Calif Republicans May Prevail With 'Bailout' For Edison  ????
Updated: Wednesday, July 18, 2001 03:17 PM?ET ?????
?
By Jason Leopold

Of DOW JONES NEWSWIRES

LOS ANGELES (Dow Jones)--Assembly Republicans could upstage Democrats in the
California Assembly Wednesday in a bid to rescue ailing utility Southern
California Edison Co. from insolvency.

And they may do so with a bill its backers unabashedly call a "straight
bailout" for the Edison International (EIX, news, msgs) unit.

"This how the minority in the Assembly can use their votes to derail majority
legislation," Jamie Fisfis, spokesman for the Assembly Republican Caucus,
said Wednesday.

The bipartisan bill, introduced by Assemblyman Rod Wright, D-South Central
Los Angeles, and Assemblyman Keith Richman, R-Granada Hills, capitalizes on
partisan politics and dissatisfaction with several elements of a competing
bill sponsored by Assembly Speaker Bob Hertzberg, D-Van Nuys, and Assembly
Speaker Pro Tem Fred Keeley, D-Boulder Creek.

Both bills face a critical vote Wednesday in the Energy Costs and
Availability Committee. Wright said he's secured nine votes for his bill on
the 20-person committee - the eight Republicans and one Democrat. Keeley's
office said his bill needs one more vote.

"It's going to be close," Wright said minutes before the committee hearing.

Assembly Republicans and some Democrats are concerned by provisions in the
Hertzberg bill that would have the state buy the utility's transmission
lines, limit consumers' ability to choose their power provider and place the
burden of the rescue on businesses.

Bill Forgoes Power-Line Buyout

Wright's bill would forgo those measures, instead allowing Southern
California Edison to recoup more than $3.5 billion in unrecovered power costs
through a surcharge placed on utility bills in exchange for a commitment by
the utility to sell power from its generation units to the state at cost.

Southern California Edison executives said the Hertzberg-Keeley bill, which
would require the company to absorb some of its wholesale-power losses,
wouldn't allow the company to become creditworthy and return to the power
business any time soon.

Consumer groups have criticized both plans as bailouts and have vowed to
overturn the rescue efforts if either is enacted. Business groups, including
the state's Chamber of Commerce and the California Manufacturers and
Technology Association, said if large businesses are stuck paying for the
bailout, consumers will feel the pinch through increased costs in the retail
sector.

Steve Maviglio, press secretary to Gov. Gray Davis, said the governor is
"working with the Legislature for an appropriate balance that does not place
any undue burden on any sector."

Lawmakers have until Aug. 15 to pass legislation supporting an April
memorandum of understanding between Southern California Edison and the state,
but have an effective deadline of Friday, the last day before a month-long
summer break.

Neither bill in the Assembly nor another bill in the Senate implements in
full the terms of the MOU, which calls for the state to buy the utility's
transmission lines for $2.76 billion and allow it to issue bonds to recover
$3.5 billion in wholesale power costs it hasn't been able to recover from
customers, whose rates are frozen.

Edison has said it faces bankruptcy if lawmakers don't act by the MOU's
August deadline.

-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com

____________________________________________________
Six Months Later, Edison's Utility May Still End Up Bankrupt
By Liz Goldenberg

Rosemead, California, July 18 (Bloomberg) -- Even if California lawmakers
pass a rescue plan to bail out insolvent Southern California Edison, some
analysts say bankruptcy may be the only solution.

``The reason they haven't filed remains more of a mystery than when they will
file,'' said Jon Kyle Cartwright, a senior energy credit analyst at Raymond
James & Associates Inc. in St. Petersburg, Florida, who isn't recommending
buying any debt sold by California utilities.

``If the weather heats up or their creditors wise up, they'll have to go into
bankruptcy,'' said Cartwright.

Six months after the state's No. 2 utility defaulted on its debt, California
lawmakers are debating a rescue package designed to restore it to investment
grade status. Any failure to do so by Friday, when the legislature is
scheduled to adjourn for a month, may result in a collapse of negotiations
between the lawmakers, the governor, and the utility, and ultimately,
bankruptcy.

There are at least three versions under consideration, each targeting
different groups, such as large businesses or power suppliers, to help foot
the bill for the bailout. There isn't any agreement as to what the rescue
should look like, who will pay, and who is to blame for the situation.

Acceptable Option?

The bad news for the utility and its creditors is that ``bankruptcy seems to
be an increasingly accepted option by the legislature,'' said Dorothea
Matthews, the senior utility analyst for CreditSights, Inc., a research firm.

Any three unsecured creditors can file a petition to put the utility into
bankruptcy. Debt holders, banks, and power generators are Southern California
Edison's unsecured creditors.

The original rescue, signed on Apr. 9, between Governor Gray Davis and Edison
expires on Aug. 15. If legislative action isn't taken by then, either party
can back out.

That is something that Southern California Edison may do, ``given the delays
that have plagued the rehabilitation process at virtually every stage,'' said
David Bodek, an analyst who covers the utilities industry for Standard &
Poor's, a credit rating company.

Edison may decide that its utility may fare better under the eye of a
bankruptcy judge rather than politicians.

The lawmakers' goal is to save the utility in a way that is palatable to them
and to California voters. Stock and debt holders aren't a priority, analysts
said.

Do the Right Thing

``Investors will brunt the majority of the pain here,'' said Raymond James's
Cartwright. ``An investment thesis that requires a group of politicians to
get together and do the right thing is ill fated -- there is no way of
knowing what the state will or will not do.''

On a conference call yesterday with investors holding Southern California
Edison debt in default, Edison chief financial officer Ted Craver said that
while all the legislation being debated has returning the utility to
creditworthiness as a goal, the language needed to achieve that wasn't
included.

``This is the beginning of the legislative process'' that will go on for the
next few days, he said.

Creditworthiness, which Edison officials say is the most important goal, is
determined by credit rating companies and investors, rather than by the
legislature or the utility.

Stay Tuned

``Our money is still on an eventual filing'' for bankruptcy, said
CreditSights' Matthews, who puts those chances at about 80 percent. ``Stay
tuned. It ain't over until the fat lady sings, but we think we can hear her
warming up in the wings.''

Southern California Edison accrued more than $5.4 billion in debts as it paid
soaring wholesale power costs that a flawed 1996 deregulation law prohibited
it from passing on to customers. It has defaulted more than $930 million of
maturing debt since Jan. 16, and lost its investment-grade credit rating. The
utility owes banks more than $200 million for loans coming due on Sept. 15
and has no access to the capital markets.

``With few notable exceptions, (utility) bondholders have been well served by
regulatory and political support for the financial well-being of'' utilities
such as Southern California Edison, S&P's Bodek said.

Lacked Support

California's utilities have ``lacked such support over the past year, as
manifested by a stubborn and prolonged resistance to remedial action despite
imminent insolvency.''

Pacific Gas & Electric Co., the state's largest investor- owned utility,
filed for bankruptcy protection on April 6 after racking up more than $9
billion in debts.

The state stepped in to keep the lights on and the power flowing after
suppliers refused to extend additional credit to the state's two largest
investor-owned utilities. California has spent more than $7 billion buying
power since January.

It is still possible that a last minute deal will satisfy all parties,
analysts said.

``What worries me is that there is nothing in the legislation that will allow
the utility to pass on reasonable power procurement costs in the future,''
said Susan Abbott, a managing director in the power group at Moody's
Investors Service, a credit ratings company.

``If a bill goes through that in no way addresses the issue of power cost
recovery for the utility, it would potentially be subject to the same
conditions that resulted in the financial distress it's experiencing today.''
 ? ?? ?


I still agree that this is not the time for promotion to VP.  Kristin
certainly did an outstanding job in her role within ENA during the first half
of the year.  I would like to see her develop a broader view across the
organization and be able to be more effective in working with others and
sharing her knowledge and experience before she is promoted to VP.  I guess
that the one caveat that I would put out, is to wait and see if there are
other names brought forth from other parts of the organization that would
make it seem that Kristin should be in that pack.  --Sally

	Barry Pearce @ ENRON COMMUNICATIONS
	11/27/2000 06:21 PM

To: Sally Beck/HOU/ECT@ECT@ENRON
cc:
Subject: Re: Kristin Albrecht

thanks

as we discussed - my feeling is to not promote to VP this time - are you cool
with that still? - given that we have no other outstanding candidates for VP
in her 'peer group'


cell # 713.594.0220


Richard and Lisa:

I'm not sure this got to you the first time I sent it.? So here is another
copy.

Steve

-----Original Message-----
From:?? Howard, Steve
Sent:?? Monday, November 20, 2000 8:46 PM
To:???? Ngodngam, Rittichai
Cc:???? 'RTellis@milbank.com'; 'imellen@ect.enron.com'; Dunn, Charles;
Eammongkolchai, Pichitphon; Phungmaha, Ajaree; Smith, Richard;
'TKreller@milbank.com'; 'lisa.mellencamp@enron.com';
'richard.sanders@enron.com'

Subject:??????? RE: ECT Securities : Indemnity claim

Dear Mr. Ngodngam:

I very much like your idea of ECT's amending its claim to add a "condition"
to the claim to accommodate W&C's position about the unenforceability of
indemnity agreements vis-a-vis certain types of securities claims and not
others.? Would you like me to draft some specific language.? (The language
that you suggest in your e-mail is an excellent start, but it may need a
little refinement in order to get White & Case to drop their objection.)

