This is the content of an email: Did you make it to work ok this morning? I am extremely because somebody kept me up late last night. Not that I am complaining. Probably not going to do some of my finest work today. Seriously, I had a great time last night. Gerald

Subject: Tired?

This is the content of an email: Transwestern's average deliveries to California were 1109 MMBtu/d (100%) with San Juan lateral throughput at 866 MMBtu/d and Rio Puerco at 94 MMBtu/d. Total east deliveries averaged 327 MMBtu/d. El Paso average deliveries to California were 2262 MMBtu/d (77%) : - PG&ETop (capacity 1140 MMBtu/d) deliveries averaged 651 MMBtu/d (57%) - SoCalEhr (capacity 1250 MMBtu/d) deliveries averaged 1074 MMBtu/d (86%) - SoCalTop (capacity 541 MMBtu/d) deliveries averaged 537 MMBtu/d (99%) Friday posted Gas Daily prices: SoCal gas, large pkgs 11.375 PG&E, large pkgs 10.055 TW San Juan 7.60 TW Permian 7.59 Friday Enron Online bases: Feb Mar Apr-Jun Jul-Sep Oct Perm-CA 5.30 2.83 2.32 3.22 2.02 SJ - CA 5.55 3.05 2.71 3.74 2.45 SJ-Waha .19 .17 .39 .43 .44 Perm-Waha .05 .00 .00 .00 .00

Subject: California Capacity Report for week of 1/15-1/19:

This is the content of an email: Dave, Using the numbers we have today and the Pemex volume of 240/day @ $0.25 as we have noted does not get KM to where we would want to be. I layered on an additional 5 year commitment on the 240/day to cover some of the gap but we were still short of targets. I then modified the debt term to 20 years which should be acceptable as the project would be supported for that length by the extended term and that covers an additional portion of the gap. However, we are still short of our target and my calculations indicate a need to have 22/day @ $0.25 starting in year 3 and lasting through year 20 to make up the difference. In the alternative, a rate of $0.267 with the 20 year term and 20 year debt note also gets us there. All in all, neither one is that big of a hill to climb so we know what we are looking at. Mark, Could you review from TW's perspective and see if you come up with numbers in the same ball park?

Subject: Transpecos

This is the content of an email: If you could run the same valuation for Deal #'s QC1431.1 and QC1431.2 using Post-id 956785, we could verify that they changes you've made correctly value the basis offset whether a deal index flat or index +/- . Call me if you have any questions. Thanks,
Subject: Fwrd-Start Options