IN THE UNITED STATES BANKRUPTCY COURT

In re: )

FOR THE DISTRICT DELAWARE

Chapter 11

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

)

Debtors. )

Case No. 09-10785(KJC)

(Jointly Administered)
Related Docket No. 877

NOTICE OF FILING OF BUDGET WITH RESPECT TO AMENDMENT NO.5 TO

SENIOR SECURED SUPER PRIORITY PRIMING DEBTOR IN POSSESSION CREDIT
AND GUARANTY AGREEMENT REGARDING MOTION 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 September 11,2009, the above-captioned debtors and debtors in possession
(collectively, the "Debtors"), fied the Executed Amendment No.5 to Senior Secured Super

Priority Priming Debtor in Possession Credit and Guaranty Agreement Regarding Motion 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

petition Financing; (2) Authorizing

Use o/Cash Collateral; (3) Granting Liens and Providing Superpriority Administrative Expense

Status; (4) Granting Adequate Protection; (5) Modifing Automatic Stay; and (6) Scheduling a

Final Hearing (Docket No. 877) with the United States Bankptcy Court for the District of
Delaware, 824 Market Street, Wilmington, Delaware 19801.

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 J.D. # not available); Cameros Acquisition Corp. (5866);
Pacific Energy Alaska Operating LLC (7021); San Pedro Bay Pipeline Company (1234); Cameros
Energy, Inc. (9487); and Gotland Oil, Inc. (5463). The mailng address for all of

Ocean Boulevard, Suite 1240, Long Beach, CA 90802.

the Debtors is 111 W.

Attached is a Budget with respect to Amendment No. to the DIP Motion.

Dated: September 16,2009

PACHULSKI STANG ZIEHL & JONES LLP

Ir D. Kharasch (CA Bar No.1 09084)

otta 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, 17th Floor

P.O. Box 8705

Wilmington, DE 19899-8705
Telephone: 302/652-4100

Facsimile: 310/652-4400
Email: ikharaschpszilaw.com
smcfarlandpszi law .com

rsaunderspszilaw.com
ioneilpszilaw.com
kmakowskipszilaw.com
Counsel for Debtor and Debtor in Possession
Pacific Energy Resources Ltd.

DOCS_DE: 153117.1

365

-l
438

-l

408

26.563

:!

656

656

4.509

27,390

l!

415
3,358

2,723
635

27,291

27,340

415

.l

404

404

27,193

27,242

640

640

5,005

5/2

1.588

403

1.84

27,145

5/29

634

634

27,098

1,550

'," 403

1.47

27.050

il

633

633

411

413

2,n68

1.436
632

26,909

26.956

27,003

6.047

11

6/26

355

255

.!

79
27

611

3.846

(305)

305

231
74

3.83

(332)

332

105
227

3,839

(207)

807
(297)

40
297

199
58

2.099

(407)

407

ILL
246
50

1.573

(220)

220

173
48

2.485

2.622

416
(137)

(208)

208

160
48

(104)

104

60
44

(208)

208

160
48

(109)

146

36

2,624

76
60
10

2,797

333
73
10

2,800

279

2,483

(208)

208

160
48

1.925

(104)

104

60
44

1.923

(208)

208

160
48

1.921

22 69 69 69 20 20 16 16 19 19 II II 22

..
207

148
19

2,449

-l
225

155
40

1.032

2,275

(1.05)

(745)
(1.075)

2,224

PERL borrowin~ net ofswecp

AK Segregate Fund
Restrcted Cash Contnbutions
Ending Balance

Beta Earn Out Segrgated Funds

AERA Rescted Cah Contrbution
Noble Restricted Cash Contribution
Enng Balance

Net Cah Flow

PERL Fundng
Cash Sweep
Ending Balance

PEAQ Bala

Ending Balance

PERL Borrwings
PEAO Fundng
Cah Swep

PER Balance
Net Cah Flow

IrWlrlimR'Ir-:illa

Total Cash FIoM' (Nee)

Cumulative Cash Flow (Need
(1,536)
5,990

3"60

2,530

(355)
(27)
(475)

(355)
(30)

(169)
(25)

307

(3,846)
(4.381)
(2.357)

(169)
(1.506)

(588)
(4.969)
(2.253)

279
867

(165)
(320)

(337)
(266)

304
(127)

(ll7)

(1.706)
(5.579)
(610)

(1.109)
(3.874)
508

3.988
(981)
(1,651)

(1.784)
(2.765)
(2.22.9)

36
1.742

5.005

(4,857)
19.054

(329)
(1.443)

0,683)

(3.085)
(8.664)

3,085

3,966
15.088

(329)
(563)
(4951

5,354
(3.310)
(546)

