IN THE UNITED STATES BANKRUPTCY COURT

In re: )

FOR THE DISTRICT DELA WARE

Chapter 11

) )

PACIFIC ENERGY RESOURCES LTD., etal., i )

Debtors. )

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

Related Docket Nos. 18, 19 & 415

NOTICE OF FILING OF EXECUTION VERSION OF AMENDMENT NO.8 TO SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT AND GUARANTY AGREEMENT REGARDING MOTION OF THE DEBTORS TO APPROVE INTERIM AND FINAL ORDERS PURSUANT TO 11 U.S.C. SECTIONS 105,
361,362,363,364,365 AND 507: (1) APPROVING SENIOR SECURED

SUPERPRIORITY POSTPETITION FINANCING; (2) AUTHORIZING USE OF CASH COLLATERAL; (3) GRANTING LIENS AND PROVIDING SUPERPRIORITY ADMINISTRATIVE EXPENSE STATUS; (4) GRANTING ADEQUATE PROTECTION; (5) MODIFYING AUTOMATIC STAY; AND (6) SCHEDULING A FINAL HEARING
On March 9, 2009, the above-captioned debtors and debtors in possession
(collectively, the "Debtors"), filed the Motion of

the Debtors to Approve Interim and Final

Orders Pursuant to 11 Us.e. Sections 105,361, 362, 363, 364, 365 and 507: (1) Approving
Senior Secured Superpriority Post petiton Financing,' (2) Authorizing Use of

Cash Collateral;
Status;

(3) Granting Liens and Providing Superpriority Administrative Expense

(4) Granting Adequate Protection; (5) Modifing Automatic Stay,' and (6) Scheduling a Final
Hearing (Docket No. 18) (the "DIP Motion") and Exhibits to the Motion (Docket No. 19) with
the United States Bankruptcy Court for the District of Delaware, 824 Market Street, Wilmington,

Delaware 19801. On June 4, 2009 the Court entered the Final Order (1) Approving Senior
Secured Superpriority Post petition Financingi-2) Authorizing Use of

Cash Collateral,'

the Debtors' federal tax identification number, are: Pacific Energy Resources Ltd. (3442); Petrocal Acquisition Corp. (6249); Pacific Energy Alaska Holdings, LLC (tax J.D. # not available); Cameros Acquisition Corp. (5866); Pacific Energy Alaska Operating LLC (702 i); San Pedro Bay Pipeline Company (1234); Cameros
Energy, Inc. (9487); and Gotland Oil, Inc. (5463). The mailing address for all ofthe Debtors is 111 W. Ocean Boulevard, Suite 1240, Long Beach, CA 90802.

i The Debtors in these cases, along with the last four digits of each of

(3) Granting Liens and Providing Superpriority Administrative Expense Status; (4) Granting

Adequate Protection,' and (5) Modifing Automatic Stay (Docket No. 415) (the "Final DIP
Order ").

Attached is Amendment No.8 to Senior Secured Super Priority Priming Debtor in

Possession Credit and Guaranty Agreement regarding the DIP Motion.

Dated: November 17,2009

P ACHULSKI STANG ZIEHL & JONES LLP

a . Kharasch (CA Bar No.1 09084)

S tta E. McFarland (DE Bar No. 4184, CA Bar No. 165391)

Robert M. Saunders (CA Bar No. 226172) James E. O'Neil (DE Bar No. 4042) Kathleen P. Makowski (DE Bar No. 3648) 919 North Market Street, 1 ih Floor P.O. Box 8705 Wilmington, DE 19899-8705
Telephone: 302/652-4100

Facsimile: 310/652-4400
Email: ikharasch~pszjlaw.com

smcfarland~pszi law.com rsaunders~pszi law .com

ioneil~pszi law.com kmakowski~pszilaw.com

Counsel for Debtor and Debtor in Possession Pacific Energy Resources Ltd.
DOCS_DE: 154547.1

EXECUTION VERSION
This AMENDMENT NO.8 TO SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT AND GUARANTY AGREEMENT (this "Amendment"), dated as of November 13, 2009 (the "Effective Date"), by and among PACIFIC ENERGY RESOURCES LTD. (the "Company"), PACIFIC ENERGY ALASKA HOLDINGS, LLC ("PEAH"), PACIFIC ENERGY ALASKA OPERATING LLC ("PEAO"
the Company, as Guarantors (the "Guarantors" and together with the Borrowers, the "Credit Paries"), the institutions par hereto as Lenders under the Credit Agreement (as hereinafter
and, together with the Company and PEAH, the "Borrowers"), certin Subsidiares of defined) (collectively, the "Lenders"), amends certain provisions of

that certin Senior Secured

Super Priority Priming Debtor in Possession Credit and Guaranty Agreement dated as of March 11,2009 (as amended and in effect from time to time, the "Credit Agreement") by and among
the Credit Paries, the Lenders, J. Aron & Company, administrative agent, 1. Aron & Company

and Silver Point Finance, LLC, as collateral agents and certain other paries thereto from time to time.

A. WHEREAS, the Company and the Lenders desire to amend certain provisions of
the Credit Agreement, as provided more fully herein below.
B. Capitalized terms used but not defined herein shall have the meanings assigned to

such terms in the Credit Agreement, as amended hereby.

Accordingly, in consideration of and valuable consideration, the sufficiency and receipt of

the mutual agreements herein contained and other good which are hereby acknowledged, the

paries hereto agree as follows:

SECTION 1. AMENDMENT TO CREDIT AGREEMENT, APPENDICES AND SCHEDULES.

"Matuty Date" in Section 1.1 of (a) The definition of the Credit Agreement is hereby amended by deleting clause (i) in its entirety and replacing it with "(i) December 31, 2009,".

(b) Appendix B to the Credit Agreement is hereby amended by deleting such

appendix in its entirety and substituting in lieu thereof Appendix B attched hereto as Exhibit B.
(c) Schedule 4.13 to the Credit Agreement is hereby amended by deleting such

schedule in its entirety and substituting in lieu thereof Schedule 4.13 attched hereto as Exhibit C.

