QUESTION: Enclosed is an ISDA worksheet for Panaco Inc. They are very interested, as are many right now, in getting an ISDA in place that has netting language between financial transactions and physical gas. Physical gas is done both at ENA and ENA Upstream Company LLC. Can we put together such a document? If there are any questions, please give me a call. Thanks,
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ANS: Panaco, Inc.

QUESTION: Dick will be doing some deals with New Power that is seperate from the "Asset Management" deal. Following are the spot deals Dick has done with Mike Garred Deal Vol Price Comment 516083 10000 8.00 sell to NP for the 5th at the pool 521475 20000 8.28 sell to NP for the 6th-31st at the pool - I killed deal 516286 which was in Sitara as a purchase from NP. 510586 1435 7.20 buy from NP at WGL on the 1st 513896 1500 7.25 buy from NP at WGL on the 2nd-4th These deals have no impact on the "asset management" deal with New Power.
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ANS: New Power Deals

QUESTION: Dan, Victor and I did discuss the demurrage claim. As I understand the facts, this does not appear to be a valid claim. I am looking to your group to evaluate the merits of the claim. If you conclude that the claim is valid, please prepare memo to Victor with copy to me, explaning why the claim is valid. If on the other hand, you conclude the claim is not valid, then please prepare a letter to Cabot ( for Victor's signature) explaning why the claim is not valid. Rick
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ANS:
Ship Demurrage Claim