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: there is a book request form in Netco\controls\Book request form.xls. I put in the west desk books already. Susan is checking to see if we can use those portfolio and book codes, if not we'll change them. KK

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OUT: book request

IN: Attached is the amendment to the field services agreement and a new construction agreement for the incremental collection facilities. Independant needs to prepare Exhibit A to the construction agreement. This is a description of the facilities to be constructed. The construction agreement is the exact form which was executed for the initial Collection Facilities. Please review and if everthing looks acceptable, please forward to Independant.

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OUT: Independent

IN: Thank you for registering for the AOL Instant Messenger(SM) service! Your registration for screen name ljmenron has been received. You are now one step away from being able to: * Communicate instantly -- it's fast, easy, fun and free!

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OUT:
AOL Instant Messenger Confirmation