SECTION 2. REPRESENTATIONS AND WARTIES. TO INDUCE THE

OTHER PARTIES HERETO TO ENTER INTO THIS AMENDMENT, THE CREDIT PARTIES REPRESENT AN WARRT TO EACH OF THE LENDERS AND THE ADMINISTRATIVE AGENT THAT, AS OF THE EFFECTIVE DATE:

(a) Ths Amendment has been duly authorized, executed and delivered by the Credit Paries and ths Amendment and the Credit Agreement constitute each Credit Par's legal, valid and binding obligation, enforceable against it in accordance with its terms except as such
enforceabilty may be limited by banptcy, insolvency, reorganzation, moratorium or other

similar laws afecting creditors' rights generally and by general principles of equity (regardless
of

whether such enforceabilty is considered in a proceeding at law or in equity).

this Amendment and the (b) The execution and delivery by each Credit Par of performance by the various Credit Paries of their obligations under the Transaction Documents
to which each is a par, and the consumation of Transaction Documents, do not and will not (a) confict with any provision

the transactions contemplated by the varous

of (i) any Law, (ii) the Organizational Documents of any Credit Par, or (ii) any agreement, judgment, license,
order or permit applicable to or binding upon any Credit Par, (b) result in the acceleration of

any Indebtedness owed by any Credit Par, or (c) result in or require the creation of any Lien upon any assets or properties of any Credit Pary except, in each case as expressly contemplated in the Transaction Documents and, except in the case ofc1auses (a)(iii), (b) and (c) of this Section 2(b), such conflicts, results or requirements as arise in connection with the filing, prosecution and resolution of the Case. Except as expressly contemplated in the Transaction Documents no consent, approval, authorization or order of, and no notice to or fiing with, any Governenta Authority or thrd pary is required in connection with the execution, delivery or performance by any Credit Pary of any Transaction Document or to consummate any
transactions contemplated hereby or thereby.
(c) The representations and waranties set fort in each Transaction Document are,

the ate to an earlier date (in which case they were true and correct in all material respects as of such earlier date); (ii) in the case ofPEAO, to the extent affected by the abandonment orders entered by the
afer giving effect to this Amendment, tre and correct in all material respects on and as of Effective Date, except (i) where such representations and waranties expressly reI

Banptcy Cour on September 2, 2009 and September 11, 2009; and (ii) the Amended and Restated Trading Bay Facilties Agreement effective as of September 1, 2009 by and between
Union Oil Company of California and PEAO has replaced the Trading Bay Facilities Agreement between Union Oil Company of California dba Unocal Alaska and Forest Oil Company dated May 1,2002 (as assigned by Forest Oil Corporation to Pacific Energy Alaska Operating LLC
pursuat to the Asset Sales Agreement) and Amendment No. 1 thereto dated effective April 16,

2007, listed on Schedule 4.20(b) ofthe Credit Agreement.

(d) No Default or Event of

Default under the Credit Agreement and other Transaction

Documents has occured and is continuing.

(e) The Liens under the Security Documents are valid and subsisting and secure the

Company's and the Guarantors' obligations under the Credit Agreement and the other Transaction Documents.
SECTION 3. CONDITIONS OF EFFECTIVENESS OF AMENDMENT. THE

EFFECTIVENESS OF THIS AMNDMENT AND THE OCCURRNCE OF THE EFFECTIVE DATE ARE SUBJECT TO THE SATISFACTION OF THE FOLLOWING CONDITIONS:
(a) Each of by (i) a duly authorized offcer of

the Lenders shall have received this Amendment, executed and delivered the Credit Paries and (ii) the Required Lenders.

-2-

the Lenders shall have received an updated Budget through the Matuty Date, in form and substance satisfactory to the Required Lenders, a copy of which is attched hereto as Exhibit A, and such Budget shall have been filed with the Banptcy Cour.
(b) Each of

Default under the Credit Agreement and other Transaction (c) No Default or Event of Documents shall have occured and be continuing as of the Effective Date. The representations and waranties in this Amendment, in the Credit Agreement and in the other Transaction Documents shall be true and correct in all material respects, except to the extent such representations and waranties specifically relate to an earlier date, in which case such representations and warranties shall have been tre and correct in all material respects on and as of such earlier date.

SECTION 4. EFFECT ON TRASACTION DOCUMENTS: ACKNOWLEDGEMENTS.

their respective rights, remedies, and claims (a) The Lenders expressly reserve all of under the Credit Agreement and the other Transaction Documents. Nothing in this Amendment shall constitute a waiver or relinquishment of the rights of each ofthe Lenders, the Administrative Agent or either Collateral Agent to collect the full amounts owing to it under the Credit Agreement and the other Transaction Documents.

the paries hereto hereby adopt, ratify, and confrm the Credit Agreement, (b) Each of and each of the foregoing paries acknowledge and agree that the Credit Agreement and the other
Transaction Documents are and remain in full force and effect, and each of the Credit Pares

acknowledges and agrees that neither its liabilities under the Credit Agreement and the other Transaction Documents nor the validity, perfection, or priority of any lien or securty interest
securng the Obligations are impaired in any respect by this Amendment.

-3-

ANY

SECTION 5. COUNTERPARTS. THIS AMNDMENT MAYBE EXECUTED IN NUMBER OF COUNTERPARTS AND BY DIFFERENT PARTIES HERETO IN SEPARATE COUNTERPARTS, EACH OF WHICH WHEN SO EXECUTED AND DELIVERED SHALL BE DEEMED AN ORIGINAL, BUT ALL SUCH COUNTERPARTS TOGETHER SHALL CONSTITUTE BUT ONE AN THE SAME INSTRUMENT. DELIVERY OF ANY EXECUTED COUNTERPART OF A SIGNATURE PAGE OF THIS AMENDMENT BY FACSIMILE TRANSMISSION OR ELECTRONIC TRANSMISSION SHALL BE AS EFFECTIVE AS DELIVERY OF A MAALLY EXECUTED COUNTERPART HEREOF.

