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NEWS BULLETIN

July 23, 2009 --- Vol. 15, No. 56July 2009

Pacific Energy auctions Alaska assets to Caribbean companies

Financially strapped Pacific Energy Resources Ltd. is proposing to sell part of its Alaska oil and gas holdings for $8.1 million to a pair of companies registered in the British Virgin Islands.

Pacific Energy, in a notice filed Wednesday in U.S. Bankruptcy Court in Delaware, said the firms submitted the winning bid in Monday’s auction held in New York City.

The bidders were identified as Ammadon Ltd. and Catherwood Ltd. A third company, Leostar Investments Ltd., will act as guarantor, the notice said.

Pacific Energy also named another company, New Alaska Energy LLC, as a “back-up bidder” that offered $7 million for the properties.

The auction is subject to a bankruptcy judge’s approval, and a hearing is scheduled for July 27 in Wilmington, Del.

Several corporate, government and Alaska Native interests have lodged objections. Most of them want assurances that Pacific Energy or the buyer will make good on Pacific Energy’s debts. The State of Alaska wants proof that any new operator of Pacific Energy’s assets has enough financial muscle and oil field expertise to run the properties safely.

Pacific Energy had offered its Alaska assets, all in the Cook Inlet region, in two lots. Only the first lot drew qualified bids, the court notice said.

The first lot packaged those assets Pacific Energy itself operates or holds for exploration, presumably including the West McArthur River field and the Redoubt Shoal field with its Osprey offshore platform. The lot also included Pacific Energy’s interests in production assets that Aurora Gas LLC operates, plus a 50 percent stake in Cook Inlet Pipe Line Co.

The second lot Pacific Energy tried to auction included the company’s interests in Chevron-operated production assets including the offshore Trading Bay field.

Pacific Energy’s court notice provided no further information about Ammadon Ltd. and Catherwood Ltd.

See story in July 26 issue available online at noon, Friday, July 24 at www.PetroleumNews.com

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