Have you heard from W&C-Bangkok or W&C-US?? We have not.? I am available for
a conference call almost anytime.

I do not think it is practical for U.S. lawyers to get to Thailand for a
conference on Friday in Thailand.? Thursday, Nov. 23, is a major family
holiday in the United States (probably the second biggest holiday in the
entire year here.)? I am extremely reluctant to ask any U.S. lawyer to
disrupt major family plans to attend this conference.? Is there any way to
postpone it?

Has White & Case seen our memorandum about enforceability of indemnity
claims.? That memo should go a long way toward showing W&C that we can
probably reach agreement on this matter without lawyers having to travel to
Thailand this week.

Steve Howard

-----Original Message-----
From:?? Ngodngam, Rittichai [SMTP:rittichai.ngodngam@linklaters.com]
Sent:?? Monday, November 20, 2000 2:38 AM
To:???? 'pboonklum@whitecase.com'; 'sakunka@bangkok.whitecase.com'
Cc:???? 'SHoward@milbank.com'; 'RTellis@milbank.com';
'imellen@ect.enron.com'; Dunn, Charles; Eammongkolchai, Pichitphon;
Phungmaha, Ajaree; Ngodngam, Rittichai; Smith, Richard;
'TKreller@milbank.com'; 'lisa.mellencamp@enron.com';
'richard.sanders@enron.com'

Subject:??????? RE: ECT Securities : Indemnity claim

??????? ??????? Dear Khun Peangpanor / Khun Kasemsi

??????? ??????? We refer to our telephone discussion last Friday regarding
the enforcement of the Indemnity Clause in the Purchase Agreement.

??????? ??????? As discussed, we would like to have a telephone conference
call among W&C Bangkok and U.S., Milbank and us.? With respect to the
objective of the conference call, we would like to propose that we discuss
and agree on the circumstances that the Indemnity Clause can be enforceable.
Then we will put such circumstances as a condition in the application of
E.C.T. Securities.

??????? ??????? For example, our statement to the Official Receiver may say
that "The applicant has accepted that the claim under this application can
be enforceable to the debtor (NSM) only in case
[..........................]".

??????? ??????? We need only the exact wording to be agreed on between W&C
U.S. and Milbank.? We are not sure that it is possible that we say that "...
only in the case where the applicant has not been claimed against for
reasons of fraud or willful misconduct."?? (We just put the condition in the
application without having to prove whether in fact such condition has
occurred or not.? This fact will be proved in the future.? In case where
E.C.T. Securities would like NSM to make actual payment to it in the future,
it has to prove to NSM that the condition has occurred.)

??????? ??????? We note from W&C Bangkok that W&C U.S. may call Milbank for
a discussion on this matter today.? However, if you please forward this
email to W&C U.S. so that the US lawyers of W&C can discuss with Milbank via
email also.

??????? ??????? If we cannot reach the agreed wording by this Wednesday
evening, Bangkok time, it seems that all of us may have to ask W&C U.S. and
Milbank to attend the meeting with the official receiver in Bangkok this
Friday.? It is very possible that, should the Official Receiver give an
order in favour of either of us the case would be appealed to the court by
the loser.? Such will incur lots of cost for both E.C.T. Securities and NSM.
Therefore, an amicable resolution to this issue is in the interests of all
parties.

??????? ??????? If you have any question, please feel free to call us.

??????? ??????? Rittichai Ngodngam
??????? ??????? Associate
??????? ??????? Linklaters (Thailand) Ltd, Bangkok
??????? ??????? Linklaters is a member firm of Linklaters & Alliance

??????? ??????? Tel: (66-2) 305 8000, (66-2) 654 3130 Ext: 7027
??????? ??????? Fax: (66-2) 305 8010, (66-2) 654 3131
??????? ??????? rittichai.ngodngam@linklaters.com
??????? ??????? http://www.linklaters.com
??????? ??????? http://www.linklaters-alliance.com

____________________________________________________________

This message is confidential. It may also be privileged or
otherwise protected by work product immunity or other legal
rules. If you have received it by mistake please let us know
by reply and then delete it from your system; you should not
copy the message or disclose its contents to anyone.
____________________________________________________________

This e-mail message may contain legally privileged and/or confidential
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or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 09/18/2000
12:01 PM ---------------------------

Lloyd Will
09/11/2000 03:20 PM
To: Keith Fraley/HOU/ECT@ECT, Madhup Kumar/Corp/Enron@ENRON, Nicole
La/HOU/ECT@ECT, George Hopley/HOU/ECT@ect, Marc Bir/Corp/Enron@ENRON, Greg
Woulfe/HOU/ECT@ECT, Clayton Vernon/Corp/Enron@ENRON, Hunter S
Shively/HOU/ECT@ECT, Chris Gaskill/Corp/Enron@Enron, John P
Tollefsen/HOU/ECT@ECT, Alan Chen/Corp/Enron@Enron, Narsimha
Misra/NA/Enron@Enron, Ramesh Swaminathan/Corp/Enron@ENRON
cc:
Subject: Re: Price Spikes

fyi
---------------------- Forwarded by Lloyd Will/HOU/ECT on 09/11/2000 03:17 PM
---------------------------

	From:  Christi L Nicolay                           09/11/2000 01:46 PM

To: Lloyd Will/HOU/ECT@ECT, Charles Yeung/HOU/ECT@ECT, Richard
Ingersoll/HOU/ECT@ECT
cc:
Subject: Re: Price Spikes

FYI.  A good paper.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 09/11/2000
01:35 PM ---------------------------

Christi L Nicolay
09/11/2000 01:46 PM
To: Steve Walton/HOU/ECT@ECT
cc: Sarah Novosel/Corp/Enron@Enron, Jeff Brown/HOU/EES@EES, James D
Steffes/HOU/EES@EES, John Berger/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@Enron,
Janine Migden/DUB/EES@EES, Joe Connor/NA/Enron@Enron

Subject: Re: Price Spikes

Steve--Thanks.  This paper sheds alot of light on why Cal. is problematic.
Jeff, Jim S., and I talked about it today because of Kevin's desire to be
able to float his entire position against the pool and the reg. group idea
that some "penalty" or separate charge should be attributed to those that
cause the big congestion (primarily because of the Cal. problem that day of
is cheaper than day ahead due to the caps.)

Steve Walton
09/07/2000 09:13 PM
To: Christi L Nicolay/HOU/ECT@ECT
cc: Jeff Brown/HOU/EES@EES, James D Steffes/HOU/EES@EES

Subject: Price Spikes

Christi,
 I found this to be a very interesting paper on the California Price Spikes.
The conclusion is that price caps are infact creating part of the problem.

Steve
---------------------- Forwarded by Steve Walton/HOU/ECT on 09/07/2000 08:52
PM ---------------------------

Carl Imparato <cfi1@tca-us.com> on 09/06/2000 12:29:49 AM
Please respond to cfi1@tca-us.com
To: wgibson@nwppc.org, steve.walton@enron.com, philip.h.carver@state.or.us,
blsilverstein@bpa.gov, adavis@state.mt.us, lnordell@state.mt.us,
lwolv@worldaccessnet.com, dave.robertson@gt.pge.com, kewh@dynegy.com,
arneo@ep.cted.wa.gov
cc:
Subject: Price Spikes

The attached paper (which was presented to the OPUC by its author last
month) provides a nice summary of some of the reasons behind the turmoil
in California.

Carl

 - VanVactor-PriceSpikes081400.PDF


Hey, Mom.

I got your e-mail just fine.  Is your computer fixed up now?

Cole had a great time at his birthday party last night.  When we were walking
out of Chuck E Cheese after the party, Cole asked me "Daddy, am I three
now?"  He got some good presents and got to play alot of games.  It took him
forever to go to sleep.  He really loved the Blues Clues game ya'll got him.
The packaging was coming open when he got it yesterday, so Tonya let him open
it before the party.  He played it in the car going to the party and on the
way home.  I think I'm tired of that game.  He can't play it in the car
anymore.  It so funny to watch him play though.  He will repeat the question
and go "hmm".  Anyway I need to go.

D

"PAMELA FARMER" <PFARMER@mpisd.net> on 01/12/2001 02:36:37 PM
Please respond to <PFARMER@mpisd.net>
To: <dfarmer@ect.enron.com>
cc:
Subject: New computer

Hey! Just checking out the new machine.  I sent Cole's birthday present
today.  Hope he gets it on time.  Let me know if you get this message please.


----- Forwarded by Jeff Dasovich/NA/Enron on 02/14/2001 02:03 PM -----

	"Ronald Carroll" <rcarroll@bracepatt.com>
	02/14/2001 10:24 AM

		 To: <acomnes@enron.com>, <dfulton@enron.com>, <jdasovic@enron.com>,
<jhartso@enron.com>, <jsteffe@enron.com>, <mary.hain@enron.com>,
<smara@enron.com>, <snovose@enron.com>
		 cc:
		 Subject: Fwd: SoCal Edison unsure banks will extend deadline

----- Message from "Tracey Bradley" <tbradley@bracepatt.com> on Wed, 14 Feb
2001 07:58:32 -0600 -----
To:	"Paul Fox" <pfox@bracepatt.com>
cc:	"Alfredo Perez" <aperez@bracepatt.com>, "Andrea Settanni"
<asettanni@bracepatt.com>, "Charles Shoneman" <cshoneman@bracepatt.com>,
"Ronald Carroll" <rcarroll@bracepatt.com>
Subject:	SoCal Edison unsure banks will extend deadline
Tuesday February 13, 7:02 pm Eastern Time

SoCal Edison unsure banks will extend deadline

NEW YORK, Feb 13 (Reuters) - Embattled California utility Southern California
Edison said on Tuesday it didn't know whether its bank lenders will extend
their Tuesday deadline for the utility to clear up its credit line defaults.