SECTION 6. APPLICABLE LAW. THIS AMNDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LA WS PRICIPLES THEREOF (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW 5-1401 AND 5-1402) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA (INCLUDING THE

BANUPTCY CODE).
SECTION 7. HEADINGS. THE HEADINGS OF THIS AMENDMENT ARE FOR PURPOSES OF REFERENCE ONLY AND SHALL NOT LIMIT OR OTHERWISE AFFECT THE MEANING HEREOF.
Remainder of

page intentionally left blank.)

-4-

IN WITNESS WHEREOF. the parties hereto have caused this Amcndment to be duly
executed by their respective oftcers on November 11, 2009. to be effective as of the Effective Date.

PACIFIC ENERGY RESOURCES LTD., as a Borrower

By:

Name: Gerald ywoniuk

A-

PACIFIC ENERGY ALASKA HOLDINGS, LLC, as a Borrower

Title: Acting EO & CFO

PACIFIC ENERGY ALASKA OPERATING LLC, as a Borrower
By:

PETROCAL ACQUISITION CORP., as a Guarntor

Name: er
Title: Acti
SAN PEDRO BAY PIPELINE

l:

BY:N=e(1r~
Title: Acting CEO & CFO

CAREROS ACQUISITION CORP..

as a Guarantor
By:

COMPAN,
as a Guarantor

Name: Ocral

Title: Acting

CAREROS ENERGY INC.,

as a GuarantoL.

GOTLAND OIL, INC.,

as a Guarantor

/ lJ By: / /fi.i. i! il- ;/

Name JeraId ywoniuk Title: Acting C, 0 & CFO

FILD POIN I, LTD.,

BY:~
FILD POINT III, L TD.,
as a Lender

as a Lender

Name:. lac.. . . ; leltn

Tit! e: Auze Si

BY:Nai~_
Title: Auori SiatolJ
SPF CDO I, LTD., as a Lender

By: . M..ZeiUin ii Name:

Title: Auth Signatory

SPCP GROUP in LLC,

as a Leiider
By:

Name: Title:

SPCP GROUP, LLC,

as a Lender
By:

Name:
Ttle:

. Zelin
fgnatoiy

RISE ENERGY PARTNERS, L.P,

as a Lender

0:0

Exhibit A
(attch Budget)

Exhibit B

(Appendix B to Credit Agreement - Attched)

APPENDIX B TO SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT AND GUARANTY AGREEMENT
PACIFIC ENERGY RESOURCES LTD. PACIFIC ENERGY ALASKA HOLDINGS, LLC PACIFIC ENERGY ALASKA OPERATING LLC PETROCAL ACQUISITION CORP. SAN PEDRO BA Y PIPELINE COMPANY CARNEROS ACQUISITION CORP.

CARNEROS ENERGY, INC.

GOTLAND OIL, INC.

111 W. Ocean Blvd., Suite 1240 Long Beach, CA 90802 Attention: Chief Financial Offcer Telecopier: 562-628-1526 Email: gtoniukcIpacenergy.com
with a copy to:

Rutan & Tucker, LLP

611 Anton Boulevard, 14th Floor

Costa Mesa, CA 92626 Telecopier: 714-546-9035 Attention: Gregg Amber

Email: gambercIta.com
J. ARON & COMPANY 1. Aron & Company 85 Broad Street New York, New York 10004

Attention: Steve Bunn

Telecopier: 212-428-3675

Email: steven.bunncIgs.com
with a copy to: Goldman Sachs Specialty Lending Group
6011 Connection Drive

Irving, Texas 75039 Attention: David Hull Telecopier: 972-368-5099 Emai1: david.hullcIgsslg.com
SILVER POINT FINANCE, LLC/SPCP GROUP, LLC/SPCP GROUP II LLC

Operations/Administrative (Funding Notices, Borrowings, Pay-downs, Interest, Fees, Rate Settings):

Silver Point Finance, LLC 2 Greenwich Plaza

1 st Floor

Greenwich, Connecticut 06830 Attention: Irene Wu Telecopier: 203-286-2139

Email: bladmin~silverpointcapital.com
Closing (Confirms, Assignments, Original Signature Pages):

Silver Point Finance, LLC

2 Greenwich Plaz

1 st Floor

Greenwich, Connecticut 06830 Attention: Ashley Yu Telecopier: 203-542-4550

Email: ayu~silverpointcapital.com

APPENDIX B TO SENIOR SECURED SUPER PRIORITY PRIMIG DEBTOR IN POSSESSION CREDIT

AN GUARNTY AGREEMENT
Syndicate and Private Level Credit (Financials, Credit Agreements, Amendments, Waivers, Compliance):
Silver Point Finance, LLC 2 Greenwich Plaza
1 st Floor

Greenwich, Connecticut 06830 Attention: Benjamin Tecmire Telecopier: 203-542-4162

Email: creditadmin~silverpointcapital.com

SPF CDO I, LTD./FIELD POIN I, LTD./FIELD POINT II, LTD.

Operations/Administrative (Funding Notices, Borrowings, Pay-downs, Interest, Fees, Rate Settings):
SPF CDO I, LTD. New York Mellon Corporation 525 Willam Penn Place, 7th Floor Pittsburgh, P A 15259
c/o The Ban of

Attention: Chrstopher Lynch Telecopier: 713-577-5235 Email: i7135775235~Docs.LDSProd.com

Closing (Confrms, Assignments, Original Signature Pages):
Silver Point Finance, LLC 2 Greenwich Plaza
1 st Floor

Greenwich, Connecticut 06830

Attention: AsWey Y u

Telecopier: 203-542-4550
Email: ayu~silverpointcapitai.com

Syndicate and Private Level Credit (Financials, Credit Agreements, Amendments, Waivers, Compliance): Silver Point Finance, LLC 2 Greenwich Plaza
1 st Floor

Greenwich, Connecticut 06830

Attention: Benjam TecmIre

Telecopier: 203-542-4162
Email: creditadmin~silverpointcapital.com

Rise Energy Parners, L.P.

201 E. John Carenter Freeway, Suite 610

Irving, TX 75062
Att: Dickie Hunter
Fax: 972.556.2953

With a copy to
Rise Energy Parers, L.P.

c/o Capitol Corporate Services, Inc.

800 Brazos, Suite 400

Austin, TX 78701
Att: Brian James Jennings.

