Pacific Energy Resources Ltd. said Thursday that it had turned over its remaining oil and gas businesses in California to entities formed by its secured lenders.

The value of the debt exchanged for the assets was not announced.

The Long Beach oil and gas developer filed for Chapter 11 reorganization in March, but eventually was forced to liquidate assets. The company, burdened by debt from past acquisitions, was unable to cope with the combination of months of low oil prices and weakness in the credit markets. The company earlier this month sold its remaining Alaska energy assets to Cook Inlet Energy LLC for $2.25 million.

Pacific Energy said it would operate the California facilities until the buyers’ operating company receives necessary regulatory approvals, and employees will transition to the new operating company.

There will be no recovery for shareholders, according to the company, which had been trading on the Toronto stock exchange.