IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

In re: PACIFIC ENERGY RESOURCES LTD., et al.,1 Debtors.

) ) ) ) )

Chapter 11 Case No. 09-10785 (KJC) (Jointly Administered)

Objection Deadline: September 14, 2009 Hearing Date: Only If Objections Are Timely Filed

FIFTH MONTHLY APPLICATION FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES OF STEPTOE & JOHNSON LLP, AS COUNSEL TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS, FOR THE PERIOD FROM JULY 1, 2009 THROUGH JULY 31, 2009 Name of Applicant: Authorized to Provide Professional Services to: Date of Retention: Period for which Compensation and Reimbursement is Sought: Amount of Compensation Sought as Actual, Reasonable and Necessary: Amount of Expense Reimbursement Sought as Actual, Reasonable and Necessary: This is a: X monthly Steptoe & Johnson LLP Counsel to the Official Committee of Unsecured Creditors May 1, 2009 nunc pro tunc March 19, 2009 July 1, 2009 through July 31, 20092 $132,040.50 $8,470.56 interim final application.

The total time expended for preparation of this fee application will be reflected in subsequent fee applications.
1

The Debtors in these cases are: Pacific Energy Resources Ltd.; Petrocal Acquisition Corp; Pacific Energy Alaska Holdings, LLC; Carneros Acquisition Corp.; Pacific Energy Alaska Operating LLC; San Pedro Bay Pipeline Company; Carneros Energy, Inc.; and Gotland Oil, Inc. 2 The applicant reserves the right to include any time expended in the time period indicated above in future application(s) if it is not included herein.

Doc. # CC-210642 v.2

PRIOR APPLICATIONS FILED Date Filed May 26, 2009 May 26, 2009 June 23, 2009 July 24, 2009 Period Covered March 19, 2009 March 31, 2009 April 1, 2009 April 30, 2009 May 1, 2009 May 31, 2009 June 1, 2009 June 30, 2009 Requested Fees $131,319.25 $138,521.00 $127,192.50 $109,267.75 Requested Expenses $1,494.05 $8,223.08 $4,188.98 $5,820.06 Approved Fees $105,055.40 $110,816.80 $101,754.0 $87,414.20 Approved Expenses $1,494.05 $8,223.08 $4,188.98 $5,820.06

S&J PROFESSIONALS Name of Professional Individual Robbin L. Itkin Filiberto Agusti Position with the Applicant, Year of Obtaining License to Practice, Area of Expertise Restructuring Partner, Member of CA Bar since 1984 Restructuring Partner, Member of DC Bar since 1979; Member of NY Bar since 1991 Regulatory & Industry Affairs Of Counsel, Member of MD Bar since 1993; Member of DC Bar since 1978 Litigation Special Counsel, Member of DC Bar since 2004; Member of NC Bar since 2001; Member of VA Bar since 2000 Restructuring Associate, Member of CA Bar since 2002 Litigation Associate, Member of DC Bar since 2008 and Member of NY Bar since 2007 Business Solutions Associate, Member of AZ Bar since 2007 Hourly Billing Rate $740.00 $650.00 Total Hours Billed 3.40 47.80 Total Compensation $2,516.00 $31,070.00

Scott A. Harman

$505.00

2.00

$1,010.00

Joshua R. Taylor

$480.00

138.90

$66,672.00

Katherine C. Piper Patricia B. Paredes

$480.00 $375.00

28.90 10.90

$13,872.00 $4,087.50

Rustin C. Silverstein

$255.00

4.50

$1,147.50

Doc. # CC-210642 v.2

Name of Professional Individual Kimberly Hollingsworth Chris Swan Lisa Choi

Position with the Applicant, Year of Obtaining License to Practice, Area of Expertise Paralegal 2003 Senior Research Librarian Project Assistant Grand Total: Total Hours: Blended Rate:

Hourly Billing Rate $205.00 $205.00 $115.00

Total Hours Billed 51.40 5.00 0.90

Total Compensation $10,537.00 $1,025.00 $103.50

$132,040.50 293.70 $401.00

Doc. # CC-210642 v.2

COMPENSATION BY CATEGORY Task Codes Asset Analysis and Recovery Asset Disposition Business Operations Case Administration Claims Administration and Objections Fee/Employment Applications Fee/Employment Objections Adversary Proceedings Post-Petition Financing Hearings Committee Correspondence Committee Meetings TOTAL EXPENSE SUMMARY Expense Categories Delivery Services/Messengers Legal Research/On-line Information Retrieval Reproduction/Scan Copy Travel Expenses TOTAL Service Provider3 (if applicable) Federal Express Lexis/Nexis and Westlaw Total Expenses $10.05 $6,934.73 $115.40 $1,410.38 $8,470.56 Total Hours 3.80 203.50 4.20 12.00 0.90 18.00 12.40 0.30 11.40 3.60 8.00 15.60 Total Fees $1,824.00 $98,298.50 $2,203.00 $2,515.00 $184.50 $4,186.50 $2,652.00 $61.50 $5,112.50 $2,039.00 $4,261.00 $8,703.00 $132,040.50

S&J may use one or more service providers. The service providers identified herein below are the primary service providers for the categories described.

Doc. # CC-210642 v.2

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

In re: PACIFIC ENERGY RESOURCES LTD., et al.,1 Debtors.

) ) ) ) )

Chapter 11 Case No. 09-10785 (KJC) (Jointly Administered)

Objection Deadline: September 14, 2009 Hearing Date: Only If Objections Are Timely Filed

FIFTH MONTHLY APPLICATION FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES OF STEPTOE & JOHNSON LLP, AS COUNSEL TO THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS, FOR THE PERIOD FROM JULY 1, 2009 THROUGH JULY 31, 2009 Pursuant to sections 330 and 331 of Title 11 of the United States Code (the Bankruptcy Code), Rule 2016 of the Federal Rules of Bankruptcy Procedure (collectively, the Bankruptcy Rules), and the Courts Administrative Order Under 11 U.S.C. 105(A) and 331 Establishing Procedures for Interim Compensation and Expense Reimbursement of Professionals and Committee Members (Dkt. No. 147), entered on or about April 8, 2009 (the Administrative Order), Steptoe & Johnson LLP (Steptoe), counsel to the Official Committee of Unsecured Creditors (Committee), hereby submits its Fifth Monthly Application for Compensation and for Reimbursement of Expenses for the Period from July 1, 2009 through July 31, 2009 (the Application). By this Application, Steptoe seeks a monthly interim allowance of compensation in the amount of $132,040.50 and actual and necessary expenses in the amount of $8,470.56 for a total allowance of $140,511.06, and payment of $105,632.40 (80% of the allowed fees) and
1

The Debtors in these cases are: Pacific Energy Resources Ltd.; Petrocal Acquisition Corp; Pacific Energy Alaska Holdings, LLC; Carneros Acquisition Corp.; Pacific Energy Alaska Operating LLC; San Pedro Bay Pipeline Company; Carneros Energy, Inc.; and Gotland Oil, Inc.

Doc. # CC-210642 v.2

reimbursement of $8,470.56 (100% of the allowed expenses) for a total payment of $114,102.96 for the period July 1, 2009 through July 31, 2009 (the Interim Period). In support of this Application, Steptoe respectfully represents as follows: Background 1. On March 9, 2009 (the Petition Date), the Debtors filed voluntary

petitions for relief under chapter 11 of the Bankruptcy Code. The Debtors continue in possession of their properties and continue to operate and manage their businesses as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. The Committee was appointed on or about March 19, 2009. No trustee or examiner has been appointed in the Debtors chapter 11 cases. 2. The Court has jurisdiction over this matter pursuant to 28 U.S.C. 157

and 1334. This is a core proceeding pursuant to 28 U.S.C. 157(b)(2). 3. On or about April 8, 2009, the Court entered the Administrative Order,

authorizing certain professionals (Professionals) to submit monthly applications for interim compensation and reimbursement for expenses, pursuant to the procedures specified therein. The Administrative Order provides, among other things, that a Professional may submit monthly fee applications. If no objections are made within twenty (20) days after service of the monthly fee application the Debtors are authorized to pay the Professional eighty percent (80%) of the requested fees and one hundred percent (100%) of the requested expenses. Beginning with the period ending May 31, 2009, at three-month intervals, each Professional shall file and serve an interim application for allowance of the amounts sought in its monthly fee applications for that period. All fees and expenses paid are on an interim basis until final allowance by the Court. 4. The retention of Steptoe, as counsel to the Committee, was approved

effective as of March 19, 2009, by this Courts Order Authorizing and Approving the Employment of Steptoe & Johnson LLP as Counsel to the Official Committee of Unsecured Creditors of Pacific Energy Resources Ltd., et al., Nunc Pro Tunc to March 19, 2009 (Dkt. No. 261), entered on or about May 1, 2009 (the Retention Order). The Retention Order authorized

Doc. # CC-210642 v.2

Steptoe to be compensated on an hourly basis and to be reimbursed for actual and necessary outof-pocket expenses. STEPTOES APPLICATION FOR COMPENSATION AND FOR REIMBURSEMENT OF EXPENSES Compensation Paid and Its Source 5. All services for which Steptoe requests compensation were performed for

or on behalf of the Committee. 6. Steptoe has received no payment and no promises for payment from any

source for services rendered or to be rendered in any capacity whatsoever in connection with the matters covered by this Application. There is no agreement or understanding between Steptoe and any other person other than the partners of Steptoe for the sharing of compensation to be received for services rendered in this case. Steptoe has received payments totaling $331,532.31 from the Debtors estates to date. Fee Statement 7. The fee statements for the Interim Period are attached hereto as Exhibit A.

