Subject: "Cedar Resources".

Body: Attached is Jim's e-mail regarding Cedar Resources deals. We have a disparity. I will confirm as below unless I hear from you as different. Thanks

Subject: "Arizona Mainline Expansion".

Body: This is a gentle reminder, and Im sure that most are aware, but under no circumstances is there to be any construction activiy initiated for the turbine installation at the four mainline compressor stations, until the air construction permits are issued by the applicable air agency. Construction activity is defined, but is not limited to roads, trenching activity, buildings, electrical poles etc. The state and federal agencies take a very dim view on initiating any attempts to initiate construction prior to approval. This approval is considered to be the air permit authorizing construction of the proposed activity. Your assistance in this compliance issue will be greatly apprecaited. Data generation and agency consultations are now in progress to expidite the permit submittals. Should you need further clarification, give me a call (505) 625-8022 or via e-mail.

Subject: "Message from Carol St. Clair".

Body: Master Netting Group: I just want to personally thank all of you for all of your hard work the past few weeks in addressing our counterparties' requests for Master Netting Agreements. We have been able to sign up a number of them as a result of your efforts and have managed to keep certain counterparties from cutting us off in trading. Thanks again for your efforts and for putting up with one fire drill after another! Hopefully we all learned alot in the process.

Subject: "Friday Brown Bag Lunch on Option Pricing".

Body:
Zimin, I have talked to Alex about it. I don't think that the additional seminars will crowd out the brown bag lunches. The seminars are really targeted to people who recently joined the group and have very limited, or zero, exposure to energy markets. For most members of the group it should be the piece of cake. Brown bag lunches are not that time intensive, except for the speaker. Plus, we ran out of days available for lunch meetings. Vince