(Source: Business Wire)The Citizens of the State of Alaska, the employees of Pacific Energy Resources (PERL), the royalty owners and suppliers and vendors for Pacific nearly lost a bout with the Delaware Court on Friday, Sept. 11th. On that day the bankruptcy court ruled that their two main assets were to be abandoned. On Monday of the following week the employees were terminated and all hope seemed to have gone away. In a desperate move to save the company long time independent oil man, Dan Donkel, filed an emergency motion for reconsideration of the court's order. The court set a hearing to consider the motion on Friday, Sept. 18th.

Mr. Donkel was ready with cash on 9/11 to come to the rescue of Pacific Energy. In his offer he would take possession of all the non-oil assets in question and provide Pacific Energy with the resources to maintain their leases long enough to find suitable buyers for the two premium assets. Unfortunately for Pacific, Mr. Donkel's offer was not heard by the court on Friday and his motion was not ruled on.

But the effort did not end there, Mr. Donkel flew from his home in Colorado late Sunday night and filed the motion himself on Monday, pro se. And this Friday, 9/18, he will once again attempt to save the day for the Citizens of Alaska, the shareholders of Pacific Energy and their employees, the Royalty owners and all those associated with this company.

In preparation of assuming the PERL operations in the Cook Inlet, Donkel Oil & Gas has announced the appointment of Richard B. Crouch, formally of Unocal, as President and David T. Gross, formally of Chevron, USA, as Vice President.

Participating in the hearing are the paid council for Pacific Energy, The State Government, Goldman Sachs, and potentially the rules of the Bankruptcy court. The hearing begins at 3:00 and as it ends we will know if the independent oil men in Alaska have a chance, or if only the very large can operate there.

A service of YellowBrix, Inc.