UNITED STATES BANKRUPTCY COURT DISTRICT OF DELA WARE

rn re: Pacific Energy Alaska Holdings. Inc. Debtor

Case No. 09- 10787

Reporting Period: Mav 2009

MONTHLY OPERATING REPORT

Document Attached

Explanation AffdaviUSupplement

REQUIRED DOCUMENTS Schedule of Cash Receipts and Disbursements Bank Reconcilation (or copies of debtor's bank reconciliations) Schedule of Professional Fees Paid
Copies .of bank statements

ForI No

Attached Attached
N/A N/A N/A N/A N/A N/A NJA 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

MOR-! MOR-I a

./ ./

MOR-lb
...........

./
N/A N/A

Cash disbursements journals Statement ofOocrations .alance Sheet Status of Posipetition Taxes Copies of rRS Form 6123 or payment receipt
Copies of tax returns fied

,..../,:.'i......:..-/MOR-2
MOR.-3

MOR-4
. .\

..... '. .
'.

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

during i'eporting period

.):-:.....-......,......:,.

petition Debts of aged accounts payable Accounts R.eceivable Reconcilation and Aging Debtor ~uestioniiaire
Summaryof Unpaid Post Listing

MOR-4 MOR-4 MOR-S MOR"5

./ ./
./ ./

are uue and correct

I declare uiider penalty of pe~iury (28 V.S.C. Section 1746) thatlhis report and the attached documents to the liest of iiy knowledge and belief.

Signature of Debtor

Date

Dale

Si

~l1D!01
)( II P-rt-hL
Tiile of Authorized Individual

.Authonzed individual must be an offcer. director or shareholder if debtor is:i corporation: a ",Irlner i( debtor

is. p.nncrsiip; 1\ .nan.geror member i(debtor is a limited Iiabiliiycoiipay.

~IOR lOllO7,

In re; Pacific Ener~y Alaska Holdin2s. Inc. Debtor

Cae No. 09.10787

Reporting Penod:_May 2009_

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

CASH INL",C OF MONTH

OPER. PA YRoi TAX OT

I

RECEIP

I I II
BANK ACCOUN
II
i i II

ACJAL PROIECl AClAL PROJECTD

II

CURRENT MONTH CUMULATIVE FILING TO DATE

Pacific Energy Ala.ka Hotcllngs. Ino. clGs nol maIntain any cash accounl..

TOTAl. RECIlIPT

DISBURSEMENTS

L"..,"_~~

I I t; :11

II

j I I-I II
II

II

II

TIlE FOLLOWING SECTION \-UST BE COMPLETED

D1SBURSBMENTS FOR CALCULA TINC U.S. TRUSTEE OUARTBRL Y FE:
(FROM CURRENT

MONTIl AClALCOLUM/l1
SO.OO

TOTAl. DISBURSEM&-'TS

LESS; TRANSFES TO DEBTOR IN POEStON ACCOUNTS

PLUS; ES ATE DISBURSEMENTS MADE Y OUTSIDE SOURCES (i,e, Irom ""row accounts)

SO.OO SO.OO SO.OO

TOTAL D1SBURSE,\IlS'lS FOR CALClILA TI,sC U.S. TRUSTEE 0UARTERL Y FEE

ffRM:.UR.!

(0M)

In re: Pacific Energy Alaska Holdings. Inc. Debtor

Case

No. 09,10787

Reporting Period:_May 2009_

BAl\'K RECONCJLIATIONS
ConInu.lionSh.el for MOR.!

Oprating
!BALA...CE PER BOOKS
BAl\K BALANCE
(+) DEPOSITS 1:- 'lRAl'SIT (ATTACH USTj
1#
I

paill
1#
I I

Tax
1#
I

Other
1#
I

H OirTANDlliGCHECKS (ATIACH LlSn

ADJUSTD BANK BALANCE' . Adjuste bank bal.nce mu,. tquat
balance De, boo~s

Pacific Energy Alaska Holdings, Inc. does nol maintain any cash accounts.