6,047

18"55

(3.367)

(751)

(17)

(2.445)
(5,755)
(1.881)

(183) (332) (276) (24l) (475) (102) (157) (85) (120) (88) (128) (81) (115) (92)

2.000 1,600 1,000 1.600 1.600 3.800 2,300 2.300 1.500 9.400 4,900 3,400

(25)

855

500

4.55

1.,10

945

J of3

669

183 332
276
(355)
(909)
500 500 1,.09 500

(183) (ll2) 909 (276)

(930)

500

500

(64)

(475)
475
(241)

24

2,i33

500

500

3,790

(157)
157

(102)
102

(394)

500

500

(38)

(120)
120
(85)
85

'''68

.500

500

500
7.344

500

7,106 7,106

500

(92)
92

(115)
115
(81)
81

4,812

9.309

(43)

36

36

(328)

36

36

36
36

l36

7,344

7.106 7,106 7,344

(806) (238)

(6,300)

(128)
128

(88)
88

1.940 840 805 772 814 _~~80 760 817 788 3.444 782 841 838 793 4,.78 783
500
500
500
500
500
500
500
500
500
500
500
500
855 500 500 1.409
355

3,000

(69)
'4.453

(355)
(490)

(1.206)
(535)
1.443

3,846

(25) (1,190) (90) (55) (22) (64) (2.530) (10) (67) (38) (2,694) (32) (91) (88) (43) (3.728)

250
(470)
720

775

(1,545)
'4.384

(286)
(25)

3.386
670
1.415

.l.09

775 1.940 840 805 772 814 3,280 760 817 788 3.444 782 841 838 793 4.478

(1,910)
2,840

(462)
(30)
(343)

(692)
(2,716)
(3,047)

692

1.190 (1,727) (1,213) (978) (1.61) 2,771 (1. 15) (3,631) (2.106) 2.780 (2,149) (1.320) (9.184) (4,776) 3.843 (3.276)

'930

2,75
500
(2.005)
3,000
(720)

1,S5

(2"75)

(552)
(127)

(308)
(25)

(552)
(30)

Tow Capex
Total Professional Fee
Monthly Interest Payment

(Ill)

(46)
(2.024)

310

(1.234)
(1.978)
(1.978)

1,032
1.077

Swap Settlement ~ Beta

III

2.224

(1,893)
(1,893)
(1,893)

Net Operting Cah Flow

Cumulative Net Operaing Cash Flow
Rolling Cwnulative Net Opering Cah Flow

1Q

3.029

Total Recipts
Total Opcrnting Disbursements

Monthly Interet Payment 343 475 562 495

~
.! !2 ..
!: ~
J. ~
~

CorpornteSG&A&Other
659
156 25
291 612 25
48725
47 169
384
47 169
92
2,244
176
169
Contingenc
Cape;.
253025
251,506
25 268
25
25266
25268
25471.443
25
25563
25751
25
Professional Fee
30 127
25 25 25
490 27 30
25
56725320
127

(593) S 355 S (305) S (332) S 785 S (276) S (365) S (475) S (240) S (157) S (223) S (120) S (226) S (128) S (219) S (115) S (230)

(593)

185
257

3,850

Operatig cash flow

a!lil.,Il1IlVlmmr..:..,ritn.

290

335

25.382

:!

(1,169) 1.497 (916) (551) (626) (699) 3.592 (676) (3,482) (528) 4.241 (1.712) (927) (1.843) (926) 5.341 (2.192)

150

Total Cash Flow

479

290

25,427

:!

247
247 247 134 134 134 134 134 25 25 25 25
280 280 190 127 127 127 127 127 99 99 99 99 293 293 293 293 125

Gro\\1h CapE.'(
Maintena CapE;.

394

479

24.069

3/27

New Budget

(642) 2,024 (479) (290) (365) (438) 3.853 (415) (3.358) (404) 4.365 (1.588) (634) (1.550) (633) 5.634 (2,068)

642

144

2.418

24.1 \I

3/20

392

22,050

3/13

Critica vendor paymnts

Operating ouilows

Unied Corrnd

Royalty paymnts
LOE
SG&A / pedorrnc bond

Revenue reipts

Barrls produc

...minnmrmm

Tota Cash Flow

Gro\\1h CapEx
Maintenanc CapE;.

Operating cah now

Royalty paymnts
LOE
SG&A / pedonnnce bond
Critical vendor paymnts
Operating ouilows

Revenue reipts

Barrels produced

~'I~ll'

Pacifc Energy Resurces Ltd.

Weekly DIP Foreast
(US $'s in thousands)

9115/2009

Pacifc EDt~' Resources Ltd.