Fax: 972.556.2953

with a copy to:

Robert D. Albergotti Haynes and Boone, LLP 2323 Victory Avenue, Suite 700 Dallas, TX 75219
Fax: 214.200.0350

Exhibit C
(Schedule 4.13 to Credit Agreement - Attched)

SCHEDULE 4.13 TO SENIOR SECURED SUPER PRIORITY DEBTOR IN POSSESSION CREDIT AND GUARANTY AGREEMENT
Names and Places of Business
Pacific Energy Resources Ltd.

Pacific Energy Resources Ltd. does business in the State of California as Pacific Energy Resources Ltd. Which Wil Do Business in California As Pacific Energy Resources Nort America.
On November 20,2006, Pacific Energy Resources Ltd. changed its chief

executive offce from 1065 West

Pier E Street, Long Beach, CA 90802 to 111 West Ocean Blvd., Suite 1240, Long Beach, CA 90802.

PetrocaI Acquisition Corp.

On November 20, 2006, Petrocal Acquisition Corp. changed its chief executive offce from 1065 West
Pier E Street, Long Beach, CA 90802 to 111 West Ocean Blvd., Suite 1240, Long Beach, CA 90802.

San Pedro Bay Pipeline Company

In November 2006, San Pedo Bay Pipeline Company changed its chief executive offce from 10000 Ming Avenue, Bakersfield, CA 93311 to 111 West Ocean Blvd., Suite 1240, Long Beach, CA 90802.
Pacific Energy Alaska Holdings, LLC
No disclosure.

Pacific Energy Alaska Operating LLC

On August 24, 2007, Forest Alaska Operating LLC changed its name to Pacific Energy Alaska Operating LLC and changed its chief executive offce from 707 Seventeenth Street, Suite 3600, Denver, CO 80202
to 111 West Ocean Blvd., Suite 1240, Long Beach, CA 90802.

Cameros Acquisition Corp.

In December 2006, Cameros Acquisition Corp. changed its chief executive offce from 1717 28th Street, Bakersfield, CA 93301 to 4550 California Avenue, Suite 720, Bakersfield, CA 93309. In October 2009, Cameros Acquisition Corp. changed its chief executive offce to III West Ocean Blvd., Suite 1240, Long Beach, CA 90802.
Cameros Energy, Inc.

In December 2006, Cameros Energy, Inc. changed its chief executive office from 17 i 7 28th Street, Bakersfield, CA 93301 to 4550 California Avenue, Suite 720, Bakersfield, CA 93309. In October 2009, Cameros Energy, Inc. changed its chief executive office to 111 West Ocean Blvd., Suite 1240, Long Beach, CA 90802.
Gotland Oil, Inc.

In December 2006, Gotland Oil, Inc. changed its chief executive offce from 1717 28th Street, Bakersfield, CA 93301 to 4550 California Avenue, Suite 720, Bakersfield, CA 93309. In October 2009, Gotland Oil, Inc. changed its chief executive offce to i 11 West Ocean Blvd., Suite 1240, Long Beach, CA 90802.

SCHEDULE 4.13 TO SENIOR SECURED SUPER PRIORITY DEBTOR IN POSSESSION CREDIT AN GUARANTY AGREEMENT

Subsidiaries
Ownership of Pacific Energy Resources Ltd.
See Attchment 4.14 to this Schedule, which shows the fully diluted capitalization of Energy Resources Ltd. as of

Pacific

Februar 28,2009, excluding any changes to the information

presented in such Attchment that may result from (i) the exercise or termination of any options or warants listed thereon, (ii) the issuance of options to purchase up to an additional 500,000 shares under the Pacific Energy Resources Ltd. 2006 Share Option Plan and (ii) shares issuable upon conversion of interest that may accrue from time to time under the Unsecured Convertible
Promissory

Note in the face amount of$1,032,732.34 dated February 10,2009 made by Pacific

Energy Resources Ltd. in favor of Bateman & Co. Ownership of Petrocal Acquisition Corp.

The entire authorized capital stock of Petroca1 Acquisition Corp. consists of 1,000 shares of common stock, all of which 1,000 shares are issued and outstanding and owned by Pacific
Energy Resources Ltd.

Ownership of Cameros Acquisition Corp. The entire authorized capital stock of Cameros Acquisition Corp. consists of 100 shares of common stock, all of which 100 shares are issued and outstanding and owned by Pacific Energy Resources Ltd.
Ownership of Cameros Energy, Inc.
The entire authorized capital stock of common stock, of Cameros Energy, Inc. consists of 200,000 shares of which 33,637.716 shares are issued and outstanding and owned by Cameros

Acquisition Corp.

Ownership of Gotland OiL. Inc.

The entire authorized capital stock of Gotland Oil, Inc. consists of 500,000 shares of common stock, of which 116,773 shares are issued and outstanding and owned by Cameros Energy, Inc.
Ownership of San Pedro Bay Pipeline Company The entire authorized capital stock of San Pedro Bay Pipeline Company consists of 1,000 shares of common stock, all of which 1,000 shares are issued and outstanding and owned by Pacific
Energy Resources Ltd.
Ownership of

Pacific Energy Alaska Holdings, LLC

the membership interest in Pacific Energy Alaska Holdings, LLC is owned by Pacific Energy Resources Ltd.
One hundred percent of

Ownership of Pacific Energy Alaska Operating LLC

One hundred percent of the membership interest in Pacific Energy Alaska Operating LLC is owned by Pacific Energy Alaska Holdings, LLC.

Ownership of Cook Inlet Pipe Line Company Cook Inet Pipe Line Company has 40,000 shares of common stock issued and outstanding, of which 20,000 shares are owned by Pacific Energy Alaska Holdings, LLC.
784946.04-Chicago Server2A - MSW

Pacific Ene~' Resource~ Ltd.