These statements contain daily time logs describing the time spent by each attorney and paraprofessional during the Interim Period. To the best of Steptoes knowledge, this Application complies with sections 330 and 331 of the Bankruptcy Code, the Bankruptcy Rules and the Administrative Order. Steptoe charges for its professional services are based upon the time, nature, extent and value of such services and the cost of comparable services other than in a case under the Bankruptcy Code. Steptoe has reduced its charges related to any non-working travel time to fifty percent (50%) of Steptoes standard hourly rate. To the extent it is feasible; Steptoe professionals attempt to work during travel. Actual and Necessary Expenses 8. A summary of actual and necessary expenses incurred by Steptoe for the

Interim Period is attached hereto as part of Exhibit A. Steptoe customarily charges $0.10 per page for photocopying expenses related to cases, such as this one. Steptoes photocopying

Doc. # CC-210642 v.2

machines automatically record the number of copies made when the person that is doing the copying enters the clients account number into a device attached to the photocopier. Steptoe summarizes each clients photocopying charges on a daily basis. 9. Steptoe charges $1.00 per page for out-going facsimile transmissions.

There is no additional charge for long distance telephone calls on faxes. The charge for outgoing facsimile transmissions reflects Steptoes calculation of the actual costs incurred by Steptoe for the machines, supplies and extra labor expenses associated with sending telecopies and is reasonable in relation to the amount charged by outside vendors who provide similar services. Steptoe does not charge the Debtors for the receipt of faxes in this case. 10. With respect to providers of on-line legal research services (e.g., LEXIS

and WESTLAW), Steptoe charges the standard usage rates these providers charge for computerized legal research. Steptoe bills its clients the actual amounts charged by such

services, with no premium. Any volume discount received by Steptoe is passed on to the client. Summary of Services Rendered 11. The names of the partners and associates of Steptoe who have rendered

professional services in these cases during the Interim Period, and the paralegals and case management assistants of Steptoe who provided services to these attorneys during the Interim Period, are set forth in the attached Exhibit A. 12. Steptoe, by and through such persons, has prepared and assisted in the

preparation of various motions, objections and orders submitted to the Court for consideration, advised the Committee on a regular basis with respect to various matters in connection with the Debtors bankruptcy cases, and performed all necessary professional services which are described and narrated in detail below. Steptoes efforts have been extensive to date due to the size, complexity, and accelerated schedule of the Debtors bankruptcy cases. Summary of Services by Task 13. The services rendered by Steptoe during the Interim Period can be Steptoe attempted to place the services

grouped into the task categories set forth below.

Doc. # CC-210642 v.2

provided in the category that best relates to such services. However, because certain services may relate to one or more categories, services pertaining to one category may in fact be included in another category. These services performed, by categories, are generally described below, with a more detailed identification of the actual services provided set forth on the attached Exhibit A. Exhibit A identifies the attorneys and paraprofessionals who rendered services relating to each category, along with the number of hours for each individual and the total compensation sought for each category. A. Asset Analysis and Recovery (Task Code 101) 14. This category includes services related to the analysis of the Debtors

assets. During the Interim Period, Steptoe, among other things: (1) reviewed and analyzed documents regarding the Debtors prepetition sale of certain assets and the Debtors potential dismissal of the San Pedro Pipeline Company Chapter 11 Case; and (2) performed work regarding the Debtors potential avoidance action recoveries. Fees: $1,824.00; B. Hours: 3.80

Asset Disposition (Task Code 102) 15. This category includes services related to the Debtors asset disposition (1) performed analysis

efforts.

During the Interim Period, Steptoe, among other things:

regarding the Debtors proposed sale of their Alaska and California assets; (2) reviewed and analyzed documents from the Debtors and their professionals including proposed bid procedures, sale agreements and transition services agreements; (3) analyzed bids received for the Debtors Alaska and California assets; (4) conducted negotiations with the Debtors and the Debtors secured lenders regarding the disposition of the Debtors assets; (5) analyzed the Debtors proposed assumption and assignment of executory contracts and unexpired leases in connection with the proposed disposition of the Debtors assets; (6) prepared objections to the Debtors proposed sales of their Alaska and California assets; (7) prepared for and participated in

Doc. # CC-210642 v.2

auction of the Debtors Alaska assets; and (8) corresponded and conferred regarding asset disposition issues with the Debtors, their professionals and the Committee members. Fees: $98,298.50; C. Hours: 203.50

Business Operations (Task Code 103) 16. This category includes services related to the Debtors operational issues. (1) corresponded and conferred

During the Interim Period, Steptoe, among other things:

regarding operational issues with the Debtors and their counsel; and (2) analyzed and corresponded with the Debtors counsel regarding the Debtors proposed wind-down of their operations. Fees: $2,203.00; D. Hours: 4.20

Case Administration (Task Code 104) 17. This category includes services related to the general and administrative During the Interim Period, Steptoe, among other things:

responsibilities for the case.

(1) reviewed correspondence and pleadings filed by the Debtors; (2) maintained a memorandum of critical dates; and (3) maintained document control. In addition, to the extent that services performed do not fit squarely into one particular task code, they may be placed here. Fees: $2,515.00; E. Hours: 12.00

Claims Administration and Objections (Task Code 105) 18. This category includes services related to claims administration and

objections.

During the Interim Period, Steptoe, among other things, analyzed the current

aggregate proofs of claim filed against the Debtors. Fees: $184.50; F. Hours: 0.90

Fee/Employment Applications (Task Code 107) 19. This category includes services related to the retention and fee

applications of Steptoe, as counsel, and Deloitte Financial Advisory Services, LLP, as financial advisors, for the Committee, as well as preparation of documents for the Court-appointed fee auditor. During the Interim Period, Steptoe, among other things: (1) prepared monthly and

10

Doc. # CC-210642 v.2

interim fee applications; (2) corresponded and conferred with the Debtors and their professionals regarding the appointment of a fee auditor and the appropriate order with respect thereto; (3) prepared documents for fee auditor review; and (4) prepared interim expense reimbursement request for the members of the Committee. Fees: $4,186.50; G. Hours: 18.00

Fee/Employment Objections (Task Code 108) 20. This category includes services related to the employment and fee

applications filed with respect to the Debtors various of professionals. During the Interim Period, Steptoe, among other things: (1) reviewed, analyzed and monitored the fee applications filed by the Debtors various professionals and corresponded with the Debtors counsel regarding the same; and (2) and monitored the employment and compensation of the Debtors various ordinary course professionals. Fees: $2,652.00; H. Hours: 12.40

Adversary Proceedings (Task Code 110) 21. This category includes services related to adversary proceedings. During

the Interim Period Steptoe, among other things, monitored the Debtors adversary proceedings. Fees: $61.50; Hours: 0.30 I. Post-Petition Financing (Task Code 115) 22. This category includes services related to the Debtors requested interim

and final orders approving post-petition financing. During the Interim Period Steptoe, among other things: (1) analyzed issues regarding the Debtors debtor in possession credit facility (DIP Facility) and the impact of any alleged defaults on the Debtors estates; and (2) analyzed financial information from the Debtors with respect to the DIP Facility. Fees: $5,112.50; Hours: 11.40

11

Doc. # CC-210642 v.2

J.

Hearings (Task Code 116) 23. This category includes services related to hearings. During the Interim

Period, Steptoe, among other things, prepared for and attended hearings in Debtors cases, including regarding the Debtors DIP Facility. Fees: $2,039.00; K. Hours: 3.60

Committee Correspondence (Task Code 121) 24. This category includes services related to general Committee issues.

During the Interim Period, Steptoe, among other things: (1) responded to Committee member requests; (2) corresponded with Committee members regarding the Debtors various motions and actions in these cases; and (3) advised the Committee with regard to matters arising in these cases. Fees: $4,261.00; L. Hours: 8.00

Committee Meetings (Task Code 122) 25. This category includes services related to Committee meetings. During

the Interim Period, Steptoe, among other things, prepared for, attended, advised at and prepared the minutes of various Committee meetings. Fees: $8,703.00; Hours: 15.60

Summary of Services by Task 26. The nature of services performed by these persons is fully set forth in

Exhibit A attached hereto. The rates reflected are Steptoes normal hourly rates for work of this character. The reasonable value of the services rendered by Steptoe for the Committee during the Interim Period is $132,040.50. 27. In accordance with the factors enumerated in section 330 of the

Bankruptcy Code, it is respectfully submitted that the fees and costs incurred by Steptoe are fair and reasonable given (a) the complexity of the case, (b) the time expended, (c) the nature and extent of the services rendered, (d) the value of such services, and (e) the costs of comparable services other than in a case under the Bankruptcy Code. Moreover, Steptoe has reviewed the

12

Doc. # CC-210642 v.2

UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE ) ) ) ) ) ) )

In re PACIFIC ENERGY RESOURCES LTD., et al.,1 Debtors.

