Subject: "Energen".

Body: Brad and John: We have not sent out the ISDA draft on energen because I need calrification on the following points: 1. Is the $75MM Guaranty cap meant to cover both physical and financial combined or are we doing separate Guarantys each with a $75MM cap amount? 2. How does the $50MM collateral threshold work? I noticed in the physical master that it appears as if we subtract from the $50MM threshold our exposure under the ISDA to arrive at the Counterparty's threshold, although the language in the physical says "the exposure" and it is not clear whose exposure they are talking about. Is that how it is suppposed to work? Carol

Subject: "Rev option form".

Body: I have revised the option form consistent (except where noted) with comments sent by Herman and Lisa, and have attached a redline version. Herman, I dealt with your comment regarding the defn of Optionee by tinkering a little with the 1st paragraph. I also construed your comment regarding Enron's right to terminate the option to NOT preclude termination if our counterparty is in default. Please confirm that this is acceptable. Lisa, I did not change the notice info since the first entity will the the project co, with ENA Legal receiving a copy. Please advise if you have any comments. Kay

Subject: "Counterparty Name Conventions".

Body: A little forward movement trying to get the Global Counterparty not to set up counterparties under division or trade names. If the counterparties insist on doing so, we have been trying to get them to add the legal name as part of the counterparty's name in GCP. For non-swap team members, you may want to forward this email on to your groups as well.

Subject: "eol products".

Body:
Dale, Please let me know the status of the creation of Gas Daily index swaps. I believe that you have been talking to Mike Grigsby on this issue. I created the April Gas Daily swap this morning please approve this product also. Thanks,