``We don't have any indication'' the banks will extend their ``forbearance,''
said Ted Craver, chief financial officer of SoCal Edison parent Edison
International (NYSE:EIX - news) in an investor conference call Tuesday
afternoon.

Craver said the utility formally asked for an extension in a Tuesday morning
conference call. Failure to get one could tip the utility much closer to
bankruptcy, though Craver said the banks aren't looking to worsen the power
crisis.

``My view of the relationship with the banks is that it's strong, and that
they are, generally speaking, looking for ways to be cooperative and
constructive in this process,'' he said.

SoCal Edison, California's No. 2 utility, and Pacific Gas & Electric Co., the
No. 1 utility and unit of San Francisco-based PG&E Corp. (NYSE:PCG - news),
are trying to avoid bankruptcy.

They have been unable to recover about $12 billion because of a rate freeze
imposed under California's 1996 utility deregulation law, which has left them
unable to pass on their soaring wholesale power costs to consumers.

SoCal Edison has about $800 million of debts due this week. On Thursday a
grace period to pay about $206 million of principal and interest on a
five-year note issue expires.

Pacific G&E and its parent are also in default of various credit lines.

Creditors including independent power suppliers Dynegy Inc. (NYSE:DYN -
news), Mirant Corp. (NYSE:MIR - news) and Reliant Energy Inc. (NYSE:REI -
news), meanwhile, are threatening to send both utilities into bankruptcy if
they don't pay their debts.

Gov. Gray Davis and the state legislature are expected soon to create a plan
that could allow the utilities to pay down some of their debt. Craver said
``we're not betting the farm on getting a proposal'' by Friday.

Shares of Edison International, which is based in Rosemead, Calif., closed
Tuesday on the New York Stock Exchange at $12.10, down 43 cents. PG&E shares
closed on the Big Board at $12.30, down 25 cents.

Several bank lenders declined on Tuesday to discuss how they plan to address
the utilities' defaults.

Bank One Corp. (NYSE:ONE - news), Citigroup Inc. (NYSE:C - news) and J.P.
Morgan Chase & Co. (NYSE:JPM - news) are among PG&E's lenders, while Bank of
America Corp. (NYSE:BAC - news), Citigroup and J.P. Morgan Chase are among
the lenders to SoCal Edison and its parent.

``We do not comment on customer relations,'' said Bank One spokesman Tom
Kelly. J.P. Morgan Chase declined to discuss the matter. Bank of America and
Citigroup did not return phone calls.


Lloyd,
Do you want to answer George's questions, or do you want me to handle this?

JMF
 -----Original Message-----
From: 	Phillips, George
Sent:	Monday, August 13, 2001 9:48 AM
To:	Forney, John M.
Subject:	RE: progress

John,

Good morning. I picked up the packet with the offer letter and confidentiality agreement.  There are a few items I wanted to discuss with you before going forward.  Let me know when you have an opportunity.  Thank you.  GTP

From:	John M Forney/ENRON@enronXgate on 08/08/2001 08:16 AM
To:	George Phillips/HOU/EES@EES
cc:
Subject:	RE: progress

George,
I have requested your status from HR.    Lloyd is out of town until Monday,   so please just hang loose until further.
When I have a reply from HR,  I will contact you.

Thanks,
JMF

 -----Original Message-----
From: 	Phillips, George
Sent:	Tuesday, August 07, 2001 4:02 PM
To:	Forney, John M.
Subject:	progress

Any progress on the transition?  Do you think I should hint to the fact that we all met?  Let me know your thoughts.  George


We are in the process of confirming that all traders are set up correctly and ready to trade when the system goes live.

We need to make sure that your Stack Managers are accessing the correct database. In order to do this, we need to know how you access Stack Manager:

1) Through Terminal Server (the one that opens up a desktop within a desktop and it actually appears that you have two Start buttons).
or
2) By opening the Stack Manager directly from your "native" desktop.

Please reply to this message with either a corresponding "1" or a "2" in the subject field.

If you're not sure which one you have, please contact myself x39673, Teresa Mandola x39807 or Jennifer McQuade x53614 and we'll come by your desk to help you.

Thank you,

Dan Diamond


Attached is a revised presentation for the upcoming meeting.  I understand Rebecca has reviewed a previous draft but I have not received any comments from her.

The DASH is currently being presented to Jordan Mintz and Ben Glisan for signature by Lisa Bills of Global Finance.  I will send it to you ASAP.

One thing requires clarifcation.  The DASH to be presented to the board will seek approvals related to development expenses, a turbine purchase and gas transportation.  It will not seek approval of the sale of Pastoria to Calpine.  Per RAC, the sale does not require board approval and is being processed under a separate DASH.

The resolutions will be sent to you in about one hour.  Our counsel, Karen Jones, is on the West coast and will be in the office shortly.

Call me at x5/8992 should you have any questions.  Thanks.


Hi Jeff,
It was good talking to you last week!  The dates for the Aspen conference
that we talked about are Sept. 20, 21,  and 22.   We would want to target
one of those mornings.   Thanks again for agreeing to join us as a presenter
(and for any additional part of the conference as well).

We'll be in touch to zero in on the specifics.  Thanks again,

Bill


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I have been out of the office at the Orange Bowl game and have just returned
within the last hour.  That probably would make next week better for me than
this week.  Give me a call and we will set something up.  My number is
x35926.  If you don't reach me, call my temp assistant (Camella - x39106) and
she will be able to set  up a meeting.  Thanks.

Kim Stanley@ENRON
01/02/2001 10:05 AM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: rotation

Sally,
 We met in December to discuss my PRC and towards the end of our meeting, I
had asked if you might have some time to discuss recommended rotations.
Would you have any time this week to give me some recommendations?
Thanks,
Kim Bergen
35463


I never heard back from you.  Do you still have an interest in the group?

Kevin


Not sure whether you've come across the attached article in the latest
Economist?!

 <<Fading_Fads.pdf>>
If the stated survey claim is true (and BTW I don't agree with their
definition of "real options analysis"), the "message" doesn't seem to be
getting across.  I personally don't think that ROA is a fad.  However, as
Tim Luehrman has stated, we have a major "language" and "practical
application" issue.

I certainly encourage rectifying the "hopeless" message of this article by
proposing a "counter-point" article in The Economist.  In my view, ROA isn't
everything, however, it provides a powerful nucleus for the creation,
protection, and delivery of value (Navigant - thanks for your focal chart!).
We should also learn from the lessons of the other so-called "management
fads"!!

Soussan Faiz
Texaco Inc.
(914) 253-4187

 - Fading_Fads.pdf


R. Todd Gross
NYMEX/Location/Basis Options
281-340-0875

Again Jesus said, 'Peace be with you! As the Father has sent me, I am
sending you.'
John 20:21 (NIV)

Jesus again identified himself with his Father. He told the disciples by
whose authority he did his work. Then he passed the job to his disciples of
spreading the gospel of salvation around the world. Whatever God has asked
you to do, remember: (1) your authority comes from God, and (2) Jesus has
demonstrated by words and actions how to accomplish the job he has given
you. As the Father sent Jesus, Jesus sends his followers...and you.


Actually, we don't know what we're going to do.  We were talking about this
last night and since our house is still torn up and we haven't ordered a
dinner yet maybe the best thing is just go somewhere to eat.  I said maybe
we could go to an early movie and then go eat someplace.  Even ribs at
Luthers or a Whataburger would be good .  What do you think?

I would love a few oysters.

Me

p.s.  Yes, I think all the Marie's have closed!

-----Original Message-----
From: Eugenia Heard [mailto:reheard_2000@yahoo.com]
Sent: Tuesday, November 20, 2001 9:51 AM
To: Anne Heard
Subject: THURSDAY

Hi!  What are y'all doing Thursday?  Do y'all just
want to meet someplace or what?  If so, where?

Also, did the Marie Calendar's by you all close?
Rossana was saying that the ones she used to go to
have all closed.

Also, would you like some raw oysters from Nelson's?
I know Marie doesn't, but I know you like 'em and I
won't be eating all of them.  Lou said that we'd be
getting some more at Christmas.      Me

__________________________________________________
Do You Yahoo!?
Yahoo! GeoCities - quick and easy web site hosting, just $8.95/month.
http://geocities.yahoo.com/ps/info1


Judy,

Sorry, I cannot help you on this one.

I already cover a number of campuses.

Vince

	From:  Judy Nyegaard                           02/21/2001 02:15 PM

To: Vince J Kaminski/HOU/ECT@ECT, Danny McCarty/LON/ECT@Enron
cc: Paul LeBeau/NA/Enron@ENRON
Subject: HARVARD Recruiting

We've had a last minute cancellation of one of our 2nd round interviewers at
Harvard and wanted to know if you would be interested in interviewing.  Our
offer/acceptance rate has been extremely dismal at Harvard and would like to
get you involved for the summer internships.  We have a pre-interview
reception on Friday, 3/2/01and Interviews on Saturday, 3/3/01.  1st rounds in
the Morning and 2nd rounds in the PM.  If you are unable to participate,
could you possibly recommend someone at a very senior level of management to
substitute?  Thanks.


