IN: Ken, I have taken a look at the material you had sent me on the ARC Northern Gas Pipeline Route. Ultimately, I believe that ARC is looking for certain strategic investors to provide founding capital to fund the development of this proposal. To the extent that this is a open access non-discriminatory pipe, ENA's opportunity lies in being a shipper to capitalize on basis markets or customer transactions that provide attractive risk reward characteristics. Other than understanding the potential flows and costs, there is probably not much we need to do today given a 2006 start from an ENA point of view. The ARC consortium needs to fund approximately $30M to develop this project. The US and Canadian aboriginal groups will receive 33% ownership for $10M. the remaining $20M and 67% will be funded by a group of producers, pipelines, venture capital and the "organizing group" (40%!!). Stan Horton, if he believes this is a commercial possibility, may want to provide a few million of founding capital to the venture in order to preserve him the option to participate as an equity holder or operator if this becomes a reality. Regards

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OUT: ARC

IN: Steve! I was sorry to hear that you have been out sick and generally having a hard time. Hope you are feeling better and that it is nothing serious. The rumor is that the most likely cause of your headaches is you colleagues. No surprise there! Adios, DF

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OUT: Get well soon!

IN: Dear Patrick: We are trying to obtain copies of the document whereby Enron Storage Company conveyed the Napoleonville land assets to LRCI, Inc. They were probably part of the Bridgeline closing documents. Do you have any documents that support this conveyance? Please advise. Thanks,

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OUT: Napoleonville land

IN: I just wanted to let you know that I know that we are in a hot spot now, but I have all the confidence in you and Enron. I trust in God, but I have a lot of confidence in you too. You have kept Enron an ethical and decent company to deal with and to work for over the years. I was gone from the company (laid off 5 years ago) but returned 13 months ago and I just celebrated my tenth anniversary with the company and I would like to say that I am so proud to be back working for Enron. Those five years I was gone, I never lost my allegiance to thecompany even though I was no longer an employee, I felt as though I was still a member of the Enron family. I have always felt that Enron cared about its employees and in talking with some of my co-workers, those who have been here for a while, feel the same as I do. I want to let you know that I am praying for you and the company and I know you will bring us through this time of trouble with God's help. Keep your spitits up. God bless you. Georgia Matula EES Data Management

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OUT:
Confidence