Chapter 11 Case No. 09-10785 (KJC) (Jointly Administered)

Objection Deadline: 9/14/09 at 4:00 p.m. Hearing Date: To be Scheduled.

NOTICE OF MONTHLY FEE APPLICATION PLEASE TAKE NOTICE that Steptoe & Johnson LLP, counsel to the Official Committee of Unsecured Creditors, (hereinafter referred to as Applicant), has filed its Fifth Monthly Application for Compensation and Reimbursement of Expenses for the Period From July 1, 2009 Through July 31, 2009 (the Application). Any objections or other responses (collectively, the Objections) to the Application must be filed with the Clerk of the United States Bankruptcy Court for the District of Delaware, 824 Market Street, 3rd Floor, Wilmington, Delaware 19801, on or before September 14, 2009 at 4:00 p.m. (Eastern Time) (the Objection Deadline). In addition, any Objections to the Application must be served so as to be received no later than the Objection Deadline upon the following entities: Filiberto Agusti, Esq. Joshua R. Taylor, Esq. Steptoe & Johnson LLP 1330 Connecticut Avenue NW Washington, D.C. 20036 David B. Stratton, Esq. James C. Carignan, Esq. Pepper Hamilton LLP Hercules Plaza, Suite 5100 1313 North Market Street P.O. Box 1709 Wilmington, Delaware 19899-1709 Francis J. Lawall, Esq. Pepper Hamilton LLP 3000 Two Logan Square Eighteenth & Arch Streets Philadelphia, Pennsylvania 19103-2799

Robbin L. Itkin, Esq. Katherine C. Piper, Esq. Steptoe & Johnson LLP 2121 Avenue of the Stars Suite 2800 Los Angeles, California 90067

The Debtors in these cases are: Pacific Energy Resources Ltd.; Petrocal Acquisition Corp; Pacific Energy Alaska Holdings, LLC; Carneros Acquisition Corp.; Pacific Energy Alaska Operating LLC; San Pedro Bay Pipeline Company; Carneros Energy, Inc.; and Gotland Oil, Inc.

#11410566 v1

Joseph McMahon, Esq. Office of the United States Trustee 844 King Street, Suite 2207 Lockbox 35 Wilmington, Delaware 19801 Laura Davis Jones, Esq. Pachulski Stang Ziehl & Jones LLP 919 North Market Street 17th Floor PO Box 8705 Wilmington, Delaware 19899-8705

Scott Winn Pacific Energy Resources Ltd. 111 W. Ocean Boulevard Suite 1240 Long Beach, California 90802 Ira Kharasch, Esq. Pachulski Stang Ziehl & Jones LLP 10100 Santa Monica Boulevard 11th Floor Los Angeles, California 90067-4100

In the event one or more Objection(s) to the Application are filed, a Hearing on the Application will be held before the Honorable Kevin J. Carey, United States Bankruptcy Judge, at the United States Bankruptcy Court for the District of Delaware, 824 Market Street, 5th Floor, Wilmington, Delaware 19801 on a date and time to be determined and subsequently noticed. IF YOU FAIL TO RESPOND IN ACCORDANCE WITH THIS NOTICE, THE COURT MAY GRANT THE RELIEF REQUESTED IN THE APPLICATION WITHOUT FURTHER NOTICE OR OPPORTUNITY FOR A HEARING. Dated: August 25, 2009 PEPPER HAMILTON LLP /s/ John H. Schanne, II David B. Stratton (DE No. 960) James C. Carignan (DE No. 4230) John H. Schanne, II (DE No. 5260) Hercules Plaza, Suite 5100 1313 N. Market Street P.O. Box 1709 Wilmington, Delaware 19899-1709 Tel: (302) 777-6500 Fax: (302) 421-8390 and Francis J. Lawall, Esq. 3000 Two Logan Square Eighteenth & Arch Streets Philadelphia, PA 19103-2799 Tel: (215) 981-4000 Fax: (215) 981-4750 and

#11410566 v1

Filiberto Agusti, Esq. (DC Bar No. 270058) (admitted pro hac vice) Joshua R. Taylor, Esq. (VA Bar No. 45919) STEPTOE & JOHNSON LLP 1330 Connecticut Avenue NW Washington, DC 20036 Tel: (202) 429-3000 Fax: (202) 506-3902 and Robbin L. Itkin, Esq. (CA Bar No. 117105) (admitted pro hac vice) Katherine C. Piper, Esq. (CA Bar No. 222828) (admitted pro hac vice) STEPTOE & JOHNSON LLP 2121 Avenue of the Stars, Suite 2800 Los Angeles CA 90067 Tel: (310) 734-3200 Fax: (310) 734-3300 Counsel for the Official Committee of Unsecured Creditors of Pacific Energy Resources Ltd., et al.

#11410566 v1

EXHIBIT A

2121 Avenue of the Stars Suite 2800 Los Angeles, CA 90067 Telephone 310.734.3200 Facsimile 310.734.3300 www.steptoe.com

08/19/09 Mr. Skip Marter General Counsel Forest Oil Corporation 707 Seventh Street Denver CO 80202 USA

Our Matter No. 017406.00001 UNSECURED CREDITORS COMMITTEE

Invoice No. 2311031

For Professional Services Rendered July 1 Through July 31, 2009: Total Fees: Total Expenses: Total Due for this Period: $132,040.50 $8,470.56 $140,511.06

Tax I.D. Number 52-1349790

2121 Avenue of the Stars Suite 2800 Los Angeles, CA 90067 Telephone 310.734.3200 Facsimile 310.734.3300 www.steptoe.com

08/19/09 Mr. Skip Marter General Counsel Forest Oil Corporation 707 Seventh Street Denver CO 80202 USA

Project Name: Firm Matter Number: Period Covered:

UNSECURED CREDITORS COMMITTEE 017406.00001 07/01/09 to 07/31/09

Invoice Number:

2311031

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 2

Matter No: Invoice No.:

017406.00001 2311031

SUMMARIES FOR ENTIRE MATTER --------------------------------------------------------------------TIMEKEEPER SUMMARY

Name R.L. Itkin F. Agusti S.A. Harman J.R. Taylor K.C. Piper P.B. Paredes R.C. Silverstein K. Hollingsworth C. Swan L. Choi Total Fees Date 07/01/2009 Title Partner Partner Of Counsel SP Counsel Associate Associate Associate Paralegal Resrch Lbr Project Asst Hours 3.40 47.80 2.00 138.90 28.90 10.90 4.50 51.40 5.00 0.90 293.70 Rate 740.00 650.00 505.00 480.00 480.00 375.00 255.00 205.00 205.00 115.00 Amount 2,516.00 31,070.00 1,010.00 66,672.00 13,872.00 4,087.50 1,147.50 10,537.00 1,025.00 103.50 132,040.50 Amount 1,584.00

07/20/2009 07/31/2009

Asset Analysis and Recovery J.R. Taylor SP Counsel Review sales documents re: San Joaquin pre-petition sale. J.R. Taylor SP Counsel Review motion to dismiss San Pedro. K.C. Piper Associate Correspondence with R. Itkin re preference action counsel.

Hours 3.30

0.30 0.20

144.00 96.00

--------------------------------------------------------------------Timekeeper Summary for Asset Analysis and Recovery

Name J.R. Taylor K.C. Piper Totals for 101

Title SP Counsel Associate

Hours 3.60 0.20 3.80

Rate 480.00 480.00

Amount 1,728.00 96.00 1,824.00

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 3

Matter No: Invoice No.:

017406.00001 2311031

Date 07/01/2009

07/01/2009

07/01/2009

07/02/2009

07/06/2009

07/06/2009

07/06/2009

07/06/2009

07/07/2009

07/07/2009

07/07/2009

07/07/2009

07/08/2009

Asset Disposition K. Hollingsworth Paralegal Compare orders to proposed deadlines re Alaska and Beta sales. K.C. Piper Associate Draft summary of discussions with I. Kharasch re Debtors' Alaska proposal and circulate to team re same (.2); draft additional questions/issues list for Debtors regarding Alaska proposal (.3). K.C. Piper Associate Teleconferences (x2) with I. Kharasch re Alaska proposal from Debtors. K.C. Piper Associate Teleconference with J. Taylor re preparation for possible sale objections. J.R. Taylor SP Counsel Begin drafting detailed outline re objection to sales. J.R. Taylor SP Counsel Review Motion to Sell Asset and form APAs. K.C. Piper Associate Review and analyze Debtors Sale Motions for Alaska and Beta and Debtors' related notices and contract lists; correspondence to J. Taylor re issues re same (.2); correspond with Debtors counsel re information missing from Sale Motions and needed by Committee (.1). K.C. Piper Associate Review and analyze Debtors' response to inquiries regarding Alaska proposal, including cash flow information (.3); correspond with Debtors' counsel re additional issues re same (.2). J.R. Taylor SP Counsel Draft detailed outline re objections to sale. K.C. Piper Associate Correspond with Debtors' counsel re proposed Alaska resolution. K.C. Piper Associate Teleconference with J. Taylor re objections to Debtors' proposed sales. R.L. Itkin Partner Review and comment on Alaska proposal, issues re same. J.R. Taylor SP Counsel Revise outline re sale objection.