I can't open the open the attachment.  It must be protected or something.
You will probably have to save and reattach the file.
 -----Original Message-----
From:  Mann, Kay
Sent: Friday, June 01, 2001 2:01 PM
To: Fleenor, William
Subject: Deerfield development agreement

Hi Billy,

Can you take a look at this since the Hermanator is out?

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/01/2001 02:00
PM ---------------------------

Kay Mann
05/31/2001 06:48 PM
To: Lisa Bills/Enron@EnronXGate, Herman Manis/Enron@EnronXGate, Roseann
Engeldorf/Enron@EnronXGate
cc: Ben Jacoby/Enron@EnronXGate, Steven Krimsky/Enron@EnronXGate

Subject: Deerfield development agreement

Hello.

The commercial team  has asked that I forward this document to you for
review.  It is a development agreement for a project in Florida.  We have
attempted to address the accounting/E-Next issues, but please advise of any
desired changes.

Thank you,

Kay

 << File: Deerfield development ag May 31.DOC >>

PS  Pardon the formatting.  It will be cleaned up by those with the ability
to do so.


571497
broker has 260.00


Allyson,

Please delete Stuart Zisman and add me to your distribution list.

Thanks,

Kay


I have spent a significant amount of time reviewing the operations and SCADA on the San Juan lateral over the last couple of weeks.  I've uncovered some issues that could significantly reduce fuel consumption on this system.  Listed in order of priority are:

Resolve La Plata Unit #2 flame-out problem.  Currently this unit is running in manual control to limit flame-outs.  This prevents the station from running with only one unit at low flow conditions.  According to the La Plata team, this will require the replacement of the fuel control valve and unit control software changes.  Running in the manual mode is costing an additional 550 MSCF/D in fuel plus the extra O&M costs associated with the fired hours on unit #1.  The team is expecting the new fuel valve soon but anticipates that they will not get the necessary downtime to install the valve until after the end of the tariff months.  Due to the potential emissions issues associated with its current operating mode, we may have to expedite the modifications to this unit.
Auto calculate a suction pressure setpoint for La Plata.  There are three flow controlled interconnects on the suction side of La Plata.  Using the meter run pressures and/or the flow control valve position, we can maximize the suction pressure setpoint to achieve the interconnect flow rates.  The higher suction pressure reduces the power required at La Plata with an average expected fuel savings of 175 MSCF/D.
Auto calculate a suction pressure setpoint for the Bloomfield Low service similar to the La Plata modification recommended above.  Estimated fuel savings of 80 MSCF/D.
Modify the controls at Gallup to enable a quick turndown for a power peak.  Currently when a power peak is predicted, the Gas Control operators manually transmit a lower discharge pressure setpoint.  It may take a long time for the new setpoint to actually gain control of the unit.  The suggested modification would have the Peak Power alarm I calculate automatically retransmitted to the field and unit/station controls were modified to quickly ramp down the unit in a controlled manner (minimize recycle and prevent unit trips) to minimum power.  Gas Control could then send an override signal that would allow the unit to operate at higher loads if required.  Likewise, if my Peak Power alarm clears automatically, the unit would return back to its normal process setpoint conditions.  Note that if Gas Control overrides my alarm, the override needs to latch until my Peak Power alarm clears.  The suction and discharge setpoint rate ramp limiter logic should be modified to make them more responsive when they are far from the process values.  Bob McChane, Todd Ingles, and myself can develop this logic.
Modify the La Plata station control for improved load sharing.  Recommend the load share method be based on matching compressor flow range margins.  I will work with Todd Ingalls to develop the logic and code.  This control method will ensure both units are operating as close to their high efficiency point as possible and minimize surge recycle.
Modify the station control process setpoints logic at La Plata (Bloomfield, Bisti too?) to include rate ramp limiters.  Currently, when Gas Control transmits a new setpoint, the station accepts the new value and quickly changes operating conditions to try and reach the new setpoint.  However, these changes may be occurring too fast and may contribute to the flame-out problems.  Again, I will work w/ Todd to develop the controls to achieve this.

In addition, it appears that the Compressor Performance utility would be helpful for the operating personnel in determining when one unit could handle all the flows at La Plata.  I'll try and package a version that can be installed locally and send it to Todd  Ingalls.

Todd, I looked and I do not have a copy of the existing station control for La Plata.  Could you please zip it up and send it to me?

Additionally, I finally got a copy of the drawings for the Griffith Interconnect.  It appears our flow swings at this point can be reduced significantly by changing the operation of the flow control valve to a downstream pressure control valve with a maximum flow control override.  Todd, who is responsible for the programming of the RTU for this point?

Gary Choquette


Yes, we want the name on the contract to be Atoms Energy Corporation.  Let me know if you want to make and changes to the numbers.  Thanks!

 -----Original Message-----
From: 	Espinoza, Veronica
Sent:	Thursday, October 25, 2001 6:58 PM
To:	Perlingiere, Debra
Subject:	RE: Greeley Gas Company

Debra,

All of the thresholds and Mac's on the contract look good.  However, please confirm in which name the contract will be executed as, please.  I think that the contract should be executed with Atmos Energy Corporation.  In which case all of the references to Customer in the contract will have to be changed (as they all currently refer to Greeley Gas Company, a div....).  The problem is that we do term deals with Atmos as well (most of them) and if it is a division of the contract should be with Atmos and not Greeley Gas, a div.

Thanks and sorry about the delay,

Veronica

 -----Original Message-----
From: 	Perlingiere, Debra
Sent:	Monday, October 01, 2001 5:52 PM
To:	Espinoza, Veronica
Subject:	Greeley Gas Company

 Please look at the attached redline from Greeley regarding the credit sections.  As you may recall a previous discussion regarding the exact name for the contract, the contract will be in the name of Atoms Energy Corp.  Please let me know asap.  Thanks

  << File: Greeley (redline comments).doc >>

Debra Perlingiere
Enron North America Legal
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron
713-853-7658
713-646-3490 Fax


Happy New Year.  We hope your holidays were enjoyable and restful.  For a pleasant start to 2002, please join your Enron colleagues for coffee and donuts this Friday, January 11, from 8:00 - 9:00 a.m. in the lobby of the Enron Building.  We look forward to seeing you there.


We need to sell all the EES all the time.
The imbalance is always zero...it doesn't matter what the beep prints(unless
its negative-then you can bet we will get charged!!!).

Any ideas, or advice for them?
Let me know.

Bill

---------------------- Forwarded by Bill Williams III/PDX/ECT on 04/12/2001
08:29 AM ---------------------------
To: Bill Williams III/PDX/ECT@ECT
cc: Daniel Kang/HOU/EES@EES, Jubran Whalan/HOU/EES@EES

Subject: CAISO Notice - Distribution of Funds for January Preliminary Invo ice

Bill,

We are still in a bad position with the ISO.  I have noticed that you have
not been able to sell all of our length in the real time market. Given the
below statement by the ISO we would ask your traders to get as aggressive as
possible on the sales (ie just sell it) . Receiving  cents on the dollar from
the ISO is not a sound business proposition for us.  Do you have any ideas,
we welcome your advice ....

Thanks

NFB
---------------------- Forwarded by Neil Bresnan/HOU/EES on 04/12/2001 07:22
AM ---------------------------

"Woertz, Byron" <BWoertz@caiso.com> on 04/11/2001 06:31:30 PM
To: ISO Market Participants
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI
CIPANTS@caiso.com>
cc: SC Settlements Contacts
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=SCSETTLECONTACTS@cai
so.com>
Subject: CAISO Notice - Distribution of Funds for January Preliminary Invo ice

  ISO Market Participants:
  Cash clearing related to the preliminary invoice for January
2001 was scheduled for April 3, 2001.  Due to a shortfall in receipts from
market debtors, the ISO was required to perform calculations in accordance
with ISO Tariff Section 11 and Settlements and Billing Protocol ("SABP")
Section 6 to determine the appropriate pro-rata distributions to scheduling
coordinators.  These calculations have been completed, and a distribution of
available funds was made today.
  A total distribution of $5,980,329 was made against accounts
payable of $835,450,697, resulting in a pay-out percentage of 0.7%.  Total
market related collections were $12,952,985, which were reduced to the
$5,940,329 to cover GMC short-payments and other adjustments.
  The ISO will provide a comprehensive reporting of the
January preliminary settlement later this week, and will thereafter
distribute a current certification of amounts owed.
  Phil Leiber
  Dir. Financial Planning & Treasurer
  California ISO
  916 351-2168
  916-351-2259 (fax)

  Byron B. Woertz, Jr.
  Director, Client Relations
  (916) 608-7066
  (800) 481-7037 - Pager


The Commodity Fundamentals website is back in service.  Please use the link provided below to access the website:

http://fundamentals.netco.enron.com/main.asp

Thank you,

Amanda Rybarski
Gas Fundamentals
Office: (713) 853-4384
Fax: (713) 646-8453
Pager: (877) 482-0772
Cell: (713) 560-0934


what a doll!  you enjoying your time off?  sounds like all's well. enjoy the
rest of the summer.