New Budget Confidential 3120 4110 5/15 6126 6/12 6119 4117

Weeki)' DlP Forea~t (lJSS'.'Iili fliolisalUls)

.:l..'t~:mI,i
24.111 25,427 26,56J 27.m)) 6,047 $: 26.956 25,382 24.069

3/B

3/2

m.
5/2'
27.145 27.098 27.050

4/4 5/2
27.19J
5,005

l
27.340 27.291 27,242

~
'J
26.909

~
U47
6J4
CiB

Barrls produced
27.J90

22.050

RC\'enue receipts

2..lH

4,509 $
2.7B
479 290 J':5 408 65(, 635 404 6411 415 1.184 40J

Royalty payments

WE
J92
144

40J

4P
411 5,634

1.436 632

SG&A I pedonnance bond Critical vendor payments Operating ouilon's

250 642 250 394 479 290 3,358 I,5R8 631 (6J':) 293 (')16) (1.5""1 (634) 293 (927) (1.843) (1.550) 25 99 (1.712) 1.550 (290) (415) 134 127 134 134 127 (676) 25 99 25 99 25 99 4,241 (528) 114 (365) (..1.8) ~,85J 656 404 (404) 4.365 6.lO 415 30 365 30 438

634

2,068 (2.0681

Oprating cash 00\\

(642) (479)

2.024

(3,358)

Growth CapEx Mantenance CapEx

247 280 247 247 190

i:4
(3.482)

~i1
(1,169) 1.497 (916) (551) (626) (699)

Total C.ash Flow

~
.!
3.1l2
2,275
2,449 2,(1)9 1.573 2,800 2,624 2,485 2,483 2.797 1.032 2,622 36 160 48 (,0 44 160 76 6()

.!
279 S
148 19 ILL 246 50 I'll) 58

~
-17
48
333 73 10

~
1,925 I(ill 48

125 5,141

(2,192)

Barrls produced 3,850 3,84J 3,839 3,846

l,n3

1,921

Revenue receipts

611 S
185 257 79 27 211 74 105 227 155 40

Royalty payments

WE

4.
208
(208)

in

60 44

160 48

SG&A I penonnancc bond Unifed Conimiind Critical vendor payments Operating outflows

~
;93
.105 332 4117 208 (2(18) 1(, (2131 (407) (137) 20 (157) 69 20 (240) (475) (220) 220 416 225 (2071 69 (276) (365) 69 (2971 (593) 355 150 255 104 (104) 16 (120)

-l
40 207
40 2')7 807

146 (109) 19 (226) 19 (128)

208 (208)

104 (1041

208 (L08)

Operating cash now

(05)
(3U)

Growth CapEx Maintenance CapEx

E.
(593) (305) (332) 355 785

-.
(219) 92 25 320 268 25 266 47 25

11 (115)

22 (1301

Total Cash Flow

flriioratc Orcrlic:itl & Other

659 25 10 156 25 612 25 25 47 25 4.,0 384 25 JO 47 25 1.506 268 25 25 169 25 27 475 4.50l) 692 1.106 3,846

Corprate SG&A & Oiler Conlingenc Capcx Professional Fees Montluy Interest Payment

12

291 25 30 343

487 25 25

169 25 567 562

12
s,oo;
279 867

2.244 25 L443

176 25 563 495

169 25 751

Total Receipts Total Operating Disbursements

1,893 1,075 ~,021) 805

1.34

1,032 1,077

(fin)
0,106)
(535) IA-43

!E 3,-'86
(3.8";)
(4,381) (2.357)
307 670 1,415

.!
(SIHl) (4,%9) (2.253) (169) (1.506)

1.7R4

~
-'.988 (')81) (1.651)

36 1.742

3,085

6,ll47 69.~

2.445

0.085)
(1,784) (2.765) (2,229) (1,109) (3,874) 508
304 (8.664) (1,706) (5.5791 (610)

Net Opcraiing Cash Flow CumulalIve Net Operaiing Cash Flow Rollng Cumulal\'e Net Opcrdtlig Cash Flo\\
(I,Kl)J) (1.8')))

5,154

(UWl)
310 (552) (30) (552) (462) (10) (286) (251 (308) (25) (155) (490) (27) (475) (1,545)

2.224 3J i 2.214 (1,075) (745) (1.rJ75)

(2.716)

(.110) 0.(83)
(546)

(1,234) (1.978) (1.978) (46) (2,024) (131)

0.(47)

(2,445) (5.755) (1.8811

Swap Settlements ~ Bela

Tota Capcx Total Professional Fees

(55) (55)

on)
(169) (25) (165) (320) (266) (165) (567) (562)

(B7)
(127)

(19)

(n9)

(12)
(3.0)

(301

Monthy Interest Paymeii

(l.H)
(1.40')
(2,170)

(56))
('l95)

(172) (751)

Total Cash Flow (Need) (1,910)

1,55
(930)

0.590)
(5,050)

Cumulative Ca!ih Flow (NCf)

(2,475) (2,475)

(2...0)
(4,3"')

(69) (4,453) (1,536) (5,990)

2.,30 (3,";0)

(3,733) (8.783)

(2,262) (11.045)

2,694 (8,351)

(2,268) (10,619)

(12,028)

(\4,1'8)

(4,857) (19,054)

3,966 (15.0S8)

(3,367) (18,455)

"lii-;l!1F.imiJllll.
775 1,190 840

PERL Balance Net Cash Flow

814 ~.280 760 8)7 788

2,771 (1,115) 0,(31) (2,106) 2.780
I,(,(J() 3..S00 2..Hi(

(l,lD)
1.600 (332) (90) (55)

79J 3J~43
841 (9,184) 9.400

PERL Borrwings

500 (2,005) .uIOO (720) 805 (978) 1.000 1.940 (1,727) 2.000 (183)

(241) ("l75) (102) (157) (85)

782 (1.320) 1,500 (88)

(181

(115)

4,478 0,2761 _~.4U(i (92)

PEAO Fuiiding Cash Sweep Endin~ Balance

(U90J

772 (1.161) 1.600 (176) (22)

(n)
841 50(1 (2411 241 500 SOl) (475) 475 500 500 (102) 102 500 500 (157) 157 500 SOO (851 85 500 (1201 120 500 (88) 88

(91)

838 (4,776) -1.900 (HI) 188)

(.0)

0.728)