Hours 0.60

Amount 123.00

0.50

240.00

0.60

288.00

0.20

96.00

1.90

912.00

4.50

2,160.00

1.80

864.00

0.50

240.00

4.60

2,208.00

0.10

48.00

0.20

96.00

0.70

518.00

0.30

144.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 4

Matter No: Invoice No.:

017406.00001 2311031

Date 07/08/2009

07/08/2009

07/08/2009

07/08/2009

07/09/2009

07/09/2009

07/09/2009

07/10/2009

07/10/2009

07/11/2009

07/13/2009

07/13/2009

07/14/2009

07/14/2009

07/15/2009

Asset Disposition K.C. Piper Associate Correspond with F. Agusti and I. Kharasch re Debtors' Alaska proposal. K.C. Piper Associate Correspondence re negotiations re restructuring proposal from Debtors with Debtors' counsel. K.C. Piper Associate Review and revise proposed outline for sale objections. R.L. Itkin Partner Review draft objection to sale and provide comments thereto. F. Agusti Partner Review and respond to debtor emails re debtors' Alaska proposal. K.C. Piper Associate Legal research regarding objections to sales outside plan of reorganization. K.C. Piper Associate Review revised Alaska and Beta asset sale APAs and correspond with J. Taylor re sale objections re same. F. Agusti Partner Confer with Mr. Sabin re proposed settlement, priority litigation. K.C. Piper Associate Analyze cases regarding sales outside plan and draft summary insert for sale objections. F. Agusti Partner Conference with Mr. Sabin re sales and proposed settlement. J.R. Taylor SP Counsel Review Alaska bids and prepare summary. K. Hollingsworth Paralegal Review counter-parties motion re assignment of executory contracts and revised exhibits per K. Piper. (.60); telephone conference with J. Taylor re same (.10); and draft comparison charts re same (.90). F. Agusti Partner Finalize outline of opposition to sale. J.R. Taylor SP Counsel Research re sale of all assets as sub rosa plan. F. Agusti Partner Confer with Mr. Kharasch re arrangements for auction.

Hours 0.20

Amount 96.00

0.60

288.00

0.30

144.00

1.00

740.00

0.40

260.00

1.10

528.00

0.80

384.00

0.30

195.00

1.30

624.00

0.40

260.00

6.70

3,216.00

1.60

328.00

0.50

325.00

3.80

1,824.00

0.20

130.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 5

Matter No: Invoice No.:

017406.00001 2311031

Date 07/15/2009

07/15/2009

07/15/2009

07/15/2009

07/15/2009

07/16/2009

07/16/2009

07/16/2009

07/16/2009

07/16/2009

07/16/2009 07/16/2009

07/17/2009 07/17/2009

07/17/2009

07/17/2009

07/17/2009

Asset Disposition F. Agusti Partner Review and edit outline of opposition to sale proceeding. J.R. Taylor SP Counsel Draft objection to sale of Bear assets. J.R. Taylor SP Counsel Review PSA for Group 2 assets and prepare summary. K. Hollingsworth Paralegal Compare amended executory contract exhibits to original exhibits for J. Taylor re cure amounts. K. Hollingsworth Paralegal Review correspondence and first day hearing transcript for J. Taylor. C. Swan Resrch Lbr Research regarding Goldman Sachs oil price forecast reports, and regarding actual historical oil prices. F. Agusti Partner Confer with Mr. Hirsch re concerns on Alaska. F. Agusti Partner Confer with Mr. Kharasch re Alaska strategy F. Agusti Partner Confer with Mr. Taylor re drafting objections to Alaska. J.R. Taylor SP Counsel Draft letter to debtors re Group 2 bids and Committee concerns. J.R. Taylor SP Counsel Draft objection to sale. R.L. Itkin Partner Review and comment re M. Litvak email re qualified bids. F. Agusti Partner Confer with Mr. Litvak re auction. F. Agusti Partner Prepare summary of memorandum bid procedures, response to questions on Group 2 and Group 1 assets, various other issues. F. Agusti Partner Review and respond to questions re forthcoming auctions. F. Agusti Partner Review request for change in bid procedures and obtain additional information re same. J.R. Taylor SP Counsel Draft objection to sale.

Hours 1.40

Amount 910.00

4.10

1,968.00

2.30

1,104.00

2.10

430.50

0.30

61.50

4.00

820.00

0.30

195.00

0.40

260.00

0.30

195.00

1.30

624.00

6.80 0.20

3,264.00 148.00

0.40 1.20

260.00 780.00

0.40

260.00

0.50

325.00

2.10

1,008.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 6

Matter No: Invoice No.:

017406.00001 2311031

Date 07/17/2009

07/17/2009

07/17/2009

07/18/2009 07/19/2009

07/19/2009

07/19/2009

07/20/2009

07/20/2009

07/20/2009

07/20/2009

07/20/2009

07/20/2009

07/21/2009

Asset Disposition J.R. Taylor SP Counsel Prepare table comparing key terms of three bids for Group 1 assets re assets, liabilities bought/excluded, price, conditions to closing, termination rights. J.R. Taylor SP Counsel Review and prepare summary of bid from new party. K. Hollingsworth Paralegal Complete and finalize comparison of proposed contract cure amounts for J. Taylor. J.R. Taylor SP Counsel Draft objection to sale. J.R. Taylor SP Counsel Call with debtors re status of sales. J.R. Taylor SP Counsel Review revised sale agreements and update comparison chart. K.C. Piper Associate Review correspondence re updates re Alaska sale process, committee member questions/comments re same, bidder information and correspondence from J. Taylor re Alaska auction on 7/20. F. Agusti Partner Review bid matrix, respective contracts of bidders, directing terms in preparation for auction (1.0); represent client in bankruptcy auction for Alaska assets (7.5) J.R. Taylor SP Counsel Draft objection to Beta sale motion. J.R. Taylor SP Counsel Respond to questions re Alaska bids. J.R. Taylor SP Counsel Review revised new bid from bidder for Alaska. K.C. Piper Associate Correspond with F. Agusti re confidentiality agreement and potential bidders. K.C. Piper Associate Teleconference with J. Taylor re status of Alaska auction and objections to sale of Beta assets. F. Agusti Partner Prepare basic outline of objections to Alaska sale (.4); review and edit draft opposition to approval of Alaska sale (.5).

Hours 5.10

Amount 2,448.00

1.20

576.00

1.30

266.50

3.10 0.30

1,488.00 144.00

3.90

1,872.00

1.10

528.00

8.50

5,525.00

5.30

2,544.00

0.60

288.00

0.50

240.00

0.20

96.00

0.30

144.00

0.90

585.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 7

Matter No: Invoice No.:

017406.00001 2311031

Date 07/21/2009

07/21/2009 07/21/2009

07/21/2009

07/21/2009

07/21/2009

07/21/2009

07/22/2009 07/22/2009

07/22/2009 07/22/2009

07/22/2009

07/22/2009

07/23/2009

Asset Disposition F. Agusti Partner Prepare message to Mr. Sabin re possible settlement. J.R. Taylor SP Counsel Draft Beta sale objection. J.R. Taylor SP Counsel Draft, revise, and finalize objection to Alaska sale motion. J.R. Taylor SP Counsel Research re standing of Committee re sale of assets. K. Hollingsworth Paralegal Prepare draft outline for basis to sale objections. K. Hollingsworth Paralegal Review court docket for K. Piper re Alaska sale objections (.80); prepare index of related objections to hearing on 7/27/09 (.40); and in-office conference with K. Piper re comparison chart (.20). K.C. Piper Associate Review and revise Objection to Alaska Asset Sale Motion. J.R. Taylor SP Counsel Draft Beta sale objection. J.R. Taylor SP Counsel Research and review of documents re finances of PERL Beta assets and future and historical oil prices. J.R. Taylor SP Counsel Review revised Alaska PSA. K.C. Piper Associate Correspond with F. Agusti and J. Taylor re proposed settlement of Alaska sale objection. K.C. Piper Associate Correspond with F. Agusti and J. Taylor re revisions to proposed Alaska Group 1 APA (.2); teleconference with J. Taylor re same (.2). K.C. Piper Associate Review objections of various parties to Alaska sale and discuss same with K. Hollingsworth. C. Swan Resrch Lbr Further research regarding oil prices.

