Pacific Energy Seeks Asset Exchange Approval

Law360, New York (August 17, 2009, 4:40 PM EDT) -- Pacific Energy Resources Ltd. has asked a bankruptcy court to allow one of its subsidiaries to enter an asset exchange agreement with Union Oil Co. of California and Marathon Oil Co. related to offshore oil and gas production in Alaska.

In a motion filed Friday in the U.S. Bankruptcy Court for the District of Delaware, Pacific Energy asked for authorization for subsidiary Pacific Energy Alaska Operating LLC to enter in a gas purchase and exchange agreement with Marathon Alaska Production LLC, and an asset exchange agreement...
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