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NEWS BULLETIN

November 30, 2009 --- Vol. 15, No. 92November 2009

Bankruptcy judge approves sale of formerly abandoned oil and gas assets in Alaska’s Cook Inlet

A Delaware bankruptcy judge has signed an order allowing Pacific Energy Resources Ltd. to reclaim some of its abandoned oil and gas assets in Alaska’s Cook Inlet and then sell the properties to a new operator.

The order clears the way for Cook Inlet Energy LLC to take over the assets. The Anchorage-based company secured the right to buy the properties by submitting the top bid of $2.25 million at an auction Pacific Energy held in early November.

The principals behind Cook Inlet Energy are former employees of Pacific Energy.

The suite of assets includes the West McArthur River oil field, the West Foreland natural gas field, and the Redoubt unit with the Osprey offshore platform. The assets are arrayed along the west side of Cook Inlet.

Bankruptcy Judge Kevin Carey signed the sale order on Nov. 25.

Pacific Energy, based in Long Beach, Calif., had abandoned the Cook Inlet assets on Sept. 11 because of mounting losses and an inability to execute a quick sale.

It organized the auction and asked the judge to reverse the abandonment after a number of prospective buyers emerged.

See story in Dec. 6 issue, available online at noon, Friday Dec. 4 at www.PetroleumNews.com

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