Union Sues Pacific Energy For Alaska Oil Profits

Law360, New York (June 19, 2009, 12:00 AM EDT) -- Union Oil Co. of California has filed an adversary complaint against bankrupt Pacific Energy Resources Ltd., alleging that it deserves first priority to proceeds from two Alaskan offshore oil fields because a PERL subsidiary owes it more than $26.3 million in unpaid operating expenses and expenditures.

The complaint, filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, seeks declaratory judgment that Union's lien rights against PERL subsidiary Pacific Energy Alaska Operating LLC are superior to all other security interests on the oil fields...
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