775 ?5f, (470) 720 50(J 355 500 500 909

(25) 1,940

-i
m
1,.09

ii
IAO') (276) 276 (909) 500

(64) 3,280(2.530) (10) (67) ORi 760 817 788 3,'l4

3.444 (2.1491 2.300 (120) (2.694) 782

i3
500 (128) 128

m
soo
500 500 500

4,478 500 (81) 81 500 7.106 (6,300) (806)

-500 (115) 115 500 7.10(1

PEAO Balance Net Cash Flow PERL Funding Cash Sweep Ending Balance

())2) H2
500

son (92) 92
500 7.344

500

855

855 (lR3) 183 (3551 soo

Beta Eani Out Segregated Funds AERA Resiricted Cash Contribution Noble ReSiricted Cash Contribution Ending Balance

'7
1.510 945

7,106 36 (36)

(238) 7,144 16

7,344 36

AK Segregated Funds

Restrcted Cash Contrbutions Ending Balance

3,flUtI

~
(25)
455

36

36

36

PERL boITwing~ nel or sweep

66'

(64)

(930)

3.79l1

2,233

(38)

(394)

1,468

9,J09

4,812

I of.l

('l3) 1/13/2009

(328)

Pacific Energ Resources Ltd.

New Budget
7/17 8/14 8/21 8/28 10/23 7/24 7/31

Weck1~' DIP Forecast (l S $'5 in thoiixwidx)

Confidential

'.~l1~'lll
9/11 9/18 9/25 10/2 10/9 10/16 26.815 26,675 26,628 25,206 25,900 25.855 26,250 26,204 7,098 1.928 696 26,250 26,204 26,089 25,900 5,965 26.768 26,721 22,558

7/10

il
6,..Ol 5:

~
6,-i89 $
1.955 553 628 188 2.2.l(i 684

10/30

Barrls produced

26,862

27..92

Revenue receipts

Royal~' payments

WE
6JI
VJ9 6JO 379 .l62

'lOl

'lIl
'88

1.706 6JO

"9
749 (7-i9) 15 '5 15 54 (682) 54 6,636 462 2,931 553 628 (628) (553) 388

59l

489

SG&A I penonnaiie bond Cnhcal vendor payments Operating ouiflows 631 399 (399) 166 (565) (50S) (795) 5,888 (2,790) (865) 6,489 '66 (630) 6,tl54 630 379 2,624 388 (J8K)

4C11

4'1
5,55-i

2,B7
(2,:n7)
(1,931)

2.548

489

Operating cash flow

(.lon
(63IJ

(2,i2-)
166

0881

3,9'l1

(4K9)

Grou1h ('.apEx Maiiieiuincc CapEx

~
!!
.
(J.077)
(700)

~
!.
.!
(756) 5,429 (2.461)

TOlal Cah Flow

(525)

~
-1.760 $
338 50 - S 174

~
~
1,327 1,135

-(-i-i)
3,8K7 - S

54 (543)

.'R'!''Iil1
m

Barrls produced
1.400 '.225 - S

1,920

m
L140 S

Rc\'cnuc receipts 160 61l

436 S

Royalt)" payments

WE
IS)
15.1 39 53 7

9.

"
90 53 1 249 143 74

74 '0

..
J(
70 242 194 226 (216) (591 (340) 43 (102) 758 (345) 4:763 340 (194) (192) 88 (194) (280) 43 (5'1 5') 59 377 (242) (70) 22 (92) (264)

60 82 184 '0

"
149 1.611 15 1.596

53 7

331 45

135 60 54

42 15

42 65

SG&A i pcrfonnancc bond Unified Command COllcal vendor payments Operating ouiflows
20K (2081

R4

in

57 (249) 15 (264) (143) 362 (57)

'07

Operating cash flow

(8.l

(I4JJ

361

(57)

(1l7)

Growth CapEx Maintenance CapEx

22 (2JO) S

ii
('02)

ii
(269) S

Total Cash Flow

(106) S

(107)

tirwralc nl'hcad & iher

674 25 441 299 25 995 47 25 575 47 25 732 249 25 '6' 328 401 25 ,')8 574 313 2"5 472 207 25 894 25 1..202 200 25 439 '14 25 443 427 2S 250 201 25 311

47 25

H6

'69 25 40

-iU
545

Corporate SG&A & Other Contingency Capex Professional Fees Montly Interest Paymcni
47 25 369 563 5,965 2,877 991 G,.B3 840

114 25 -i64 556

Total Receipts Tot. Operating Disbursements

l,i-io
'94
(49.l) (4..135) 945

.B6

531 (1,5131 (7,799) 865 5,437 (2,362)

!.
...
29.
(172) (995) (191) (575) (279) (40) (2,K77) (5.239) 5'6 (991) (6.870) 929 (641) (5.880) 407 5,593 (1.278) 1.085

~
~
0,16.1) (4"l'l1) 799

~
(13'l) (472) (185) (732)

1,75

7,098 1,696 5,402 231 (235) (5,170) 1,700 2')5

1.760 3,2M7

1.002

885

8.9
(1.527)
(885) (453)

6,489 2,720

797

Net Opraiing Cah Flow ClIllulaiive Nel OpcratingCash Flow Rollng Cumulativc Net Opemting Cash Flo\\

(1.95)
1.10
('47)
(161) (328) (177)

(531) (6,286) (707)

n-i6

(1,002) (2.297) 2,638

0.182)
1,988

0.(35)
(3,867)

3,76lJ 135 1A2')

(797) (662) 1.634

Swap Settlements - Beta

(172) (441) (369) (563)

'0'

Tot. Capex

Total Professional Fees Moiitly Imcrest Paymem

(172) (336)

(m)
(2H)
(1'8)
(574) (1,309)

(1.02)

(187) (-i2J) (5451

(187) (439)

(79) (-i.l3)

(79) (250)

(79) (-l6'l) (556)

(7lJ) (111)

Total Cash Flow (Need)

4..34
(16.985) (4,043) (21,028)

(1..un
(3,869) (22,727)

2,671

Cumulat1'e Cash Flow (Nee)

(7381 (19,193)

(2,125) (21,319)

(1,108) (22.136)

(23...5)

4,587 (18,858)

