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In re: )

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

Chapter 11

PACIFIC ENERGY RESOURCES LTD., et all)


)
)

Case No. 09-10785 (KJC)

Debtors. )
)
)

(Jointly Administered)
Objection Deadline: March 22, 2010 (i 4:00 p.m.
Hearing Date: TBD.

THIRD AND FINAL FEE APPLICATION OF LAZARD FRERES & CO. LLC, FINANCIAL ADVISOR TO THE DEBTORS FOR ALLOWANCE OF COMPENSATION AND REIMBURSEMENT OF EXPENSES FOR THE PERIOD MARCH 9,2009 THROUGH DECEMBER 31,2009

Name of Applicant:

Lazard Frres & Co. LLC


Debtors and Debtors-in-Possession

Authorized to Provide Professional Services to:


Date of Retention:

May 1,2009 nunc pro tunc March 9,2009


March 9, 2009 through December 31, 2009
$1,824,193.322

Application Period:

Amount of Compensation sought as actual,


reasonable and necessary:

Amount of Expense Reimbursement sought as actual, reasonable and necessary:

$21,820.48
($615,767.45)

Less: Amounts Paid to Date:

Net Amount of Compensation Requested:

$1,230,246.35

This is a: _ monthly

i interim i final application.

the Debtors' federal tax identification numbers, are: Pacific Energy resources Lts. (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); the Debtors is II i W. Ocean Cameros Energy, Inc. (9487); and Gotland Oil, Inc. (5463). The mailng address for all of Boulevard, Suite 1240, Long Beach, CA 90802.

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

2 See Exhibit A for a detailed fee calculation.

Summary of Fee Applications for Compensation Period


CNO Date & Docket
No.

Date & Docket


No.

Period Covered
03/09/09 through 04/30/09
05/0 I /09

Requested
Fees (A)
$174,193.32

Requested Expenses
(B)

Approved
Fees (B)

Approved Expenses
(D)

Amounts Paid
(E)
$ I 74,870.683

Holdback Amount
(A+B-E)
$0.00

06/17/09 (463) 06/30/09


(5 I 7)

$677.36

07/01/09 (538)
07/22/09 (646)

$174,193.32

$677.36

07/28/09 (679)
10/09/09 (987) 10/09/09 (988) 12/22/09
(1234 )

through 05/31/09 06/01/09 through 06/30/09 07/01/09 through 07/31/09 08/01/09 through 08/31/09 09/01/09 through 09/30/09
10/0 1/09

$100,000.00

$394.56

$ I 00,000.00

$394.56

$ I 00,394.56

$0.00

$100,000.00

$1,225.31

08/19/09 (722)
i 1/02/09 (1078)

$80,000.00

$1,225.31

$81,225.31

$20,000.00

$100,000.00

$14,043.35

$80,000.00

$14,043.35

$94,043.35

$20,000.00

$100,000.00

$808.33

11/02/09 (1077)

$80,000.00

$808.33

$80,808.33

$20,000.00

$100,000.00

$4,425.22

01/14/10 (1285)
02/25/1 0 (1357)

$80,000.00

$4,425.22

$84,425.22

$20,000.00

02/03/10 (1307)

through
12/3 1/09

$1,150,000.00

$246.35

$920,000.00

$246.35

$0.00

$1, I 50,246.35

Totals

06/01/09 through 08/31/09

$1,824,193.22

$21,820.48

n/a

$1,514,139.32

$21,820.48

$615,767.45

$ I ,230,246.35

In accordance with the Order Establishing Procedures for Interim Compensation


and Reimbursement of Chapter 11 Professionals and Committee Members (the "Administrative
Order") entered by this Court on April 8, 2009 (Docket No. 147), Lazard Frres & Co. LLC,

("Lazard") hereby submits its third interim (quarterly) and final fee application (the
"Application") seeking (i) final approval and allowance of the full amount of the fees and
expenses requested in the above-referenced monthly fee applications for the period covering
March 9, 2009 through December 31, 2009 (collectively, the "Fee Applications,,)4, and (ii)

3 Prior to the petition date the Debtors paid Lazard's professional fees for services to be rendered for the month of

March 2009,

pursuant to its Engagement Letter. 4 Each of the Fee Applications is incorporated by reference as if set forth herein.

authorization for Pacific Energy Resources Ltd. and certn of its subsidiares and afliates

(collectively, the 'Debtors") to pay the full amounts requested in the Fee Application, including
the 20% holdback of fees provided for in the Adminstrative Order.

