY

147.054,07
353.153.246 I

Is
S

Shar Cnoiial Coniribuied Sumlus WurJDts Additional Paid In CanHal Accumulated Otler Comiirehensivc Loss
Paners' Caplal Account Ownets Eouitv Account
Retaincd Eaincs - Pre-Petitioo

20.547
16.849.311

36.092.206 239.875.990 2.958.215 ( 135.276.446)

Retained Eamincs . Postnetition

(1.359.887)
-

Adiustmeni 10 owner Eiuiiy (attach schedulel Postiiition Conlnbutions (Dislnbutions (Draws) (allach schedulc) NE SHAREHOLDERS' EQUITY
"" TOTALLIAILITI AN OWNRs! EQUI't

.
S

147.159,936

500,3I3;i83

FORM MOH.) lo.Ml7)

In re: Pacific Energv Resources. Ltd. Debtor

Case No. 09- I 0785


Reponing Period: April 2009

BALANCE SHEET. continuation sheet


BOOKVALUEAT EN.OF

ASSETS
Other Current Assets

CU.REORTING.MONTH
$

Intercompany Receivables Derivative Assets Advances Other Receivables Total Other Current Assets
Other Assets

245,595,679 3,264,865 380,959


-

~' ....'i~ ....

..

$
$

249,241,503
4,026,351
100,568,09 I

Perfonnance Bonds

Investments-Abandonment Investments-CAC Investments-San Pedro Investments-PEAR Total Other Assets

6.125,000 4,042,257 62,118.089 176,879.787

r-ORM MOR-3 CO:IO


(Q.107)

In re: Pacific Energy Resources. Ltd. Debtor

Case No. 09-10785 Reporting Period: April 2009

STATUS OF POSTPETITION TAXES


Beginning Tax

Jtount Witheld or

Liabilty

Federa
Withholding FICA-EmDlovee FICA-Employer UnemDlovment Income Total Federa Taxes
I

Acced
I

Amount Paid
i

Date Paid
I

Chec No.

Ending Tax

or EFI
I

Liabilty

See Attestation of Regard Postpetition Taxes


T
I I I i I - i

State d Lil an

,,,.
.'

-r
..

,',

-I

,..
~,

Withholding Sales Excise Unemnlovment Franchise Taxes Personal Pronenv

Total State and Loal Totiil Taxes

SUMARY OF UNAID POSTPETITION DEBTS


Numberofl)ays From Invoice Date
Accounts Payable

Accrued Rovalties
Accred ODerating EXDenses

Accred ORRis

Total Postnetition Debts

0-30 1.256,942 1.184.349 2.480.708 375.094 5.297.093

, 31 60 61 .90 Over 90

Total
1.256.942 1.184.349 2.480.708 375.094 5,297.093

FORM MOR..
(O~107)

In re: Pacific Energv Resources, Ltd. Debtor

Case No. 09-10785

Reporting Period: April 2009

ACCOUNS RECEIVABLE RECONCILIA nON AND AGING

Accounts Receivable Aging o - 30 days old 31 - 60 days old 61 - 90 days old 91+ days old Total Accounts Receivable Amount considered uncollectible (Bad Debt)
Accounts Receivable (Net)

Amount
5,001,250

5,001,250
,.

5,001,250

DEBTOR QUESTIONNAIRE
Must becompleted.each month
I. Have any assets been sold or transferrd outside the nonnl 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.

YeslNo No
No

3. Have all postpetition tax returns been timely fied? If no, provide an cxplanation below.

N/A
Yes

4. Are workers compensation, general liabilty and other necessar 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 thc opened account(s). If an invcstment account has been opencd provide the rcquired documentation pursuant to the Delaware Local Rule 4001-3.

No

FORM MOR-S (04/07)

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