Hours 0.20

Amount 130.00

1.50 6.40

720.00 3,072.00

0.70

336.00

0.50

102.50

1.40

287.00

0.80

384.00

2.90 1.30

1,392.00 624.00

0.90 0.20

432.00 96.00

0.40

192.00

0.70

336.00

1.00

205.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 8

Matter No: Invoice No.:

017406.00001 2311031

Date 07/23/2009

07/23/2009 07/23/2009

07/23/2009

07/24/2009

07/24/2009

07/24/2009

07/24/2009 07/24/2009

07/24/2009

07/24/2009

Asset Disposition F. Agusti Partner Review responses re approach to secured creditors (.4); exchange emails with secured creditors re Group 1 asset sale (.4); confer with Mr. Grant (counsel for Silverpoint) re possible solution (.2); communicate with Mr. Marter re progress on negotiations re Group 2 assets (.3); review proposed agenda (.2). J.R. Taylor SP Counsel Draft objection to Beta sale. J.R. Taylor SP Counsel Research re historical oil prices and pricing predictions; review materials re Beta financials. K.C. Piper Associate Correspond with J. Taylor re Alaska sale issues. F. Agusti Partner Exchange emails with Mr. Kharasch re plans for Monday hearing (.3); confer with Mr. Carignan re plans for Monday hearing (.5); review offer letter for Beta assets (.3); confer with Mr. Kharasch re developments on the hearing for Monday (.4); review further emails and give directions to Mr. Taylor re same (.4); review lenders' response to opposition to Alaska motion, prepare outline of reply and give instructions re timing of same (.5). J.R. Taylor SP Counsel Review lender and debtor responses re Alaska objection and cases cited; prepare summary of same. J.R. Taylor SP Counsel Review proposed offer on Beta assets. J.R. Taylor SP Counsel Review revisions to Alaska PSA. J.R. Taylor SP Counsel Revise draft objection to Beta sale. K. Hollingsworth Paralegal Complete final analysis of filed sale objections for K. Piper. K.C. Piper Associate Correspondence with J. Taylor re lenders' response to Alaska Sale Objection and hearing re same, correspondence with various parties re status of Beta and Alaska sale process and Debtors continued hearing.

Hours 1.50

Amount 975.00

5.90 2.30

2,832.00 1,104.00

0.20

96.00

2.40

1,560.00

1.90

912.00

1.30

624.00

0.80 3.80

384.00 1,824.00

1.10

225.50

0.20

96.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 9

Matter No: Invoice No.:

017406.00001 2311031

Date 07/24/2009

07/24/2009

07/27/2009

07/27/2009

07/27/2009 07/27/2009

07/27/2009

07/28/2009

07/28/2009

07/28/2009 07/29/2009

07/29/2009 07/29/2009

07/29/2009

07/29/2009

07/29/2009

07/29/2009

Asset Disposition K.C. Piper Associate Review and revise objection to sale of Beta Assets. K.C. Piper Associate Review offer letters from bidders re Beta assets. J.R. Taylor SP Counsel Conference call with Debtors re sale status. J.R. Taylor SP Counsel Draft Beta objection; revise draft to respond to Lender objection. J.R. Taylor SP Counsel Review of Beta Bids. K. Hollingsworth Paralegal Review ACE's protective objection to Beta asset sale. K.C. Piper Associate Teleconference with J. Taylor re Beta sale objection and Beta bids received. F. Agusti Partner Review, revise draft opposition to Beta Sales motion, including suggestions for further factual analysis and direction for further consultation with financial advisors. J.R. Taylor SP Counsel Review Beta Bids and prepare comparison chart. J.R. Taylor SP Counsel Revise objection to Beta Sale. F. Agusti Partner Finalize revision of draft opposition to Beta sale. F. Agusti Partner Review Silverpoint letter. F. Agusti Partner Review bidder correspondence re Group 2 assets. F. Agusti Partner Review emails re Group 2 asset negotiations. F. Agusti Partner Review various Beta bids forwarded by debtor. J.R. Taylor SP Counsel Draft arguments for objection re Notice and cash flow; revise objection. J.R. Taylor SP Counsel Follow-up with Debtors re status of sales.

Hours 1.10

Amount 528.00

0.20

96.00

0.30

144.00

7.30

3,504.00

0.50 0.20

240.00 41.00

0.30

144.00

4.20

2,730.00

3.90

1,872.00

6.90 1.50

3,312.00 975.00

0.30 0.20

195.00 130.00

0.30

195.00

0.50

325.00

6.70

3,216.00

0.30

144.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 10

Matter No: Invoice No.:

017406.00001 2311031

Date 07/29/2009

07/29/2009

07/29/2009

07/29/2009

07/29/2009

07/29/2009

07/30/2009

07/30/2009

07/30/2009

07/30/2009

07/30/2009

07/30/2009

07/30/2009

07/30/2009

Asset Disposition J.R. Taylor SP Counsel Research re Committee's rights with respect to sale of substantially all assets and plan negotiations. J.R. Taylor SP Counsel Research re due process proven and Notice of Relief requested. J.R. Taylor SP Counsel Work with Deloitte to develop argument re Debtors cash flow and associated declaration in support thereof. K.C. Piper Associate Review objections received to Beta Sale and review letter from Silver Point re Beta sale. K.C. Piper Associate Review summary of current progress regarding Alaska and Beta sale and correspondence with J. Taylor re same. P.B. Paredes Associate Research whether a party may change the relief requested at or on the eve of a hearing without violating due process. F. Agusti Partner Confer with Mr. Kharasch re tomorrow's auction. F. Agusti Partner Conferences with Mr. Kharasch re disagreement among secured lenders strategy for tomorrow. F. Agusti Partner Consider potential areas of Deloitte testimony and give tentative instructions re same, exchange correspondence with Mr. Seamon re filing. F. Agusti Partner Reread SPM to determine possible structure options. F. Agusti Partner Review and revise draft opposition to Beta sale. F. Agusti Partner Review debtors' comments on bids and prepare comments to Kharasch re same. F. Agusti Partner Review exchange in correspondence among secured lenders. J.R. Taylor SP Counsel Review Beta Bids; update companion chart.

Hours 1.10

Amount 528.00

0.90

432.00

4.30

2,064.00

0.80

384.00

0.20

96.00

3.60

1,350.00

0.30

195.00

0.50

325.00

0.20

130.00

0.40

260.00

3.30

2,145.00

0.40

260.00

0.40

260.00

1.80

864.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 11

Matter No: Invoice No.:

017406.00001 2311031

Date 07/30/2009

07/30/2009

07/30/2009

07/30/2009

07/31/2009

07/31/2009

07/31/2009

07/31/2009

07/31/2009

Asset Disposition J.R. Taylor SP Counsel Revise and finalize Affidavit in support of objections. J.R. Taylor SP Counsel Revise and finalize Beta sale objection. K. Hollingsworth Paralegal Review objections to Beta sale for K. Piper (.60) and prepare chart with attorney notes re same (.50). K.C. Piper Associate Review sample motions for stay pending appeal in Delaware cases. F. Agusti Partner Confer with Mr. Taylor at Beta auction and give instructions. F. Agusti Partner Further conferences with Mr. Taylor re developments at Beta auction, next steps. K.C. Piper Associate Review Cook Inlet's supplemental objection to Alaska sale. K.C. Piper Associate Review Debtors' omnibus reply to Beta sale objections and correspondence with F. Agusti and J. Taylor re same. R.C. Silverstein Associate Research Delaware law regarding "SPM Trusts."

Hours 1.30

Amount 624.00

5.70

2,736.00

1.10

225.50

0.30

144.00

0.40

260.00

0.40

260.00

0.20

96.00

0.30

144.00

4.50

1,147.50

--------------------------------------------------------------------Timekeeper Summary for Asset Disposition

Name F. Agusti R.L. Itkin J.R. Taylor P.B. Paredes K.C. Piper R.C. Silverstein K. Hollingsworth C. Swan Totals for 102

Title Partner Partner SP Counsel Associate Associate Associate Paralegal Resrch Lbr

Hours 33.50 1.90 129.10 3.60 15.70 4.50 10.20 5.00 203.50

Rate 650.00 740.00 480.00 375.00 480.00 255.00 205.00 205.00

Amount 21,775.00 1,406.00 61,968.00 1,350.00 7,536.00 1,147.50 2,091.00 1,025.00 98,298.50

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 12

Matter No: Invoice No.:

017406.00001 2311031

Date 07/20/2009

07/21/2009

07/21/2009

07/21/2009

07/22/2009

07/27/2009

07/27/2009

07/27/2009

07/30/2009 07/30/2009 07/30/2009

Business Operations K.C. Piper Associate Analyze Debtors' proposed wind-down budget. F. Agusti Partner Prepare structure of comments on the "wind-up budget". K.C. Piper Associate Analyze Debtors' proposed wind-down budget and provide comments to same to F. Agusti. K.C. Piper Associate Correspond with Debtors and F. Agusti re proposed wind-down budget. K.C. Piper Associate Correspond with Deloitte re Debtors revised cash flow to actual budget. F. Agusti Partner Review wind down budget and prepare comments. K.C. Piper Associate Draft correspondence with I. Kharasch re wind-down budget and questions re same. K.C. Piper Associate Review and analyze proposed winddown budget and preliminary claims analysis from Debtors and memo to F. Agusti re same. F. Agusti Partner Review new draft of wind up budget. K.C. Piper Associate Research re SPM trust arrangement. K.C. Piper Associate Review and comment on proposed revised wind-down budget and correspondence with F. Agusti re same.

