Shipyard Capital and Cedar Creek Partners Sends a Letter to Pacific Coast Oil Trust

Pacific Coast Oil Trust is a statutory trust formed by Pacific Coast Energy Company LP (PCEC). The Trust is engaged in acquiring and holding net profits and royalty interests in certain oil and natural gas properties located in California for the benefit of the Trust unitholders. The Underlying Properties consist of producing and non-producing interests in oil units, wells and lands located onshore in California in the Santa Maria Basin, which contains PCEC's Orcutt properties, and the Los Angeles Basin, which contains PCEC's West Pico, East Coyote and Sawtelle properties. The Santa Maria Basin consists primarily of oil reserves and prospects. Its East Coyote property consists of approximately 46 producing wells, and 14 waterflood injection wells.