2.337

(2.337)

4I1
5.554

1.706
630

26.721

7131

(399)

399

399

26.675

w.

(630)

630

630

26,628

8/14

New Budget

2,624

(2.624)

6.054

1.928
696

25,900

8/28

379

'79

6,433

25.206

!!

(388)

388

388

26.250

2l

(749)

749

749

26,204

9/11

2.931

(2.931)
15
132

6,636
15
132

2.246
684

25.900

9/25

462

462

7,098

26.089

2L

1,555
4,866

192

153
39

1,225

53
7

1.327

153
73

I,35

53
7

332
45

1.40
338
3

149

99
50

1.760 S

249

60
54

13

(242)

(194)

(192)

340
(340)

377
763

59
(59)

226

(226)

59
(59)

1.611

(249)

(106) S (230) S (92) S (264) S (194) S (280) S (102) S (269) S (102) S 758 S (345) S 1.596 S (264) 5

(70)

(2.756)

727

(2.030)

544
4,155
1,728
50
410
6,888

4,858

52,884

'21.028

(4,Q3)

(995)

(17)

(2.877)
(5.239)
516

PERL borrwings net or sw~p

Endng Balanc

767

36

36

7,344

36

36

(75)

36

36

2.138

7.576

7,).4

ll

(2)

36

36

7,576

7.576

7.344

500
(126)
126

7.344

500
(92)
92

7,344

500
(92)
92

Bela Earn Out Segrgated Fund

500
(106)
106

500

AK Segregated Funds
Restricted Cash Contributions

(234)
(472)

(3.163)
(4.441)
799

(185)
(732)

(494)
(4.935)
945

295

(235)
(5.170)
1,700

5,402
232
1,510

7.098
1.6'6

(1.527)
(1,295)
3.146

1.760

(1.627)
'24.998

(187)
(439)

(1.002)
(2,297)
2.638

20f3

1.143

36

36

7,576

7,576

500

500
(194)
194

36

36

1,809

36

36

1.308

7,576

36

36

1.469

36

36

(2.587)

7.576
7.576

7,576
7.576
7,576
7.576

7.576

500

500
(102)
102
500

500
(139)
139
500

500
(102)
102
500

500
(150)
150

1,811

1,953

(2,.24)

214 214 444

(90)

4.i

4.i

7.576

36 214 214
(178) (230)

7.576

7,576
7,576

7.576

7.576

7,576

7.576

1,640 500 2,260 500

(1,140) (1,760)

252 345 i 64 264

888 (345) 1.596 (264)

500 1.640 500 2.260

812 825 4.852 807 842 841 7.237 781 839 757 7.874 780 823

500

Ending Balnc

4,587
18,858

(234)
(198)
(574)

5.593
(1.278)
1,085

1.40

800 2.200 4.100 1.200 1.400 1.900 3,900 1.500 1,900 3.100 4,700 1.700

500

Noble Restricted Cah Contrbution

(1,309)
23.445

(279)
(40)

(991)
(6,870)
929

3.163

(106) (92) (92) (126) (194) (150) (102) (139) (102) (252) (345) (164) (264)
(33) (62) (75) (4.102) (57) (92) (91) (6,487) (31) (89) (7) (7.124) (30)

500

AERA Retricted Cah Contribution

(1,108)
22.136

(191)
(575)

298

(641)
(5.880)
407

6.433

783 812 825 4.852 807 842 841 7,237 781 839 757 7.874 780

5.437
(2.362)
948

2.877

Ending Balance

Cash Swee

PEAO Balanc
Net Cash Flow
PERL Funding

Ending Balance

Cah Swee

PERL Balnc
Net Cash Flow
PERL Bonowings
PEAO Funding

'-llillilm;in.

Total Cash Flow (Nee)

Cumulative Cash Flow (Need

(172)
(441)

(7.799)
865

(1.13)

5,965

(632) (2.034) 4.194 (3.917) (914) (1,160) 4.690 (3.730) (1,309) (1.62) 4.369 (4.507) (1.64)

(336)

Tota Professional Fee

Monthly Intere Payment

301

(17)

Total Capex

(531)
(6.286)
(701)

Swap Settlements - Beta

Net Opering Cash Flow

Cumulative Net Operatin Cash Flow
RoUing Cumulative Net Operating Cash now

Total Recipts
Total Operting Disbursements

33.,90

444

7,576

(6,300)

250
(907)
5,322
(4,165)
500

500
(32,111)
66,800
(5,322)
(29,045)
823

(24.998)

(12,733)
(3,885)

(7,8'8)

1,814

(2,2'7)