Hours 0.20

Amount 96.00

0.20

130.00

0.50

240.00

0.20

96.00

0.20

96.00

0.50

325.00

0.20

96.00

0.90

432.00

0.40 0.50 0.40

260.00 240.00 192.00

--------------------------------------------------------------------Timekeeper Summary for Business Operations

Name F. Agusti K.C. Piper Totals for 103

Title Partner Associate

Hours 1.10 3.10 4.20

Rate 650.00 480.00

Amount 715.00 1,488.00 2,203.00

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 13

Matter No: Invoice No.:

017406.00001 2311031

Date 07/01/2009

07/02/2009

07/06/2009

07/06/2009

07/09/2009

07/10/2009

07/13/2009

07/13/2009

07/16/2009

07/17/2009

07/21/2009

07/21/2009

Case Administration K. Hollingsworth Paralegal Review Compulaw report re 2009 dates (.30); update calendar and task list (.40); and in-office conference with K. Piper re same (.10). K. Hollingsworth Paralegal Review filed pleadings and update critical dates list (.80); update calendar re deadlines and hearing dates (.60); and update main files re case management (.30). K. Hollingsworth Paralegal Review filed documents, updates for calendar, and deadlines. K.C. Piper Associate Review current outstanding matters and critical dates list. K. Hollingsworth Paralegal Review orders, motions, and deadlines re filed documents (.70); update critical dates list (1.10); and review attorney notes from K. Piper re case management (.40). K. Hollingsworth Paralegal Review and respond to group e-mails re case management (.30) and review daily docket updates (.20). K. Hollingsworth Paralegal Review revised July 13, 2009 billing report for K. Piper. K. Hollingsworth Paralegal Update critical dates/task list (1.20); in-office conference with R. Itkin re same (.10); and review correspondence from K. Piper re case management (.30). K. Hollingsworth Paralegal Request transcripts per K. Piper re hearing held on July 1, 2009. K. Hollingsworth Paralegal Update critical dates list and calendar re deadlines. K. Hollingsworth Paralegal Review court docket for upcoming deadlines and update critical dates list. K.C. Piper Associate Review and update critical dates list.

Hours 0.80

Amount 164.00

1.70

348.50

0.50

102.50

0.10

48.00

2.20

451.00

0.50

102.50

1.10

225.50

1.60

328.00

0.20

41.00

0.60

123.00

0.60

123.00

0.10

48.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 14

Matter No: Invoice No.:

017406.00001 2311031

Date 07/28/2009

07/29/2009

07/30/2009

Case Administration K. Hollingsworth Paralegal Review amended agenda re August 4, 2009 hearing (.20); update calendar and review reports re new hearing dates (.20); and telephone conference with H. Cook re certificates of service updates (.10). K. Hollingsworth Paralegal Update critical dates list re hearing dates and deadlines. K. Hollingsworth Paralegal Complete critical dates list with notes from K. Piper.

Hours 0.50

Amount 102.50

1.20

246.00

0.30

61.50

--------------------------------------------------------------------Timekeeper Summary for Case Administration

Name K.C. Piper K. Hollingsworth Totals for 104

Title Associate Paralegal

Hours 0.20 11.80 12.00

Rate 480.00 205.00

Amount 96.00 2,419.00 2,515.00

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 15

Matter No: Invoice No.:

017406.00001 2311031

Date 07/16/2009

Claims Administration and Objections K. Hollingsworth Paralegal Telephone conference with Elena at Omni Management re claims register (.30); pull and review claims register from Omni website (.40); and prepare summary for K. Piper re total amounts (.20).

Hours 0.90

Amount 184.50

--------------------------------------------------------------------Timekeeper Summary for Claims Administration and Objections

Name K. Hollingsworth Totals for 105

Title Paralegal

Hours 0.90 0.90

Rate 205.00

Amount 184.50 184.50

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 16

Matter No: Invoice No.:

017406.00001 2311031

Date 07/02/2009

07/06/2009

07/07/2009

07/07/2009

07/07/2009

07/08/2009

07/08/2009

07/08/2009

07/09/2009

07/09/2009

Fee/Employment Applications K. Hollingsworth Paralegal Update draft interim fee application with committee expenses (.60); prepare Bateman expense report for March 2009 (.40); and in-office conference with K. Piper re same (.20). K.C. Piper Associate Review and revise draft Interim Fee Application for period ending May 31, 2009. K. Hollingsworth Paralegal Review attorney amendments to first interim draft (.10); compare drafts re same (.10); and remove committee references in the first interim fee application draft (.20). K. Hollingsworth Paralegal Review filed committee request from Pepper (.10); create draft of committee expense reimbursement application (.60); and review filed documents for additional information (.30). K.C. Piper Associate Review and revise First Interim Request for Committee Expense Reimbursements. K. Hollingsworth Paralegal Review fee auditor order and respond to e-mail re same. K. Hollingsworth Paralegal Update and prepare exhibits for K. Piper re committee reimbursement request (.40); Review fee auditor order and respond to E-mail re same (.20); and in-office conference with K. Piper re preparation of interim applications (.10). K.C. Piper Associate Review draft exhibits for June monthly fee application. K. Hollingsworth Paralegal Finalize and prepare committee expense request with exhibits and S&J first interim fee application for K. Piper. K.C. Piper Associate Correspond with J. Carignan and J. Taylor re interim fee application and interim Committee Member expense reimbursement.

Hours 1.20

Amount 246.00

0.20

96.00

0.40

82.00

1.00

205.00

0.20

96.00

0.20

41.00

0.70

143.50

0.30

144.00

0.60

123.00

0.20

96.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 17

Matter No: Invoice No.:

017406.00001 2311031

Date 07/10/2009

07/10/2009

07/14/2009

07/15/2009

07/16/2009

07/20/2009

07/20/2009

07/20/2009

07/20/2009

07/21/2009

07/21/2009

Fee/Employment Applications K. Hollingsworth Paralegal Prepare documents for fee auditor compliance (.30); review filed fee details and prepare fee auditor documents (.30); and in-office conference with K. Piper re same (.20). K. Hollingsworth Paralegal Telephone conference with H. Cook re Delaware fee applications procedures (.50); telephone conference with G. Gee re fee auditor information needed (.30); and in-office conference with S. Tehranizadeh re same (.20). K. Hollingsworth Paralegal Compare billing invoice to filed fee details re period ending April 30, 2009. J.R. Taylor SP Counsel Finalize First Interim Fee Application. K. Hollingsworth Paralegal Review correspondence and invoices from G. Gee re fee auditor requirements (.30); multiple telephone conferences with G. Gee re conversion (.40); and compare invoice no. 2308010 to filed exhibit (.40). K. Hollingsworth Paralegal Multiple telephone conferences with K. Boyd re amendments and procedures to billing statements (.20); review and revise June 2009 billing statement (0.40); and review draft 4th monthly fee application for K. Piper (.20). K. Hollingsworth Paralegal Review and revise monthly fee application for June 1, 2009 - June 30, 2009. K.C. Piper Associate Review and revise June fee application. L. Choi Project Asst Review and edit fourth monthly fee application. K. Hollingsworth Paralegal Review and compare expenses re amounts (.60); review and revise fee details (.40); and telephone conference with K. Boyd (.20). K. Hollingsworth Paralegal Review and finalize draft of fourth fee application for attorney review.

