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October 15, 2009 --- Vol. 15, No. 79October 2009

Pacific Energy asks court to reverse abandonment, OK Cook Inlet assets deal

Pacific Energy Resources Ltd., which in September abandoned nearly all its holdings in Alaska’s Cook Inlet as part of bankruptcy proceedings, is now asking a judge to partly reverse his Sept. 11 abandonment order and approve a sale of some of the assets to a prospective buyer.

In an Oct. 14 motion filed in U.S. Bankruptcy Court in Delaware, lawyers for Pacific Energy propose selling the assets to a firm called Cook Inlet Energy LLC.

According to the Alaska Department of Commerce corporations database, Cook Inlet Energy was organized on Jan. 13 of this year and is based in Anchorage. The owners are listed as David M. Hall of Kenai with a 60 percent stake and Walter J. Wilcox II of Anchorage with 40 percent.

A hearing on the motion is scheduled for 10 a.m. Eastern time on Nov. 3 in the Delaware court.

The 32-page motion says the sale would involve “interests in leased oil and gas production and exploration assets” that Pacific Energy formerly operated or that Aurora Gas currently operates.

The proposed sale price is $875,000 plus other considerations that would be helpful to Pacific Energy, the motion says.

See story in Oct. 18 issue, available online on Friday, Oct. 16 at noon Alaska time at www.PetroleumNews.com

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