WHEREFORE, Lazard respectfly requests that the Cour enter the attched

order and grant such fuher relief as is just and proper.

Dated:

March _, 2010

New York, New York

LAZAR FRRES & CO. LLC

J 0 'Ruthei:

girector

azd Frres & Co. LLC

30 Rockefeller PLaZ 61st Floor New York, NY i 0020 (212/632-6000) Financial Advisor to the Debtors and
Debtors-in- Possession

EXHIBIT A
Fee Calculation

Pacific Energy Resources Ltd. 3rd & Final Fee Application Lazard Frres & Co. LLC

March 9,2009 - December 31, 2009

Fee Calculation

Item
Monthly Fees: March 9, 2009 - March 31, 2009 30, 2009 Monthly Fees: April 1,2009. April Monthly Fees: May 1,2009 - September 30, 2009 Monthly Fees: October 1, 2009 - October 31, 2009 Monthly Fees: November 1, 2009 - November 30, 2009 Monthly Fees: December 1,2009 - December 31,2009 Sale Transaction Fee. Alaska Assets Sale Transaction Fee - California Assets

Amount Incurred
$111,290.32 (I) 62,903.00 (2) 500,000.00 (2)
50,000.00 (3)

50,000.00 50,000.00
250,000.00 (4)
750,000.00 (5)

TOTAL

$1,824,193.32

Summary or Out-or-Pocket Expenses

Item
Car Services and Taxis Courier/Shipping Electronic Information Service
Employee Meals

Amount Incurred
$125.61 26.60 409.46 755.45 13,877.50

Legal Fees Meals-Meetingsrrravel TeIephonerrelex/Fax- Usage


Temporar Wages

401.0
2.28
157.01

Travel

6,064.87

TOTAL

$21,820.48

(J) Lazard was retained pursuant to the terms of its Engagement Letter dated Decembe 19, 2008. This

amount reflects a pro-rated prolessional lee lor the 23-day periodlrom March 9, 2009 through March 31,20091$150,000/31 *23 = $JJ,290.32).
(2) Lazard's retention revised to a rate 01$62,903.00 lor the month of April 22009 and $100,000 per
month thereafter pursuant to the Engagement Letter dated April 30, 2009 (the 'Second Amended

Engagement Letter).
(3) Lazard and the Company mutually agreed to reduced monthly lees 01$50.000 lor October.

November and December 2009.


(4) Lazard and the Company mutually agreed to a reduced Minority Sale Transaction Fee for the sale

01 Alaska Group I Assets.


(.5) This amount reflects the Sale Transaction Feelor the sale of

the California Assets ("Beta").

IN THE UNITED STATES BANKRUPTCY COURT

In re: )

FOR THE DISTRICT OF DELAWARE

Chapter 11

) ) )

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

Debtors. )

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


Hearing Date: To be scheduled by the Court Objection Deadline: March 22, 2010, at 4:00 p.m.

NOTICE OF FILING OF THIRD QUARTERLY & FINAL APPLICATION FOR COMPENSATION AND FOR REIMBURSEMENT OF EXPENSES OF LAZARD FRRES & CO. LLC, AS FINANCIAL ADVISORS TO THE DEBTORS FOR THE PERIOD MARCH 9, 2009 THROUGH DECEMBER 31,2009 TO: (i) United States Trustee, (ii) the Debtors; (iii) counsel to the Debtors, (iv) counsel to the Official Committee of Unsecured Creditors; and (v) other service parties set forth in the Interim Compensation Procedures Order entered in this case.
Lazard Freres & Co. LLC ("Lazard"), as financial advisors to Pacific Energy

