Pacific Energy Finds Buyer For Alaska Assets

Law360, New York (October 15, 2009, 3:33 PM EDT) -- Pacific Energy Resources Ltd. has found a buyer for oil and gas production assets near Alaska's Cook Inlet, roughly a month after a bankruptcy court's order allowing the energy company to abandon the apparently unprofitable facilities.

In a motion filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, Pacific Energy asked Judge Kevin J. Carey to vacate part of his previous order approving the abandonment and to allow the company to proceed with its $875,000 deal with Cook Inlet Energy LLC.

“[T]his court...
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