Hours 0.80

Amount 164.00

1.00

205.00

0.30

61.50

0.30

144.00

1.10

225.50

0.80

164.00

0.70

143.50

0.40

192.00

0.90

103.50

1.20

246.00

1.30

266.50

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 18

Matter No: Invoice No.:

017406.00001 2311031

Date 07/21/2009

07/21/2009

07/22/2009

07/23/2009

07/23/2009

07/24/2009

07/24/2009

07/30/2009

07/31/2009

Fee/Employment Applications K. Hollingsworth Paralegal Telephone conference with G. Gee re documents for fee auditor (.10); telephone conference with S. Baum re paid amounts to date (.10); and in-office conference with K. Piper re same (.20) K.C. Piper Associate Review and revise June 25 fee application. K. Hollingsworth Paralegal Review and edit exhibit to fourth fee application of S&J (.60); multiple telephone conferences with K. Boyd re exhibits to same (.30); and prepare final draft for F. Agusti re same (.30). K. Hollingsworth Paralegal Prepare S&J 4th monthly fee application for filing (.20); prepare fee details for fee auditor re previously filed fee applications (.30); and in-office conference with K. Piper re same (.10). K.C. Piper Associate Correspond with H. Cook re Deloitte fee applications and office conference with K. Hollingsworth re preparation of documents for fee auditor. K. Hollingsworth Paralegal Prepare fee details for fee auditor (.30); review and respond to correspondence from H. Cook re Deloitte interim application and fee auditor requirements (.30); and in-office conference with K. Piper re same (.10). K.C. Piper Associate Review correspondence with Fee Auditor re prior S&J bills K. Hollingsworth Paralegal Review UST correspondence re committee expenses and compare member calculations to expenses re Committee Expenses Reimbursement. K. Hollingsworth Paralegal Recalculate and prepare revised Exhibit B to Committee Expense Application (.40).

Hours 0.40

Amount 82.00

0.10

48.00

1.20

246.00

0.60

123.00

0.30

144.00

0.70

143.50

0.10

48.00

0.40

82.00

0.40

82.00

--------------------------------------------------------------------Timekeeper Summary for Fee/Employment Applications

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 19

Matter No: Invoice No.:

017406.00001 2311031

Name J.R. Taylor K.C. Piper K. Hollingsworth L. Choi Totals for 107

Title SP Counsel Associate Paralegal Project Asst

Hours 0.30 1.80 15.00 0.90 18.00

Rate 480.00 480.00 205.00 115.00

Amount 144.00 864.00 3,075.00 103.50 4,186.50

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 20

Matter No: Invoice No.:

017406.00001 2311031

Date 07/01/2009

07/06/2009

07/07/2009

07/07/2009

07/10/2009

07/16/2009

07/23/2009

07/24/2009

07/27/2009

07/29/2009

Fee/Employment Objections K. Hollingsworth Paralegal Review Jensen application to employ for K. Piper (.10) and Jensen filed documents (.20). K. Hollingsworth Paralegal Review filed monthly fee applications of Debtors' professionals for K. Piper. K. Hollingsworth Paralegal Review amended Rutan fee applications for K. Piper re deadlines and amounts. K.C. Piper Associate Review Rutan amended fee application notices, correspond with S. McFarland re same and re fee auditor order. K. Hollingsworth Paralegal Review and update Debtor professionals fee application information and review (1.40); complete review of filed July fee applications (1.10); and update analysis chart re amounts, issues, and deadlines re Debtors' professionals (1.80). K. Hollingsworth Paralegal Review court docket for recently filed monthly fee applications and interim fee applications of Debtors' professionals. K. Hollingsworth Paralegal Review fee application comparison chart with L. Choi (.40) and update chart with amounts re same (.40). K. Hollingsworth Paralegal Review relief requested in Rutan's pre-petition retainer motion and SRSM's motion to amend employment application (.20); review interim fees with L. Choi (.30); and draft interim fees comparison to monthly fees chart (.30). K. Hollingsworth Paralegal Review and compare interim fee applications of Debtors' professionals to monthly fee reports. K. Hollingsworth Paralegal Review Rutan motion to apply unpaid retainer fees, Schully's motion to amend employment application, and related pleadings (.60); review and update interim comparison chart (.90); and in-office conference with K. Piper re comparison of interim fee to monthly fees (.30).

Hours 0.30

Amount 61.50

0.60

123.00

0.30

61.50

0.20

96.00

4.30

881.50

0.60

123.00

0.80

164.00

0.80

164.00

1.30

266.50

1.80

369.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 21

Matter No: Invoice No.:

017406.00001 2311031

Date 07/30/2009

07/31/2009

Fee/Employment Objections K.C. Piper Associate Review motions to clarify regarding retention of debtors counsel per 327(e) and ability to apply prepetition retainer. K. Hollingsworth Paralegal Review monthly fee applications for Deloitte, Jensen, Lazard, and Zolfo (.80); and compare Rutan's monthly application calculations to interim fee application (.40).

Hours 0.20

Amount 96.00

1.20

246.00

--------------------------------------------------------------------Timekeeper Summary for Fee/Employment Objections

Name K.C. Piper K. Hollingsworth Totals for 108

Title Associate Paralegal

Hours 0.40 12.00 12.40

Rate 480.00 205.00

Amount 192.00 2,460.00 2,652.00

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 22

Matter No: Invoice No.:

017406.00001 2311031

Date 07/08/2009

Adversary Proceedings K. Hollingsworth Paralegal Review summons for all adversary matters re notice of pretrial conferences.

Hours 0.30

Amount 61.50

--------------------------------------------------------------------Timekeeper Summary for Adversary Proceedings

Name K. Hollingsworth Totals for 110

Title Paralegal

Hours 0.30 0.30

Rate 205.00

Amount 61.50 61.50

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 23

Matter No: Invoice No.:

017406.00001 2311031

Date 07/30/2009

07/30/2009

07/31/2009

07/31/2009

07/31/2009

07/31/2009

Post-Petition Financing F. Agusti Partner Exchange emails with Mr. Kharasch re alleged DIP default, legal options for the estate. F. Agusti Partner Review Silverpoint analysis of DIP and raise questions re same. F. Agusti Partner Review DIP agreement for possible ability to use cash collateral during event of default and prepare email to debtors re same. F. Agusti Partner Review cases re declaration of defaults for immaterial defaults and give instructions re further review. P.B. Paredes Associate Research whether a lender can declare a default and stop funding under a loan because of a "technical" default that does not really materially harm the lender. S.A. Harman Of Counsel Review DIP Credit Agreement and respond to questions raised by Mr. Agusti; telephone conferences with Mr. Agusti to discuss same.

Hours 0.30

Amount 195.00

0.40

260.00

1.00

650.00

0.40

260.00

7.30

2,737.50

2.00

1,010.00

--------------------------------------------------------------------Timekeeper Summary for Post-Petition Financing

Name F. Agusti S.A. Harman P.B. Paredes Totals for 115

Title Partner Of Counsel Associate

Hours 2.10 2.00 7.30 11.40

Rate 650.00 505.00 375.00

Amount 1,365.00 1,010.00 2,737.50 5,112.50

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 24

Matter No: Invoice No.:

017406.00001 2311031

Date 07/01/2009

07/27/2009

07/27/2009

Hearings F. Agusti Partner Review pleadings in preparation for hearing (1.5); represent client at hearing (1.3). K. Hollingsworth Paralegal Review and complete sale hearing binders re Beta and Alaska. K.C. Piper Associate Correspond with J. Taylor and F. Agusti re cancellation of July 29 sale hearing.

Hours 2.80

Amount 1,820.00

0.60

123.00

0.20

96.00

--------------------------------------------------------------------Timekeeper Summary for Hearings

Name F. Agusti K.C. Piper K. Hollingsworth Totals for 116

Title Partner Associate Paralegal

Hours 2.80 0.20 0.60 3.60

Rate 650.00 480.00 205.00

Amount 1,820.00 96.00 123.00 2,039.00

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 25

Matter No: Invoice No.:

017406.00001 2311031

Date 07/01/2009

07/01/2009

07/01/2009

07/01/2009

07/01/2009

07/02/2009

07/06/2009

07/06/2009

07/07/2009

07/10/2009

07/13/2009

07/14/2009

07/15/2009

07/16/2009

Committee Correspondence K. Hollingsworth Paralegal Review committee correspondence with L. Choi re binder updates. K.C. Piper Associate Correspond with B. Kurr, L. Durkin and S. Marter re Committee expense reimbursements. K.C. Piper Associate Review PERL Monthly Operating Report for May and correspondence to Committee Members re Debtors' Monthly Operating Reports. K.C. Piper Associate Review court entered bid procedures orders and correspondence to Committee Members re same. K.C. Piper Associate Review revised term sheet from Debtors' counsel re restructuring proposal and provide summary to Committee Members. K.C. Piper Associate Review Cook Inlet Motion to Compel and correspondence to Committee Members re same. K.C. Piper Associate Draft correspondence to Committee Members re Debtors' responses to Committee questions re proposed options for PERL. K.C. Piper Associate Review Debtors proposed abandonment notices and executory contract notices and correspond with Committee Members re same. K.C. Piper Associate Correspond with Committee Members re Debtors' proposed Alaska resolution. K.C. Piper Associate Correspond with Committee Members and J. Carignan re motion to compel filed today. J.R. Taylor SP Counsel Finalize agenda for Committee meeting and prepare email to Committee re same. J.R. Taylor SP Counsel Respond to question re bids and bidders from committee members. J.R. Taylor SP Counsel Respond to questions from Committee re Group 2 Purchase Agreement. F. Agusti Partner Confer with Mr. Marter re drafting objections to Alaska.