Best,
Jeff


Janet, he can approve but can't sign as a director. You need to continue to
manage. This would take a board resolution to change (ie) he can not bind the
company as a director.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 10/09/2000
11:55 AM ---------------------------

Janet R Dietrich
10/08/2000 02:22 PM
To: Kay Mann/Corp/Enron@Enron
cc: Ben Jacoby/HOU/ECT@ECT (bcc: David W Delainey/HOU/ECT)
Subject: Signature authority

Kay, as we discussed previously:

Effective immediately, I would like Ben Jacoby to have signature authority
for his team's expense reports as well as all documents whose capital
commitments are not greater than $250,000. Most documents will be
confidentiality agreements, exclusivity agreements, permit applications, and
land/equipment option agreements.

Please forward this (if need be) to the appropriate internal individuals who
get this set up. Thanks Kay.


Attached is the list of top cps with credit contacts.  Please call me if you
have any questions.

Thanks,
Tanya


Mark/Brent,

Any comments on the below?

Thanks,
Joe

---------------------- Forwarded by Larry Joe Hunter/HOU/ECT on 02/27/2001
09:02 AM ---------------------------

	From:  Larry Joe Hunter                           02/21/2001 01:44 PM

To: Mark Taylor/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron
cc: Kim S Theriot/HOU/ECT@ECT
Subject: Revising EOL deals

Mark/Brent,

Can one of you give us a definitive opinion on how we should handle revisions
to EOL traded deals?  Currently we do it one of two ways:  1) Straight
revision to original EOL Deal number, or 2) Input reversal trade, also input
new trade with correct deal terms (confirms on all three).

Obviously the 1st option above is the easier way to go for us.  However for
EOL auditing, option 2 is cleaner.  Also, if you think we should always go
with the 2nd option above, should we be linking the deals together with some
sort of verbage?

Thanks,
Joe Hunter


Rod,

Attached is my expense report, please review and approve.

Thanks.
Kathy


Suzanne:
Please send this to Scott Sefton and call the Bracewell person and tell them
that he is now in charge of this matter.  I haven't had anything to do with
this file since I joined the swap group.  Thanks.

Everything is fine.  Still on a hectic schedule but getting a little more
sleep.  We take the baby to the pediatrician on Thursday for his first
checkup and I go for mine on Friday.  I've started walking again and some
very, very slow jogging (don't tell Bill this).  I feel really good and
everything seems to be healing okay.  I've actually cooked a few meals!  I
will try to call you in the next day or two.  We've been taking the baby out
on short trips in the afternoon just to get out of the house.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Suzanne Adams
	07/25/00 02:32 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Invoice

Carol, you received an invoice from Bracewell for the Chase Manhattan Bank in
connection with 4th Amend to JEDI II credit agreement.  What should I do with
it?  Give it to Mark to approve?  Please advise?

How are things going?


Hey Sara,
I've made the change to the floating price.  It is highlighted in Blue.
Let me know when you'd like this to go out.


cc: Mark
---------------------- Forwarded by David Forster/LON/ECT on 06/10/99 13:54
---------------------------

David Forster
06/10/99 13:52
To: Justin Boyd/LON/ECT@ECT
cc:
Subject: Re: Master Agreements

I actually meant for new Masters only - not replacing existing ones.

Dave

Justin Boyd
06/10/99 10:10
To: David Forster/LON/ECT@ECT
cc: Mark E Taylor/HOU/ECT@ECT
Subject: Re: Master Agreements

Dave - we did consider this at the time and decided not to proceed on the
basisi of a formal amendment of each of the Masters, for the following
reasons:

It would take considerable time to prepare (particularly in the US where
there are a much greater number of Masters) the necessary amendment
agreements.
Each Master would need to be separately considered and individual amendments
prepared.
The process of securing the agreement of each counterparty to an amendment
would have delayed the Project
In proposing a formal amendment, this would have meant identifying to the
marketplace the Project.

Clause 3 of the ETA sets out how we have dealt with the execution of trades
online wherer existing Masters are in place.

Regards

Justin

David Forster
06/10/99 08:51
To: Justin Boyd/LON/ECT@ECT, Mark E Taylor/HOU/ECT@ECT
cc:
Subject: Master Agreements

Just out of curiosity:

The GTC's state that GTC's will be used "Until a Master Agreement is
executed" . . .

Do we need to modify our standard Master Agreements to be consistent with
either the concepts or terms of EnronOnline?

I realise we are willing to accept variations for existing master agreements,
but I assume we would want to ensure that new Masters are as consistent as
possible . . .

Dave


Hello Fellow Elves.

Just a reminder that monetary donations need to be in this Friday so we can
buy the gifts this weekend and have them wrapped on Tuesday. Please give them
to me or Teri Whitcomb with the signup sheet.

There is a pizza/wrapping party on Tuesday, December 19th that y'all are
invited too.

Have a nice day.

Jeffrey Oh


FYI
----- Forwarded by Jeffrey T Hodge/HOU/ECT on 12/12/2000 03:16 PM -----

	Russell Diamond
	12/11/2000 04:46 PM

		 To: Jeffrey T Hodge/HOU/ECT@ECT
		 cc: William S Bradford/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT
		 Subject: West Exposure

Jeff, Bill,

Per your request, attached is a spreadsheet which details counterparty
exposure in the West region.  The spreadsheet contains several tabs which
detail each the Physical MTM and Financial MTM exposure.  Please be sure you
are looking at the correct spreadsheets.  Also, these exposure amounts do not
reflect the overall exposure with each counterparty, just the exposure for
the West region.

Thanks
Russell


All,

Please find attached a memo providing an overview of the rights and
responsibilities of CLCs and NDIECs in California.  Also attached are the
referenced California code sections and those Commission decisions for which
we have an electronic version.  Let us know if you have any questions.

Please note that Jeff does not have access to his email, so he has asked
that one of you forward this message to Lara Leibman.

Thank you
Camille Estes
Blumenfeld & Cohen

 - CA CLC NDIEC Memo final.doc
 - D.95-07-054.doc
 - D9512056.rtf
 - D98-08-031 consumer protection.RTF
 - Enron Code Sections.doc


Please note that I will be out of the office for the remainder of the day
attending an offsite meeting.  If you should require any assistance, please
contact my assistant Esmeralda Gonzalez at Ext. 5-7621.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


The report named: West VaR <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=36&report_name=West+VaR&category_cd=2&category_name=WEST&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=11/15/2001>, published as of 11/15/2001 is now available for viewing on the website.


SBX 43 (Alpert) which extends the rate freeze to SDG&E customers over
100kw was concurred on the Senate Floor and now heads to the Governor
for his signature.


Please find attached the current copy of the EnronOnline Weekly Public Report
and Key Messages, including slides and statistics for public consumption.
The information contained in the attachments can be communicated to audiences
outside the company and should be used to ensure that we present a consistent
message to the public. Please ensure that this email is distributed to anyone
in your group who needs to discuss EnronOnline with individuals outside the
company.

This report is not intended to be used as a stand-alone presentation, nor
that all the information be used in a single presentation or customer
communication.