FORM MOR-Ii

(O.l7)

In re: Pacific Energy Alaska Holdings. Inc. Debtor

Case No. 09-10787 Reporting Peiiod:_May 2009_

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

Payee
Payor

Period Covered

Amount Approved

Check Number Date

Fees

Amount Paid Expenses

Y ear- To-Date

Fee

Expenses

No profesional fees were paid post-petition.

FORM MOR-) b

(047)

In re: Pacific Energy Alaska Holdings. Inc.

Debtor

Case No. 09- 10787

Reporting Period:_May 2009_

STATEMENT OF OPERATIONS
(Income Statement)

REVENUES Oil and iias production revenue

Royalt uavmenlS

Cumulalive

Month
S
- I

Fill! to Dale

Net Revenue

OPERATING EXPENSES
Repairs and maimenanee

Salaries/commissions/fees Transportation expense Utilities Insurance

Employee benefit oro2rams Taxes - ol"oduetion
Inveniorv ehaniie

Rent and lease expense Travel and entertai nment Suoplies Advertisinl! Auto and truck
Bad debt

Conlrbutions
Insider compensation
ManagCineni feeslonuses

Officc expenses Pension& vrofit shannl! olans

Taxes - oayroll

Taxes - real estate Taxes - other

General and administrative

Depreciation, depletion and amortization Net Profit (Los) Before Other Income & Expenses

OTHER INCOME AND (EXPENSES)

Accreiion of diseouiisand amortization of deferred finam::inii costs
Interest exoense- Ilon-easli - oaid i ri kind

Stock compensation exiiense Interest and dividends

Realized iiain/(Ioss) on derivatives
i nlerest exoense- cash

Other revenue General exiiloraon exvense

Income from eauitv investmeni

Imoairment exoense Net Profit (Los) Before Reariianization Items

(587.00
-

(63.000)
-

REORGANIZATION ITEMS
Professional Pees Reorl!anization Interest
U.S. Trustee OU31terly Pees

(587.000)
-

(63,000)
-

Interest Hamed on Accumulated Cash from Chapter i i Gain (Loss) from Sale of EauiDment Oiher Reorl!anization EXDenses (attach schedule) Income taxes Net Profit (Loss)

(587,000) $

(63,000)

Note: The Cumulatiye filing to Date income statement above refleet the Company's activity for the entire month of March.

FORM MOR-2

(0410)

In reo Pacific Merev Alaska Holdinii. Inc.

Debior

Case ~o.~
Reponing Period:_May 2009_

BALANCE SHEET

CURR ASSET
Uoririled Cash and Equivalents

ASETS

BOOK VALUE AT EN OF CUEl\'l REPORTING MONTH

Resicied Cash and (,ns EouivaJenls

Accounts Rea:ivabJe (Nell Inventories Prepaid Exiinses Professional Reiiiners Other Oirreni AsselS (Sce Allached Schedule) TOTAL CURRENT ASSETS PROPERTY AND EQUIPMEl'l Proved Proiirties Including Leas and Well Eouiprnni Assi Reiiremeni COSIS
In Procss Developmeni

$
S

50.355,273 50,355,273

Unprod Properlies
Offee Eouipnient and Software Vehicles Othr Equipmeni and Leasehold Improveninis

Piiitine Eiuipment
Less Accumulaed Depreciniion TOTAL-PROPERTY & EQUIPMENT
S

OTHER ASSET Oiher Assls like Aiiached Schedule)

$ $
BOOK VALUE AT El'D

11.522.816

TOTAL ASETS

6t.878.89
OF

LIABILITIES AND OWNE EQUITY LIABILIT NOT SUBJEC TO COMPROMISE CPostpellllon)

AeeounlS Payable and Accred Uabiliies
Taxes Payable
Wages Pawble

CU REPORTING MONTII
$

:-oIes Payable - Debtor.in-possession financing

Rent I Leases - Building/uipnini

Secule Det I AdeQuale Proteeiion Pavinenis

Pro(essionat Fees lniercomoony Payables Asset Retirement Obligaiions

Accrued tnieresl
Other !lbilties .