Resources Ltd.., et al. (the "Debtors") has fied the attached Third and Final Quarterly
Application for Compensation and Reimbursement of Expenses of Lazard Frres & Co. LLC, as

Financial Advisors to the Debtors and Debtors in Possession, for the Period from March 9, 2009
through December 31, 2009 (the "Application") with the United States Bankruptcy Court for the
District of

Delaware, 824 Market Street, Wilmington, Delaware 19801 (the "Bankruptcy

Court"). Pursuant to the Application, Lazard seeks compensation for services rendered to the

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 mailing the Debtors is I Ii W. Ocean Boulevard, Suite 1240, Long Beach, CA 90802. address for all of

Debtors in the amount of $1 ,824, 193.22 and reimbursement of costs incurred upon the Debtors'

behalf in the amount of $21 ,820.48 (the "Application").

Objections or responses to the Application, if any, must be made in writing, fied


with the United States Bankruptcy Court for the District of Delaware, Marine Midland Plaza,

824 Market Street, 3rd Floor, Wilmington, Delaware 19801 no later than March 22, 2010, at
4:00 p.m. prevailng Eastern time.

Objections or other responses to the Application, if any, must also be served so

that they are received not later than March 22,2010,4:00 p.m., prevailing Eastern time, by (a)
the Debtors, (1) Pacific Energy Resources, 111 W. Ocean Boulevard, Suite 1240, Long Beach,

CA 90802, Attn: Gerry Tywoniuk, Senior VP & CFO and(2) Zolfo Cooper, 1166 Sixth Avenue,
24th Floor, New York, NY 10036, Attn: Scott W. Winn, Senior Managing Director;
(b) counsel to the Debtors, (1) Pachulski Stang Ziehl & Jones LLP, 919 North Market Street, 1 ih

Floor, Wilmington, DE 19899-8705, Attn: James E. O'Neil, Esq.; Fax: 302-652-4400, e-mail:

ioneil~pszilaw.com and (2) Pachulski Stang Ziehl & Jones LLP, 10100 Santa Monica Blvd.,
11th Floor, Los Angeles, CA 90067-4100; Attn: Ira D. Kharasch, Esq; Fax: 310-201-0760,
e-mail: ikharash(pszilaw.com (c) the Offce of

the United States Trustee, J. Caleb Boggs

Federal Building, 844 N. King Street, Suite 2207, Lock Box 35, Wilmington, Delaware 19801,
Attn: Joseph McMahon, Esq. and (d) counsel for the Offcial Committee of

Unsecured Creditors

(the "Committee"), (1) Steptoe & Johnson LLP, 2121 Avenue of

the Stars, 28th Floor, Los

Angeles, CA 90067; Attn: Katherine C. Piper, Esq., Fax: (310) 734-3173, e-mail:
kpiper(steptoe.com and (2) Pepper Hamilton LLP, Hercules Plaza, Ste 5100, 1313 N. Market

Street, Wilmington, DE 19801; Attn: James C. Carignan, Esq., Fax: (302) 421-8390, e-mail:
icarignan~pepperlaw.com (the "Notice Parties")

A HEARING ON THE APPLICATION shall occur at the convenience of

the

Court before The Honorable Kevin J. Carey, at the United States Bankuptcy Court, 824 Market
Street, 5th Floor, Courtroom No.5, Wilmington, Delaware.

IF YOU FAIL TO RESPOND OR OBJECT IN ACCORDANCE WITH

THIS NOTICE, THE COURT MAY GRANT THE RELIEF REQUESTED IN THE

APPLICATION WITHOUT FURTHER NOTICE OR HEARING.


Dated: March 1, 2010

PACHULSKI STANG ZIEHL & JONES LLP

Isl Scotta E. McFarland Ira D. Kharasch (CA Bar No. 109084) Scotta 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: 3101652-4400

Email: ikharasch~pszilaw.com

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

ioneil~pszilaw.com
kmakowski(pszi law .com

Counsel for Debtors and Debtors in Possession.