(2-,138)

(575) (2-.714)

4,024 (20,690)

(2,680) (23,370)

(1,627) (24,998)

(1,407) (26.405)

(782) (27,186)

(2-.'16)

(1,187) (25,703)

"--irwlllmi:lW:in..
812 (2,03-i) 2,200 (92) (62)

783

825 4,852 807 842 841 7.2:n 781 839 757 7.8?-i 780 823 343 H2

(6U)

4.194 (l,917) (914) (1,160) -i,690 (l,730) (U09) (1,6-i2) .l,369 (.l.507) (1,364) (I,26-i) (I..l) 3,172
son

800 (JOG)

6.821 (1.080) 1.200 (107)

PERL Balance Net Cash Flow PERL Borrowings PEAO Funding Cash Sweep Endin~ Balance

en)

il
il
500 (92)

4,852 807 842 841 7.237 781 839 757 7,874 7S0 823 343 332 6,821
((26)
116 500 7,576 500

4,imi 1.00 1.400 1.900 1,900 uno L.900 .l.100 -1.700 2.200 1.500 UOO 3.900 (n) (126) (194) (150) (102) (139) (l02) (252) (345) (1M) (26-i) (143) (74) (501) (75) (-,102) (57) (92) (91) (6.487) (1) (89) (7) (7.124) (5JO) (573, (93) (82)
50n 500 500 936

~)
(l01)
'02 500 500

2.3

500

(l06)

500 1.640 500 888 (:45) 1.%

500 (ISO) 150 500 (13')) 1,9 500 50n (102) W2 500

(l-i'j
14J 500

,62
74 936

(50l)

PEAO Balance Net Cash Flow PERL Funing Cash Sweep Endin~ Balanee 500 (92) 92

106 500 7.344 7, ~4.l 500

n
7,576

500 (194) 194

SOli (107) 107

500

252 ~45 164 (1,140) 1,640 500 2.,60

7,576 7,576 7,576

2,260 (264) 264 (1,760) 500

50' (-i36) 500

500

7,l44

7576

7,576

7,576

7,576

7,576

7,576

7,576 7,576
7,576 7.576 7.576 7,576 7,576 7,576 7,576 7.576 7,576 7.576

7,576

(HI)
7,576 36

Beta Ea Out Segregated Funds AERA Restricted Cash Contribution Noble RestriClcd Cash Contribution Ending Balance 7,344 36 :16 36 (75) 16

7.344

7Si

7.576 7,576
36 :1(1 (2) 36 1,143 36 16 36 :16 16 16 36 36

7,576

36

AK Segregaied Funds Restricted Cash Conlrbutions Ending Balance

2,138

36

i.
16 214

214 214

2l'l
(230) -

444 44'l

4..
-i,l
1,.08
1.,119 (2.587)

-i4 444
-i44 444
1..69
1.811 1,953

4'l4 4-i4

PERL borrwn~s net of swt!p

767

(2..24)

(911)

927

1.2l17 3,.82
2 of.l
i 1/13/200?

(5,371)

Pacific Enc~' ResourCC5 Ltd. Weekly DIP Foreai-1

New Budget
Confidential 12/4 12/18 12/25 12/11

(US 5's in r!iOll$amb;) 11)20 11/27

.lflillimL-mlRIi11msn,ii,
25.55fl 25,505 25.416 26.318 5 689 560 592 382 2.964 2.789 4.(,15 (689) 1.805 65 38 17,523 65 (2,964) (591) 30 J8 10 38 .(1 38 (381) 381 590 689 592 591 19,197 21,728 S 1,121,639 5 5 ~81 590 2.~89 400 $ 7.404 25.3"71 5 5 $ $ 7,641 25,550 25.505 25.461

ll
.i
Tolal
59.008

.!
26364
2Ag2 592 592 591 ~82

Barrls prouce
5

Revenue receipts

Ro)'alty payments LOE SG&A I performance bond Critical \'endor payments Operating outfows

.81

41..85

Opernting cash flow (592) (382) 10 7,O'l9

(590,

Growth CapEx Maiiiteiiaiice ipEx

II
5~

.8
48

.8
is
5..66
5 10,252 4,512 (792)

Tolal Cash Flow (6~l)) (659) (449) (668)

(.19)

6,992

0.017)

a1Ji!mIIiN.ril
S2,884 S 50 5 15 75 1 If' 501 5 5 5 5 5 IJ 10 5 16 95 2\(1 I S S,594 1,048

Barrls produced

Re,'enue receipts

4,.S5
2,l1'l4 50

.10
ILL 13 501 (SOL) 17 (90) 13 111) 90

Royalt)" payments LOE SG&A I penonnnce bond Unified Command Critical "endor payments Operating outflows

8,007

Operating cash flow

(D)

(2,.13)
717

Growth CapEx Maintenance CapEx 5 5 139 5 27

Tolal Cah Flow

(90) $
(1) 5 5 5

(501) $

(3.139)

aslli..lni.~mir,..JIIuI
104 25

Il
10.
25 25 295 569 201 15 268

Corprate SG&A & Other Contingency Capex Professonal Fees Moiihly Interest Paymeni

J7
,86
250 50 3.l7I. (3,171)) 1,694 2.~56 (695) 999 2.218 695

383 25 535 25 609

.7

.58
25 205

197 25 .105

205 25

12,55
HI
55.
1J2 1.(i7S 17;197 5,696

Tolal Receipts Tolal Operating Disbursments

,o7
(557) (1.1'1) i.Wi~ (738) (1.957) 1.678

'"
6,830 -i.873 4.738

7,641 811

42K (428) 571 2.528

1,550

7,-i04 2,98()

K9.