Hours 0.20

Amount 41.00

0.20

96.00

0.20

96.00

0.20

96.00

0.30

144.00

0.20

96.00

0.20

96.00

0.20

96.00

0.10

48.00

0.20

96.00

0.20

96.00

0.40

192.00

0.60

288.00

0.30

195.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 26

Matter No: Invoice No.:

017406.00001 2311031

Date 07/17/2009

07/19/2009

07/19/2009

07/21/2009

07/21/2009

07/24/2009

07/29/2009

07/30/2009

07/31/2009

Committee Correspondence J.R. Taylor SP Counsel Review and respond to questions re debtors request to modify bid procedures. F. Agusti Partner Review and help prepare matrix of offers for committee members (.75); review and respond to questions posed by Mr. Marter. J.R. Taylor SP Counsel Draft email to Committee re updated status. F. Agusti Partner Prepare response to Mr. Marter question re Group 2 discussion (.4) conference with Mr. Kharasch re Group 2 assets (.3). K.C. Piper Associate Correspond with Committee Members re sale objections filed. F. Agusti Partner Prepare email to Mr. Marter re progress on Group 2 assets (.3). K.C. Piper Associate Correspondence with Committee Members RE UST objection to certain Committee expenses. F. Agusti Partner Prepare email to Committee updating on developments and proposing Monday call. K.C. Piper Associate Review June MORs and correspondence with J. Taylor and Committee Members re same.

Hours 0.40

Amount 192.00

1.00

650.00

0.70

336.00

0.70

455.00

0.20

96.00

0.30

195.00

0.20

96.00

0.50

325.00

0.50

240.00

--------------------------------------------------------------------Timekeeper Summary for Committee Correspondence

Name F. Agusti J.R. Taylor K.C. Piper K. Hollingsworth Totals for 121

Title Partner SP Counsel Associate Paralegal

Hours 2.80 2.30 2.70 0.20 8.00

Rate 650.00 480.00 480.00 205.00

Amount 1,820.00 1,104.00 1,296.00 41.00 4,261.00

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 27

Matter No: Invoice No.:

017406.00001 2311031

Date 07/01/2009

07/01/2009 07/01/2009

07/01/2009

07/06/2009

07/07/2009

07/08/2009 07/08/2009 07/08/2009 07/08/2009

07/09/2009

07/09/2009

07/10/2009

07/13/2009

07/14/2009 07/14/2009

07/14/2009

Committee Meetings F. Agusti Partner Participate in creditors' committee meeting. K.C. Piper Associate Attend Committee Meeting. K.C. Piper Associate Review and revise minutes of June 25, 2009 Committee Meeting with comments from Committee Members. R.L. Itkin Partner Review revised offer for possible plan and prepare for committee call and participate in committee call. K.C. Piper Associate Prepare minutes of July 1, 2009 Committee Meeting. K.C. Piper Associate Prepare July 8 Committee Meeting agenda and correspond with Committee Members re same (.2); correspond with Committee Members re comments on July 1, 2009 meeting minutes (.1). J.R. Taylor SP Counsel Attend Committee Meeting. K. Hollingsworth Paralegal Update committee meetings binder. K.C. Piper Associate Attend Committee Meeting. K.C. Piper Associate Correspond with Committee Members re Committee Meeting of July 8, 2009. F. Agusti Partner Participate in creditors' committee call. F. Agusti Partner Prepare for creditors' committee call. K.C. Piper Associate Draft July 8, 2009 committee meeting minutes. K. Hollingsworth Paralegal Draft agenda for J. Taylor re Committee Meeting on July 14, 2009. J.R. Taylor SP Counsel Attend Committee meeting. J.R. Taylor SP Counsel Follow up with Committee re information requested. R.L. Itkin Partner Review Alaska bids information and participate in committee call re same.

Hours 0.90

Amount 585.00

1.00 0.20

480.00 96.00

1.00

740.00

0.80

384.00

0.30

144.00

1.00 0.10 1.00 0.10

480.00 20.50 480.00 48.00

1.00

650.00

3.00

1,950.00

1.20

576.00

0.20

41.00

0.70 0.80

336.00 384.00

0.50

370.00

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 28

Matter No: Invoice No.:

017406.00001 2311031

Date 07/15/2009

07/20/2009

07/20/2009

Committee Meetings F. Agusti Partner Participate in creditors' committee meeting. J.R. Taylor SP Counsel Attend Committee meetings and locate members for emergency calls. K. Hollingsworth Paralegal Review updates to committee meetings binder.

Hours 0.60

Amount 390.00

1.10

528.00

0.10

20.50

--------------------------------------------------------------------Timekeeper Summary for Committee Meetings

Name F. Agusti R.L. Itkin J.R. Taylor K.C. Piper K. Hollingsworth Totals for 122

Title Partner Partner SP Counsel Associate Paralegal

Hours 5.50 1.50 3.60 4.60 0.40 15.60

Rate 650.00 740.00 480.00 480.00 205.00

Amount 3,575.00 1,110.00 1,728.00 2,208.00 82.00 8,703.00

---------------------------------------------------------------------

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 29

Matter No: Invoice No.:

017406.00001 2311031

Date

Description Color Copies Local Messenger Duplicating On-Line Research/Information Retrieval

Amount 24.00 10.05 91.40 6,934.73 125.44 42.00 400.00 1.65 25.00 17.00 20.00 249.00

07/13/09 07/13/09 07/13/09 07/13/09 07/13/09 07/16/09 07/16/09 07/16/09

Hotel - JOSHUA TAYLOR- Travel to Wilmington, DE on 06/02/09 - 06/03/09 re Hearing Taxis - JOSHUA TAYLOR-Travel to Wilmington, DE on 06/02/09 - 06/03/09 re Hearing Train Fare - JOSHUA TAYLOR- Travel to Wilmington, DE on 06/02/09 - 06/03/09 re Hearing Travel - JOSHUA TAYLOR-Travel to Wilmington, DE on 06/02/09 - 06/03/09 re Hearing (metro) Meals While on Travel - JOSHUA TAYLOR-Travel to Wilmington, DE on 06/02/09 - 06/03/09 re Hearing Parking - FILIBERTO AGUSTI - Travel to Wilmington, DE on 07/01/09 re Pacific Energy hearing Taxis - FILIBERTO AGUSTI - Travel to Wilmington, DE on 07/01/09 re Pacific Energy hearing Train Fare - FILIBERTO AGUSTI - Travel to Wilmington, DE on 07/01/09 re Pacific Energy hearing (fee included) Air Fare - FILIBERTO AGUSTI - Travel to NYC on 07/20/09 re meeting with client (fee included) Taxis - FILIBERTO AGUSTI -Travel to New York, NY on 05/27/09 re PERL DIP Motion Meeting Taxis - FILIBERTO AGUSTI - Travel to NYC on 07/20/09 re meeting with client Meals While on Travel - FILIBERTO AGUSTI -Travel to New York, NY on 05/27/09 re PERL DIP Motion Meeting Total

07/24/09 07/24/09 07/24/09 07/24/09

368.54 20.00 137.61 4.14 8,470.56

--------------------------------------------------------------------EXPENSES SUMMARY
Copying Online research Delivery services/messengers Out-of-town Travel Total Expenses 115.40 6,934.73 10.05 1,410.38 8,470.56

--------------------------------------------------------------------INVOICE TOTALS FOR THIS MATTER

UNSECURED CREDITORS COMMITTEE August 19, 2009 Page 30

Matter No: Invoice No.:

017406.00001 2311031

Total Fees Total Expenses TOTAL DUE:

$132,040.50 $8,470.56 $140,511.06

CERTIFICATE OF SERVICE I, John H. Schanne, II, hereby certify that on the 25th day of August, 2009, I caused the foregoing Fifth Monthly Application for Compensation and Reimbursement of Expenses of Steptoe & Johnson LLP, as Counsel to the Official Committee of Unsecured Creditors for the Period From July 1, 2009 Through July 31, 2009 to be served upon the entities identified on the attached service list in the manner indicated.

/s/ John H. Schanne, II John H. Schanne, II (DE No. 5260)

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SERVICE LIST Joseph McMahon, Esq. Office of the United States Trustee 844 King Street, Suite 2207 Lockbox 35 Wilmington, Delaware 19801 VIA HAND DELIVERY Laura Davis Jones, Esq. Pachulski Stang Ziehl & Jones LLP 919 North Market Street 17th Floor PO Box 8705 Wilmington, Delaware 19899-8705 VIA HAND DELIVERY Warren H. Smith Warren H. Smith & Associates, P.C. Republic Center 325 N. St. Paul, Ste 1250 Dallas, Texas 75201 VIA FEDEX Scott Winn Pacific Energy Resources Ltd. 111 W. Ocean Boulevard Suite 1240 Long Beach, California 90802 VIA FEDEX Ira Kharasch, Esq. Pachulski Stang Ziehl & Jones LLP 10100 Santa Monica Boulevard 11th Floor Los Angeles, California 90067-4100 VIA FEDEX

#11410566 v1