68773-002\DOCS_DE: 157952.1

IN THE UNITED STATES BANKRUPTCY COURT

In re: )
STATE OF DELAWARE )
) ss:

FOR THE DISTRICT OF DELA WARE


Chapter 11

) )

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

Debtors. )

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

AFFIDAVIT OF SERVICE

COUNTY OF NEW CASTLE )


Kathleen Forte Finlayson, being duly sworn according to law, deposes and says

that she is employed by the law firm of Pachulski Stang Ziehl & Jones LLP, attorneys for the

Debtors in the above-captioned action, and that on the 1* day of March 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:

Notice and Third Interim and Final Fee Application of Lazard Freres & Co. LLC as Investment Banker and Financial Advisor for the Debtors for the Period March 9, 2009 -December 31,2009

DEBR L. YOUG
NOTARY PUBLIC

Notary Public
Commission Exp.:
DOCS_DE: 150548.1

t'

STATE OF DELAWAR
Mr .;\,uion Il JW 18. 201

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); Carneros Acquisition Corp. (5866); Pacific Energy Alaska Operating LLC (7021); San Pedro Bay Pipeline Company (1234); Carneros the Debtors is i I i w. Energy, Inc. (9487); and Gotland Oil, Inc. (5463). The mailing address for all of
i The Debtors in these cases, along with the last four digits of each of

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

Pacific Energy Resources Ltd. Fee App Service List


Case No. 09-10785
Document No. 147432

03 - Hand Delivery 05 - First Class Mail 02- Overnight Delivery

Hand Delivery (Counsel to Official Committee of Unsecured Creditors) David B. Stratton, Esquire James C. Carignan, Esquire Pepper Hamilton LLP
Hercules Plaza, Suite 1500

01 - Interoffice Pouch

1313 Market Street Wilmington, DE 19899

(Counsel for Debtors) Laura Davis Jones, Esquire James E. O'Neil, Esquire Kathleen P. Makowski, Esquire Pachulski Stang Ziehl & Jones LLP
919 North Market Street, 17th Floor

First Class Mail (Debtors)


Mr. Gerry Tywoniuk Senior Vice President & CFO Pacific Energy Resources
111 We. Ocean Boulevard, Ste 1240

P.O. Box 8705 Wilmington, DE 19899-8705


Interoffce Pouch to Los Angeles

Long Beach, CA 90802

First Class Mail (Debtors)


Mr. Scott W. Winn Senior Managing Director Zolfo Cooper
1166 Sixth Avenue, 24th Floor

(Counsel for Debtors) Robert M. Saunders, Esquire Ira D. Kharasch, Esquire Scotta E. McFarland, Esquire Pachulski Stang Ziehl & Jones LLP
10100 Santa Monica Blvd., 11 th Floor

New York, NY 10026

Los Angeles, CA 90067


Hand Delivery (United States Trustee) Joseph McMahon, Esquire Offce of the United States Trustee J. Caleb Boggs Federal Building 844 North King Street, Suite 2207
Lockbox 35

First Class Mail (Counsel to Offcial Committee of Unsecured


Creditors) Francis J. Lawall, Esquire Pepper Hamilton LLP 3000 Two Logan Square Eighteenth & Arch Streets Philadelphia, P A 19103

Wilmington, DE 19801
Hand Delivery (Copy Service)
Parcels, Inc.

First Class Mail


(counsel to Official Committee of

Unsecured Creditors)

Filiberto Agusti, Esquire


Steven Reed, Esquire

Vito i. DiMaio 230 N. Market Street Wilmington, DE 19801

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


(Overnight Delivery)

(The Fee Auditor)


Warren H. Smith

Warren H. Smith & Associates, P.C.


Republic Center

325 N. St. Paul, Ste 1250 Dallas, Texas 75201


Overnight Delivery
(Offce of

the Fee Auditor)

Ms. Melanie M. White

Warren H. Smith & Associates, P.C.


Republic Center

325 N. St. Paul, Ste 1250

Dallas, Texas 75201


68773-001 IDOCS_DE: 147432.1