If you are reading this message in plaintext or if you have an AOL address you must click on this link: http://www.smallcapnetwork.net/archive/listserv/20020119-1.html  and wait for a web page to automatically open up to properly read this newsletter.
[IMAGE]
 [IMAGE] Dow Jones [IMAGE] 9771.85 -78.19  5:08 am EST, Sat., January 18, 2002  [IMAGE] NASDAQ [IMAGE]  1930.34 -55.48  For info, visit www.smallcapnetwork.net  .  [IMAGE] S & P 500 [IMAGE]  1127.57 -11.31  To be removed, please click here  .  [IMAGE] Russell 2000 [IMAGE]     474.37 -8.02  VOLUME 02: ISSUE 6
[IMAGE]
 Health Is Wealth   It's PARTY time! 2002 is expected to be the coming out party for the biotech sector. The fruits of innovative research performed in the past few years will propel a new pipeline of drugs to reach the market. This means that many small companies may be potentially sitting on drugs or therapies that could generate billions in sales and profits. The success of Genentech in the 80's helped inflate a biotech bubble that eventually imploded in the late 80's and early 90's.  However, the trickle down effect produced a new breed of scientist/entrepreneur.  These future biotech CEOs realized that they could go off on their own to pursue research without the bureaucracy that often plagues large corporations and academic institutions.  Moreover, the prospect of amassing vast personal wealth also played a part.  These above factors are the driving forces that are fueling the current biotech sprint.   The new paradigm has shifted from internet/technology companies to biotech. This is where the next major area of expansion will be.  Even the Nasdaq 100 (QQQ ) has expelled some of its most high profile tech names in favor of biotech companies.      [IMAGE]  Our lives in the next few decades will be touched by the biotech industry more than any other. Thousands of new jobs will be created, and as technology and biotechnology start converging to one, the next great industry will be born.  Ultimately, for mankind, illnesses that were once thought to be fatal and incurable will soon become treatable with simple, effective, and advanced procedures. This is not only welcome news for the sick and the dying, but also for investors who are smart enough to cash in on all the progress leading to this evolutionary panacea.    During the entire 10 year period between 1976 and 1985, the FDA approved only 198 new drugs. In 2001 alone, the number of new drug approvals skyrocketed to 160. That figure is expected to climb even higher in 2002. At present, an astonishing 643 new pharmaceuticals are nearing the final stages of the FDA's testing and approval process, according to a recent report prepared for the US Department of Health and Human Services.   Many investors are already well aware of the coming biotech boom. The question is separating the contenders from the pretenders. Nonetheless, judging from the recent rise in key biotech stock indexes, investors are banking on biotechs, hoping that they'll generate whopping returns reminiscent of those investors pocketed from once hot tech stocks such as Cisco (CSCO ) , Microsoft (MSFT)  and other tech stalwarts.  Such hopes are not entirely misplaced. There will indeed be companies that will develop and commercialize drugs/applications with billion dollar potential. [IMAGE]  Developing new pharmaceutical compounds is costly and time consuming. Yet the rewards can be enormous, both for the companies involved and for their investors. Before new pharmaceuticals can be sold, they must successfully complete three phases of testing as mandated by the FDA. This process can take as long as 15 years, although expedited procedures enacted during the Clinton administration have reduced the testing period in some cases to less than five years.    The earlier a new drug is in the development process, the higher the risk the drug does not ever reach the market. According to Tricia Nagle, managing editor of the newsletter Drug and Market Development, more than 90 percent of all new biopharmaceuticals under development never even make it to the first part of Phase III trials. If a company is fortunate enough to reach Phase III testing, it is still not a guarantee of success. It is estimated that roughly 40 percent of potential new drugs fail their final phase III tests.    The following are biotech companies with applications that have the potential to make big splashes in 2002.   ViroPharma (VPHM ): Cure for the common cold. The company's future rests on Picovir, the magic cold treatment. ViroPharma filed its New Drug Application (NDA) with the FDA for US approval of Picovir on July 31st, and it was accepted for review on October 1st.  With an anticipated FDA review time of 12 months, we expect the company to hear back from the FDA July 31, 2002, with a final approval anticipated by the end of the third quarter. This is your typical "grand slam" or perishes type of biotech company.      Maxim Pharmaceuticals (MAXM ): Cancer Treatment. Ceplene?, is currently being tested in Phase III cancer clinical trials in 12 countries for malignant melanoma and acute myelogenous leukemia, and in Phase II trials for the treatment of hepatitis C and renal cell carcinoma. Phase III clinical trials for Ceplene , the treatment of advanced metastatic melanoma, is expected to begin 1Q/02.  Maxim will also be advancing its hepatitis C infection program with a Phase II trial in 2002.   Medarex (MEDX ): Cancer Treatment & Arthritis. Medarex utilizes its own patented UltiMAb-Mouse system to create fully human antibodies for itself and others, offering a full range of antibody development and manufacturing capabilities.   15 UltiMAb-derived antibodies are expected to be in the clinic by the end of this year. Collaboration agreements with 10 new partners should be initiated during 2002.  Phase III trials were recently started on MDX-CD4 a treatment for rheumatoid arthritis. MDX-010 is currently undergoing several multi center Phase I/II trials in prostate cancer, melanoma and other malignancies. MDX-210 is being evaluated  in patients with solid tumors. MDX-33 is currently being tested in patients with the auto immune disease ITP.   Axcan Pharma (AXCA ): Gastrointestinal Treatment & Cancer. Axcan is a leading specialty pharmaceutical company within the field of gastroenterology in North America and Europe. Key products including ULTRASE for pancreatic enzyme replacement, PHOTOFRIN photodynamic therapy for lung and esophageal cancer and CANASA rectal suppository for inflammatory bowel disease. Helicide, Axcan's patented, oral, single capsule, triple therapy treatment for H. Pylori infection (the leading cause of peptic ulcers and a potential cause of gastric cancer) should be FDA approved later this year.  It's good to know someone is fighting our gastro problems.      DUSA Pharmaceuticals (DUSA ): Cancer Detection. The company's main product Levulan
 PDT/PD is a platform used for the detection and treatment of a variety of superficial conditions, such as early cancers, pre cancers and skin conditions.  Levulan apparently has wider applications and may add to the bottom line in the not too distant future.  DUSA initiated three Phase I/II Levulan PDT clinical trials. In dermatology, in co-operation with Schering AG, Germany, trials are now well underway in onychomycosis (nail fungus) and warts, joining the already ongoing study in acne. Initial results from all of these studies are expected during early to mid 2002.   Investing in the biotech world is more interesting and fruitful than any other sector.  Biotech investors most often seek to find the company with the cure for something.  The companies mentioned above are on the "application side", where returns are much higher, although accompanied with the downside of greater risk.  In addition, most biotechs show little or no revenue, and almost all in a sea of red ink.  However, finding "the one" will lead to the kind of home run that each investor only dreams about. The monetary gains are quite substantial but so are the potential losses if something goes awry.  Just look at Imclone (IMCL ) - a perfect example of what happens when a dream turns to a nightmare.    But much like the internet/technology sector, there are two types of companies.  First, we mentioned the application companies which are often too risky for many investors.  The second type of company is on the infrastructure side, usually referred to as the "picks and shovels".  These biotechs are the suppliers and drivers to the application companies.  This relationship is similar to how Cisco (CSCO ) and Oracle (ORCL ) has helped power all the Webvans and eToys of the world.    Infrastructure companies often have real revenues and earnings derived from supplying application companies.  Owning stock in infrastructure companies helps diversify much of the downside risk because there are so many startups aiming to develop that billion dollar cure. They will spend millions on goods and services which in turn, allow the infrastructure companies to build their war chest of cash for use in getting into the application side of the business in the future, creating a biotech behemoth.   Any company can wake up one day and decide to find a cure for any disease, but trying to become an infrastructure company is very difficult because of the barriers to entry.   Now the burning question is who are these "picks and shovels" companies?    The SmallCap Digest has discovered a biotech company that fits the bill. We will be bringing you more information on this company very soon.  Once we have conducted a complete due diligence on this company we will inform our subscribers of the findings.  Stay Tuned!
 D I S C L A I M E R :[IMAGE] The SmallCap Digest is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. SmallCap Digest is not a registered investment advisor or broker-dealer. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from third party consultants and/or companies which it features for the publication and circulation of the SmallCap Digest or representation on SmallCapNetwork.net.  Likewise, this newsletter is owned by TGR, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication.   Click Here  to view our compensation on every company we have ever covered, or visit the following web address:  http://www.smallcapdigest.net/compensation_disclosure.html  for our full compensation disclosure and http://www.smallcapdigest.net/short_term_alerts.html  for Trading Alerts compensation and disclosure.   All statements and expressions are the sole  opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities  mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein.   The editor, members of the editor's family, and/or entities with  which the editor is affiliated, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication. The profiles, critiques, and other editorial content of the SmallCap Digest and SmallCapNetwork.net may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein.   THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN  SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN  CONSENT OF THE EDITORS OF SMALLCAPNETWORK.NET.   We encourage our readers to invest carefully and read the investor information available at the web sites of  the Securities and Exchange Commission ("SEC") at http://www.sec.gov  and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com  . We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at  http://www.sec.gov/consumer/cyberfr.htm  . Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.

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You are currently subscribed to smallcapdigest as: andrew.h.lewis@enron.com
To unsubscribe send a blank email to leave-smallcapdigest-871164Q@lyris.smallcapnetwork.net


It looks like we now have all the descriptions including the Black Knight, so attached below you will find the updated list.  As it turns out, the only career that we had no one fall into is the Doctor.  The career where we had the most people fall into is the White Knight.  So, either we have a lot of good people or a lot of people who like to think of themselves as good.  Which is good, since we have no doctor for our kingdom.

http://www.cmi-lmi.com/kingdomality.html


nancyl@shore.net


Basically I'm doing the job now. I key monthly journal entries for my current
dept. I also perform various clerical duties such as filing , archiving,
running errands making copies, etc. as well.

I have been doing clerical/acctng clerk type work for more than 3 years and I
have been with Enron for a total of 5 years.

I have been doing clerical/acctng clerk type work for more than 3 years and I
have been with Enron for a total of 5 years.

I know the basics of Excel, Word and SAP


FYI
---------------------- Forwarded by Susan Flynn/HOU/ECT on 04/10/2000 09:26
AM ---------------------------

From:  Russell Diamond
     04/07/2000 12:14 PM

To: William S Bradford/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Tanya
Rohauer/HOU/ECT@ECT, Rod Nelson/HOU/ECT@ECT, Christopher Smith/HOU/ECT@ECT,
Mary Tudon/HOU/ECT@ECT, Nidia Mendoza/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT,
Russell Diamond/HOU/ECT@ECT, John Suttle/HOU/ECT@ECT, Tracy Ngo/HOU/ECT@ECT,
Lesli Campbell/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT, Paul
Radous/Corp/Enron@ENRON, Edward Sacks/Corp/Enron@Enron, Brad
Schneider/Corp/Enron@Enron, Tom Moran/HOU/ECT@ECT, Veronica
Espinoza/Corp/Enron@ENRON, Anne Bertino/HOU/EES@EES, Nichole
Gunter/HOU/EES@EES, Jeffrey T Hodge/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT,
Carol St Clair/HOU/ECT@ECT, Marie Heard/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT,
Susan Bailey/HOU/ECT@ECT, Sheetal Patel/HOU/ECT@ECT, Larry Joe
Hunter/HOU/ECT@ECT, Julie Meyers/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT,
Souad Mahmassani/Corp/Enron@ENRON
cc:
Subject: American Central Energy - NO TRADES

American Central Energy, LLC's guaranty's have been revoked by their
guarantor, American Central Gas Companies.  The guaranty's include a $1MM
guaranty supporting financial trading and a $2MM guaranty supporting physical
trading.