64,602 62.056

Nel Operating Cash Flow Cumulative Net Opernting Cash Flow Rollng Cumulative Net Openlting Cash Flow

(1,550) (979) (5.851)

4,-i18 1,440 1.746

(89-i) 2.546 1.547

2.."'46

Swap Settlements - Bela

(7.1) (171) (7~) (515) (83) (295) (569) (8M) (268) S 5 5 (93)

t,814

Total Capex Tolal Professional Fees MoIi1h)' Interesl Payment

(\86)

(9.1) (609)

(10.1) (205)

(128)

(12S)

(\05)
(554)

(.21)
(131)

(9,073) (17,297) (S,696)

Tot.i1 Cash Flow (Need) Cumul.it"lc Cash Flow (Need)

(1,3.5) S
(27,850) 5
(21,967) S

(802) 5 (26.:05) S

5.883

(3,534) 5
(2S,502) S

(1,130) 5
(1,174) S (26,675) S
(27,80S) S

(I,8S8) S (29,663) S

3.431

(27,706)

(26,232) 5

(1,474) (27,706)

.wmi-imfl:m:iin..
298 7.9~1 276 7.681 26~ ('l411

PERL Balance Net Cash Flow

0.-72)

(l,nO)
1.200 (66) 276 (26) 320 0,511 ) 1.600 (11) (7.68~) 316

(I..74)
.50n (70) 2S3 (3) 7,681

500 (33,631)

PERL Borrwings

1.00

~IG (1,174) 1.200 255 5,973 I.SOO (9C1) (5)

~20 (997) 1.000

253 3,.01 4,000

'1,000

(Ill)
(1.1) 198 500

PEAO Funding Casn Sweep Ending Balance

IAon (2~) t48) 2S5

O..31)

7,:JJ

276 501l 500

(6,384) (52,209) 276

son
~59 359 2S0

D9

(il)
11

PEAO Balance Net Cash Flow PERL Funding Cash Sweep Ending Bal.iRcc

III
750 7.576

750 17 23 (250) 5S0 7,576

550 (90) 90 (50)

500 (501) 160

0,735)
6.744 (4,9(11)

,no
7.576

500 7.576

500 7.516

500 7.516

J59
7.576

359 7.576

3S9 7.576

J59

(6,300)

Beta Eam Out Segregated Funds AERA Restricted Cash Contribution Noble Restricted Cash Contribution Ending Balance

(1.,76)
7,576 -144 -i44 1,087 7,576

7,576

7,576

7.576

7.576

7.576

7.576

7,576

~76
4..
444 1,102 4.l-i 444 1.74~ 444 444

..4

67

67

AK Segregated Funds Restricted Cash Contrbutions Ending Balance

...
(4,083) 3 or-i

... ...
1,13-i

44.
1,174

360 (,7 930

(U)
67 3,997 67 (5,931)

84
34,891 11113/2009

PERL boi-rowin~ii nd of m'i-ocp

Professional Fee Summary

Confidential

Pacific Energ Resources, Ltd. Revised DIP Professional Fee Summary

(US $ 's in thousands)

~ ~ ~ ~ ~ ~ September October November December ~

Success Fee
27
l.(J

.lmm:.u.,..

Debtor Professionals
20 9
121

Albrecht
50 23

97 96

96
64 99
162 175 9 102

DeGlyer and MacNaughton Jensen Lwmy JIB Auditors Lazard Meyers. Norrs. Penney
500
75

Millstrea Energy LLC

43

9 63
8 144

100 26 29
SOL 125 191

Netherland Sewell
33 38
15 14

30 39
253
190

206
723 478
1.047
87
137

30 318

412 228
2.479
116 120

339 262
346 753 2.296

233
18 153

Omni Management Pachulski Stang Ziehl & Jones LLP Rutan & Tucker LLP Schully. Roberts Zolfo Cooper
444
411 129 10 10

400

176 3l.O

287

1.000

Lender Professionals Andrews Kurt LLP

6 27
100
14 iSO

36
186 12 148 i 3

Ashby & Geddes Bingham / Rise Energy Counsel Birch. Horton. Binner and Cherot
719

loa

Reed Fern I

29
900
106

315 56 1,510 60 79

Skadden 226
207 20

257 2 23 196

30 25 259

ioa

1.605

Creditor Committee Professionals

658
13

Steptoe Pepper Hamilton Deloine

30
21 138 31 24 18 3

5 16

99 22 40

121

218

Other
24
15

US Trutee

45

Fee Auditor Contingency Fee

2J

20

105 53

------ -- ~ ~~~-- ~ !! ~ ~ ~~
55

1.575

.'li...ir:llh:i.,

Debtor Professionals
36
5 18

2
8 3 101 10 114 13 100 5 5 8 15 5 5

97
162 iSO

Albrecht DeGolyer and MacNaughton Jensen Lunny JIB Auditors

56
87
101 5 150 101

34

Lazd
67
56
53
19

250
75
8 8

942

500
75

Meyers. Norrs. Penney Millstream Energy LLC

87 67 34

Ii

Netherland Sewell Omni Management Pachulski Stag ZiehJ & Jones LLP
13

Ii
4 503
145 149

134 281 65 154

22 253
104 121

30 312 96
109 41 i

200
285 90 287
129 10 100 196

400

400

3.622

Ruta & Tucker LLP

89
30M

39 364 149

loa
150 ISO 150
iSO iSO 100

1.473

Schull)". Robens Zol fa Cooper

38 22 16 391 135 104

100

444
6
IS 186 IS 107 7

400
6
6 148

iS 514 328 220 390

loa
20

1.269 2.787

1.000

Lender Professionals Andrews Kurt LLP

6 2

245 56

Ashby & Geddes Bingham / Rise Energy Counsel Birch. Horton. Binner and Cherot
22 82 29 82

472
3

127 14

100

100

100

1.47
58 79

Reed Ferrl

10 150 i 3

Skadden

79 13 257 8 I 196

9 25 113

543

338 25

150

100

ioa

100

1.805

Creditor Committ Professionals

892
133 16 74 15 147 37 74 131 18 8

Steptoe Pepper Hamilton Deloine

21

22

i iS 20 30

141 18 17

20

25 6 10

25 10 10

75 10 10

75 10 10

153

276

Other

US Trutee

iS

15

15

iS

15

15

15

Fee Auditor Contingency Fee

2"

"

20

25

iS 25

156 108

1.575

i. Alaska success fee November

Lazard $250.000. Millstream $75.000

~ ~ ~ -- ~ ~ ----~~ ~ ~ ~ ~ -40f4

11/13/2009