OTAI. POSTPETITlON LIABILITIES

LIABILlTIES SUBJHCl TO COMPROMISE (Prt-Pelition)

Sccired Debi

Priorty Debi Unsecured Debt

Inlcreompny Payiies

$
S

TOTAL PRE-PETITION LIABILITES

ITOTAL L1ABIl.lTES

OWNER eQuIT
Share COpil"1

1$
S

-I
-

Contnbuied Surlus \Varrants Additional Paid In Copital

Accumulated Oibtr Comprehensive Lo l'rlners' Capi:i Aecouni

Owner's &lulv Account

62,118.089
-

Reuined E.imiogs - Pr-Peiition Retained E.'loings - Posioeiiion Adjustment tn owner Eiuity launch schedute) Postpeiiioo Couinbulions (Distrbutions (Dmws) (aUoch schedule) NET SHAREHlDERS' EQUITY
S

(177001 (63,00)
-

61,878.089

TOTAL LIILITI AN OWNS' EQUITY

$

61.878,89

FOR.'f ~IOR..l to'U7J

In re: Paeific Energy Alaska Holdings, Inc.

Debtor

Case No. 09-10787

Reporting Period:_May 200_

BALANCE SHEET. continuation sheet

Other Current Assets Iniereomoaiiv Receivables Derivative Assels Advances

Other Reci vables

ASSETS
S

BOOK VALUE

AT EN

OF

CURNT REORTING MONTH

50,355.273
-

Total Other Current Assets O!her Assets Investnienis-PEAO Invesiments-CIPL Total Other Assets

S
S

50,355,273
-

11,522.816 i 1,522,816

FOR~l MOii.) Co.Yr'D

iO~7)

Iii re: Pacific Energy Alaska Holdings. lne. Debtor

Case No. 09-10787 Reporting Period:_May 2009

STA TUS OF POSTPETITION TAXES

Beginning Tax

Antount
Withheld or

Federa
Wilhholding
FICA. Employee

Liabilty
I

Accrued
J

Amount Paid
I

Date Paid
I

Check No.

Ending Tax

or EFT
I

Liabilty

FICA-Employer Unemployment Income

Not Applicable
I

Total Federa Taxes State and Local

Withholding Sales Excise Unemployment
.

Real Propert
Personal Property Total Slate- and Loal
I
I I I

Not Applicable-

Total Taxes

I I

I I

I I

SUMMARY OF UNPAID POSTPETITION DEBTS

Number of

Days Past Duc

Total
I I I

Accoullls Payable
Waiies Payable

Current
I

0-30
I

31.60 61-90 Over 90

Taxes Payable

Rent/Leases-Building

Rentlses-EauiDment
Secured DebtAdequaie Protection Payments Professional Fees

Not Applicable

Total Postpeliion Debts

I I

I I

I
I

I I

FORM MOR.~

104/()

In re; Pacific Energy Alaska Holdings. Inc. Debtor

Case No. 09- 10787

Reporting Period:_May 20

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

Accounts Receivable Reconciliation
Total Accounts Receivable at the beginning of

the reporting period

Amount
I

+ Amounts biled during the period - Amounts collected during the period Total Accounts Receivable at the end of the reporting period

Not Applicable

A tsR (blAj ccoun e gnJi

ece va

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

T Amount
I

Not Applicable

DEBTOR QUESTIONNAIRE
Must be completed each month
I. Hiive any assets been sold or tmnsferred ouiside the norma! cours of business
ihis rcponing period? If yes, provide an explanation below_

Yes/o
No No

2. Have any funds been disbursed from any account other than a debtor in possession
accoiintihis reponing peiiod? If yes, provide an explanation below.

3. Have all postpctiiion taii rcturns been iimely fied? If no, provide an explanation
below.
4. Are workers eoinpensation, general liabilty

N/A
Yes

and other nceessary insurance

coverages in effeei? If no, provide an explanation below.

5. Has any bank lICCOunl ben opened during the reporting period? If yes. provide

documentation identifying the opened accouni(s). If an investment account has been opened

No

provide ihe required doumeiiation pursuanlio the Delaware Local Rule 400 r .3.

FOR~ MOR-5

(0410)