42.332

Monthly Interet Payment 563 574 328 545 3,885

l. ~ ~
.1 i~
!2 ..
~ 22 -l
1l

Contingenc
Cape"
25 369
25 995
25 575
25 40
25 198
25 472
25 732
25 161
25 1.02
25 25
750
Professional Fee
336 441
42325
43925
12,733

Corprate SG&A & Other 47 674 47 299 47 169 401 313 47 249 894 207 200 9,880

.~'l'iml\..nll"

Tota Cash Flow

(208)

22 22 22 22 88 43 43 43 5 5 15 15

194

184
10

1,400

Growth CapEx
Maintenanc CapEx

242

160
82

174

84

70

60
10

174

(84)

208

160
48

- s

174

Operating cah flow

74
10

1.920

3,192

.,63

15
132

560
27,861

14,931

12,.70

37,.ni

788,094

.I

(553)

553

553

25.855

10/2

Critica vendor payments

Operating outfows

Unied Commnd

SG&A / peonnnc bond

WE

Royalty payments

Revenue reipts

Barrels produc

"f1l"l'fll"l'iJITnrrrm

Tota Cash Flow

(631)

631

411

5.965

26.768

7/24

II7
117
166
166
166
166
125
12
12
(525) (756) 5,429 (2,461) (565) (795) 5,888 (2.790) (505) (865) 6,489 (3,077) (700) S
125

(401)

Operating cash flow

Growth CapEx
Maintenanc CapEx

401

6JI

26.815

26.862

401

1i

1i

Critica vendor paymnts

Operating outfows

SG&A / peormncc bond

WE

Royalty payments

Revenue reipts

Barrels produce

.lflUIWlnn-i"lWlrolitiil,li

Weekl)o' DIP Foreast

(US $'s in thousands)

9115/2009

55
56

18

74

Delaine
US Truste

Contingency Fee

21

133
16

Other

216

106

3
561

30
15
259

19

11

472

148

186

1,017

44
79

41
1,063

188

1,663

2
5
150
101

53

101

56

96
411

444

6
1
107
7

29
82

6
15
186
15

22
81

6
6
148
9
25
113

400

543

472

119
5

514
318
300
390

364

121

149
109

15

II
39

19

11

100

24

30
312

34

16
391
135
104

87
67
38
12

18

36

13

3
1
161
3
3
355

287

150
115

20
400

10

100

15

138

30

100

100

10
300
50
50
250

100

207
30
24

228
43
1,432
45
79
1,472

1,037
874
2,491

1,534

134
201
65
163

677

129
150

97

60

538
73
162

-----~~
-- ~ ~ ~ ~ ~ ~

196

157
1
13

411

15

147
37
74

3 on

15

22

131
18

15

10
30

115

15

141
18
17

15

15

148

20
20

20
10

ILL

256

867

100

100

------~~
~ ~ ~ -- ~ ~ ~ ~

8
I
196

157

79
13

89
308

104

Pepper Hailton

Steptoe

Creditor Committee Professionals

Skaden

Birch, Hortn. Bitter and Cherot

Reed Ferrl

Ashby & Geddes

Bingham

Creditor Professionals
Andrews Kurt LLP

Omni Management
Pachulski Stag Ziehl & Jones LLP
Ruta & Tucker LLP
Schully, Robert
Zolfo Cooper

13

Millstram Energy LLC

Netherland Sewell

22
153

87
67
34

La
Meyers, Norrs, Penney

JIB Auditors

Jensen Lunny

O;;Golycr and MacNaughton

Albrecht

Debtor Professionals

"~.hii..,..

Contingcncy Fee

US Truste

Other

Delaine

Pepper Hailton

Steptoe

Creditor Committee Professionals

Skadcn

Reed Ferrl

Ashby & Geddes

Bingham
Birch. Horton, Bittner and Cherot

36

119
5

444

18
153

133

669
320

Lender Professionals
Andrews Kurt LLP

20
723
479
87
790

15
190

153

Omni Management
Pachulski Stag Ziehl & Jones LLP
Ruta & Tucker LLP
Schully, Robert
Zolfo Cooper

Netherland Sewell

30
39

47
94

33
30
318

38
206

Total

Millstam Energy LLC

10
90

SeDtember

145
63
143
1,500

17

AU2'ust

226
99

Julv

43

June

162

MaY

64
99

ADril

102

Meyers, Norrs, Penney

Lad

JIB Auditors

Jensen Lunny

DeGolycr and MacNaughton

Albrecht

Debtor Professionals

rM'l'hli..,

(US 5's in thousands)

Pacific Energ Resources, Ltd.

Revised DIP Professional Fee Summary

Professional Fec Summar

1.600

1.000

100

500

1,600

1,000

100

500

Success Fee

9/15/2009