NO TRADES should be approved going forward.

The counterpary has been placed on Credit Watch for No Trades.

The appropriate traders have been notified although most of their
transactions are executed through EOL.  Thier profile on EOL will be amended
to NO TRADES until more information is made available.

Russell


Please make the following changes:
1. Please change the title to read: "CommodityLogic Brings e-Commerce to the
Back Office"
2. Please spell my last name with one "s", not two.
3. Please note that Sally Beck is co-head of CommodityLogic.
4. Please get approval to publish from Louise Kitchen, ENW CEO.

All the best,

Tom

Vance Meyer
11/29/2000 09:57 AM
To: Thomas D Gros/NA/Enron@Enron
cc:

Subject: E Biz Story

Tom -- Here is a draft of the internal E-biz article we would like to run
tomorrow.  To fit the format, I still have a few words to shake out but hoped
you might be able to approve the accuracy and spirit of the message.

Thanks

Vance Meyer


-----Original Message-----
From: 	Rigney, Brandon
Sent:	Tuesday, November 20, 2001 4:01 PM
To:	Rigney, Brandon
Subject:	In case we get separated...

Friends--

Whatever the coming days or weeks may bring, I wanted to make sure we could stay in touch.

Here's a web page with my contact information and a place for you to type in yours, if you wish: http://www.blr.net/friends/

Feel free to pass this email along to anyone you think appropriate.  Thanks!

Brandon


For online trading I am also going to have to sign off on whether we can
trade with the UK based counterparty list, and I am probably going to need
your help and your list to be able to do that.  I am totally unfamiliar with
the UK based counterparties and in most cases their names aren't even in
English so I can't even guess whether it would be an appropriate counterparty
or not.  I am, obviously, most concerned about not approving trading with
utilities and governmentals.  I've been searching that utility website trying
to figure out which are utilities from that, and guessing at the names if it
sounds like a utility or governmental.

Is your list done, or when will it be done?  Do you spell out if the
counterparty is governmental/utility?  What help can you give me?


Start Date: 4/11/01; HourAhead hour: 16;  No ancillary schedules awarded.
Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041116.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 16 / Preferred:   2.27 / Final:   2.26)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 4/11/01
  SC_ID: EPMI


Paul,  Disregard the prior version and use this one.


---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 02/21/2001
03:47 PM ---------------------------
To: Matthew Lenhart/HOU/ECT@ECT
cc:

Subject: Def Leppard Tickets

Oh yeah,

I am supposed to remind you or Eric to find 2 more tickets for next Thursday.

Lisa


---------------------- Forwarded by Phillip M Love/HOU/ECT on 06/07/2000
06:20 PM ---------------------------

Jim Little
05/12/2000 09:05 AM
To: Mary Theresa Franklin/HOU/ECT@ECT, Cathy De La Torre/HOU/ECT@ECT, Gary
Nelson/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Carrie Hollomon/HOU/ECT@ECT,
Kellie Bilski/HOU/ECT@ECT, Rhonda Robinson/HOU/ECT@ECT, Rita
Wynne/HOU/ECT@ECT, Gregory A Mausser/HOU/ECT@ECT, Janie Aguayo/HOU/ECT@ECT,
Bryan Hull/HOU/ECT@ECT, John Valdes/HOU/ECT@ECT, Melba A Bowen/HOU/ECT@ECT,
Cathy Sprowls/HOU/ECT@ECT
cc:
Subject: 9904-9901 OAs as 4/2000 GL


Approved.  Please process.

Thanks,
Sally Beck


I hadn't heard about his changes.... did he swith co's...

I will confirm meeting time.

Thanks, BT

 -----Original Message-----
From: 	Dasovich, Jeff
Sent:	Monday, September 17, 2001 7:49 PM
To:	Tycholiz, Barry
Subject:

Greetings:

1) I haven't forgot about Baldwin, but it seems that things have changed for him (and his company?).  His long-standing number know longer works and there's no forwarding number.  I'm trying to track him down.

2) What time's your weekly meeting on Thursday, and is there a call-in number?

Best,
Jeff


Just a reminder about the above mentioned regularly scheduled meetings.

Please mark your calendars.

Tuesday November 14th.

Direct Reports Meeting in Michael's office at 8:30 A.M

Secretary meeting at 9:30 A.M. in 47C2....

Thanks,

Emily


Please find attached the programs for the two back-two-back conferences on
real options at UCLA (you may also download them from www.realoptions.org and
www.rogroup.com ). The two conferences are separate but complementary events.
The first conference, co-sponsored with Accenture and Morgan Stanley Dean
Witter, on July 11-12, is a professional conference on Real Options Valuation
in the Connected Economy: High Tech, Pharma, Energy, Corporate Valuation &
Strategic/Portfolio Management. For information and online registration see
www.rogroup.com.

The second is the 5th Annual International Conference on Real Options: Theory
Meets Practice (the annual industry event where academics and practitioners
get together to share the latest developments on theory and applications),
co-organized with The Anderson School at UCLA on July 13-14. For information
and online registration see www.realoptions.org

Between the two complementary events, we are pleased to present an extensive
array of practitioner and cutting-edge academic presentations, sharing of
experiences by corporate executives, and panel discussions by experts from
leading organizations and universities. Our keynote speaker this year will be
Eduardo S. Schwartz of UCLA.

Interested participants must register for the conference online
www.realoptions.org) and indicate hotel preferences by May 31 or ASAP.

We look forward to seeing you at this exciting event, and would appreciate if
you share this with interested colleagues.

Lenos Trigeorgis

 - 5thmanagerialconferenceJuly2001.doc
 - 5thacademicconferenceJuly2001.doc


HOTEL DISCOUNTS TRAVEL NEWSLETTER
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?  SUBSCRIBE AND UNSUBSCRIBE
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You are currently subscribed to specials1 as: pkeavey@ECT.ENRON.COM
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Notice No. 00-321
September 11, 2000

TO:
ALL NYMEX/COMEX DIVISION MEMBERS/MEMBER FIRMS
ALL NYMEX/COMEX DIVISION CLEARING MEMBERS
ALL NYMEX/COMEX DIVISION FLOOR TRADERS
ALL NYMEX/COMEX DIVISION OPERATIONS MANAGERS

FROM: Neal L. Wolkoff, Executive Vice President

SUBJECT: Quarterly Review of the Constituents of the FTSE Eurotop 300c and
FTSE Eurotop 100c  Indexes

FTSE has announced the results of its quarterly review of the constituents of
the FTSE Eurotop 300c and the FTSE Eurotop 100c Indexes by the FTSE Equity
Indices Committee.  Changes in the index constituents take effect after the
close of business on Friday 15 September, 2000.  FTSE,s technical release
describing the details of these changes is found at:

http://newsite.ftse.com/newsinfo/news/A2053_ei.html

Should you have any questions regarding the above, please contact Jay
Gottlieb at (212) 299-2607.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(00-321)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


---------------------- Forwarded by Don Baughman/HOU/ECT on 01/16/2001 08:36
AM ---------------------------

"Bobette Riner" <bobette.riner@ipgdirect.com> on 01/15/2001 05:33:43 PM
To: <ellen.clardy@ipgdirect.com>
cc:
Subject: SPP hourly trades have been incorporated into the Entergy hourly
index

?
All of TradersNews' hourly, daily and term indexes  have been posted.
?
Please note that as of today's hourly index for the  Entergy hub, we are
adding hourly deals done within both SPP and SPP deals which  sink at the
Entergy hub. Today's Entergy/SPP index (attached) captures hourly  deals
during during peak hours on Friday, Jan. 12.
?
Questions or feedback? Feel free to contact  me.
?
Thank you,
?
Bobette  Riner???????????????????????????????
Senior Power Markets Analyst??????
TradersNews Energy
713/647-8690
FAX: 713/647-7552
cell:  832/428-7008
bobette.riner@ipgdirect.com
http://www.tradersnewspower.com
?
?
 - enthrly011201.doc


Tracy,

What exactly do you want moved over to the new company (1755)?  The only thing we have moved so far is the 1N9 revenues (and related costs). Do you want all of Eric Gadd's costs moved?

 -----Original Message-----
From: 	Geaccone, Tracy
Sent:	Monday, October 22, 2001 4:26 PM
To:	Botello, Mary
Cc:	Lin, Judy; Lev, Jennifer
Subject:	RE: Acquisition Projects

Whatever the new company is that we set to record profit and losses on.

 -----Original Message-----
From: 	Botello, Mary
Sent:	Monday, October 22, 2001 3:14 PM
To:	Geaccone, Tracy
Subject:	FW: Acquisition Projects

	Tracy,
	Did you want to expense these costs in Eric Gadd's cc?
	Mary

 -----Original Message-----
From: 	Lin, Judy
Sent:	Monday, October 22, 2001 2:22 PM
To:	Botello, Mary
Subject:	FW: Acquisition Projects

fyi

How???  May I move it to c.c.#112458 - Eric Gadd - Asset Development?

