Pacific Energy Corp. said Friday it obtained creditor protection in Canada, the equivalent of its U.S. Chapter 11 filing of earlier this week.

The Long Beach oil and gas development company blames its problems on the decline in crude oil prices, which made it difficult to pay its debt.

Pacific Energy, which has oil and gas assets in Alaska and offshore California, trades on the Toronto Stock Exchange. The company said that country’s Companies’ Creditors Arrangement Act protection will give the company time to restructure its business.

The price of crude oil has dropped more than 70 percent since the record peak of $147 in July.

The company also announced it has closed on a $34 million debtor-in-possession financing and has received initial funding from the lenders. The DIP financing combined with its operating revenue will be sufficient to fund its working capital, meet ongoing obligations and ensure that normal operations continue without interruption, it said.