 -----Original Message-----
From: 	Geaccone, Tracy
Sent:	Monday, October 22, 2001 1:52 PM
To:	Lin, Judy
Cc:	Ratner, Michael; Lev, Jennifer
Subject:	RE: Acquisition Projects

Should be expensed in the 4th Q

 -----Original Message-----
From: 	Lin, Judy
Sent:	Monday, October 22, 2001 1:46 PM
To:	Geaccone, Tracy
Cc:	Ratner, Michael; Lev, Jennifer
Subject:	Acquisition Projects

I've been requested by Rod and John Goodpasture to set up the following acquisition projects in 2000 under
Co. 0366's book:

Project #                  Project Name            Project-to-Date

C.005532        Reliant Acquistition             $21,173.59
C.005535        LG & E Asset Acquisition       7,128.54
C.005539        Kansas P/L Prohect               7,173.43
C.005542        Hugoton-Bushton                 54,401.40
C.005543        Destin P/L, Sea Robin          13,996.76
C.005544        Phosphate Slurry P/L           24,131.30
--------------------------------------------------------------------------------------
Total                                                      $128,005.02
                                                             ==========

As the projects have been completed, may we allocate the costs ?  to whom ?

Please advise.

Judy 3-7193


Please pst and circulate to the team.  We probably need to open a new section
on the site to adress gas prices.
----- Forwarded by Steven J Kean/NA/Enron on 09/27/2000 05:32 PM -----

	Shelley Corman
	09/07/2000 05:34 PM

		 To: Richard Shapiro/HOU/EES@EES, Steven J Kean/NA/Enron@Enron, James D
Steffes/HOU/EES@EES, Rob Bradley/Corp/Enron@ENRON, Margaret
Carson/Corp/Enron@ENRON
		 cc:
		 Subject: Message Points on Higher Gas Prices

I anticipate that GPG management will be asked at several upcoming industry
meetings to comment on the reasons for and implications of rising natural gas
prices.  Attached is a  proposed set of talking points for use in Q&A and
briefing materials.    Please let me know if you find these message points to
be consistent with our general Enron response to pricing inquiries.


I'm heading to KC tomorrow for a meeting with Langley and Tino on some goofy
project.  Funny thing is, now that he is sitting on $100 mm, I take
everything he says pretty damn seriously!   If word gets out, expect another
huge dive in ENE price.  DF

dhill@wrf.com on 01/24/2000 05:32:34 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Re: ENE

Not a good day for the market in general.... Good thing I pay so little
attention to it (not).  By the way, I sent my application back to KU last
week.  I was going to send you a copy of what I mailed in, but who knows
whether I'll ever get that done.  Don't be surprised if they give you a
call....  drh

                    Drew_Fossum@e
                    nron.com             To:     DHill@wrf.com
                                         cc:
                    01/24/00             Subject:     Re: ENE
                    04:59 PM

See ENE today?  Glad I didn't quit my day job.  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 01/24/2000
03:59 PM ---------------------------

 (Embedded
 image moved
 to file:      From:  Drew Fossum
 pic25955.pcx) 01/21/2000 03:31 PM

To:   dhill@wrf.com
cc:

Subject:  Re: ENE  (Document link: Drew Fossum)

I wish.  As to your complaint about my failure to tip you off, there were
two primary reasons:  (1) if I told you and got caught I'd go to prison,
and, more importantly, (2) I had no clue. DF  (its better to be lucky than
good!)

dhill@wrf.com on 01/21/2000 02:58:19 PM

To:   Drew Fossum/ET&S/Enron@ENRON
cc:

Subject:  Re: ENE

Yeah, I've noticed it.  Particularly the run-up yesterday.  Hell no, I
don't own any ENE.  Why didn't you tell me this was going to happen?
Between ENE and our good old EMC, you really are closing in on
retirement.....

                    Drew_Fossum@e
                    nron.com             To:     DHill@wrf.com
                                         cc:
                    01/21/00             Subject:     ENE
                    02:41 PM

Check out ENE over the last 30 days.  I'm a few more weeks away from
retirement.  Do you own any?  DF

(See attached file: pic25955.pcx)

 - pic25955.pcx


The confirmed nomination for Barrett Resources has been zeroed and a like number added to Seneca.

Bob

---------------------- Forwarded by Robert Cotten/HOU/ECT on 05/01/2001 01:18 PM ---------------------------

	Enron North America Corp.  From:  Robert Cotten                           04/26/2001 11:48 AM

To:	Vance L Taylor/ENRON@enronXgate @ ENRON
cc:	George Weissman/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ENRON, Melissa Graves/ENRON@enronXgate@ENRON, Susan Smith/HOU/ECT@ENRON
Subject:	RE: May Wellhead "Spot" Purchases - Request

Vance,

As we discussed yesterday, I will zero the confirmed column in POPS for Barrett and increase the same for Seneca.

Bob

From:	Vance L Taylor/ENRON@enronXgate on 04/26/2001 11:42 AM
To:	Robert Cotten/HOU/ECT@ECT
cc:	George Weissman/HOU/ECT@ECT, Daren J Farmer/HOU/ECT@ENRON, Melissa Graves/ENRON@enronXgate, Susan Smith/HOU/ECT@ENRON
Subject:	RE: May Wellhead "Spot" Purchases - Request

Bob,

I'm still concern about April's nom; if we don't take it to zero, than we could have the possibility of the allocations group adding volumes to Barrett's April deal.  This would be incorrect.

vlt

 -----Original Message-----
From: 	Cotten, Robert
Sent:	Thursday, April 26, 2001 9:27 AM
To:	Taylor, Vance L.
Cc:	Weissman, George; Daren J Farmer/HOU/ECT@ENRON; Graves, Melissa; Susan Smith/HOU/ECT@ENRON
Subject:	RE: May Wellhead "Spot" Purchases - Request

Vance,

Based on the information below, nominations are being revised effective May 1, 2001:

Counterparty		Meter #	Orig. Nom	Rev. Nom

Barrett Resources	0435		1,536		0

Seneca Resources	0435		3,073		4,609

				Total	4,609		4,609

Bob

From:	Vance L Taylor/ENRON@enronXgate on 04/25/2001 08:42 AM
To:	Robert Cotten/HOU/ECT@ECT
cc:	George Weissman/HOU/ECT@ECT, Susan Smith/ENRON@enronXgate, Melissa Graves/ENRON@enronXgate
Subject:	RE: May Wellhead "Spot" Purchases - Request

Bob,

HPLC continues to purchase gas from both Ocean and Seneca on a term basis; firm tickets were submitted for April origination beginning with the month of April.  As for as  Barrett, they are selling their gas under a JOA with Seneca; therefore, 100% of Barrett's production is being paid to Seneca.  Consequently, you should see tickets in sitara for both counterparties.

Let me know is you can't.

vlt
x36353

 -----Original Message-----
From: 	Cotten, Robert
Sent:	Tuesday, April 24, 2001 6:20 PM
To:	Taylor, Vance L.
Cc:	Weissman, George
Subject:	Re: May Wellhead "Spot" Purchases - Request

Vance,

Are we still purchasing gas at meter 435 from Barrett Resources, Ocean Energy and Seneca Resources?  They were on George's spreadsheet but they are not termed up.  The only deals termed up are Mariner, St. Mary Land, Walter Oil & Gas and The Meridian Resource.

Bob

From:	Vance L Taylor/ENRON@enronXgate on 04/24/2001 04:25 PM
To:	Robert Cotten/HOU/ECT@ECT
cc:	Janie Aguayo/HOU/ECT@ECT, Lisa Hesse/HOU/ECT@ECT, Julie Meyers/HOU/ECT@ECT, Cynthia Hakemack/HOU/ECT@ECT, Donald P Reinhardt/ENRON@enronXgate, Susan Smith/ENRON@enronXgate, Melissa Graves/ENRON@enronXgate, George Weissman/HOU/ECT@ECT
Subject:	May Wellhead "Spot" Purchases - Request

Bob,

HPLC will be purchasing wellhead gas from the producers listed below for the production month of May, 2001.  This production will be purchased on a "spot" basis and deal tickets should be created and entered into sitara based on the following information:

Counterparty				Meter			Volume			Price
Apache Corporation			0435			1409mmbtu/d			100% IF/HSC less $0.10
Whiting Petroleum Corp			6523			113mmbtu/d			85% IF/HSC
El Paso Merchant Energy, LP		5923			622mmbtu/d			100% IF/HSC less $0.26
El Paso Merchant Energy, LP		5848			203mmbtu/d			   85% IF/HSC    		                                			     Swift Energy			2630			  21mmbtu/d			100% IF/HSC less $1.38
Duke Energy Trading & Marketing	6347			147mmbtu/d         		   85% IF/HSC
HESCO Gathering Oil Co.		6063			289mmbtu/d			   85% IF/HSC
Embassy Natural Gas Inc.		6598			     1mmbtu/d			   85% IF/HSC
Stone Energy				9696		                2745mmbtu/d			100% IF/HSC less $0.20
The Houston Exploration		9696		                3407mmbtu/d			100% IF/HSC less $0.20
Amerada Hess (Hess Energy Svcs)	0435		                1104mmbtu/d			100% IF/HSC  less $0.14
Crosstex Energy Services, Ltd.		0435			 656mmbtu/d			100% IF/HSC less $0.12
Tri-Union Development			0435			 149mmbtu/d			100% IF/HSC less $0.055
Ranger Oil Company			9871			200mmbtu/d			   85% IF/HSC if <300/d
												   90% IF/HSC if >300/d

These are Producer Svcs. deals and should be tracked in the IM Wellhead portfolio... attached to the gathering contract.

ADDITIONALLY, If at all possible, please do not confirm the Apache and Crosstex deals as we expect to receive term firm contracts in the very near future.

Thanks,

vlt
x3-6353

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