Subject: "Prime Brokerage Clearance Services Agreement".

Body: Ms. Shackleton: Attached is the standard SIA Form 151 "Agreement for Prime Brokerage Clearance Services" between First Union Securities, Inc. and Enron Credit Inc. that we discussed. If you have any questions or concerns, please don't hesitate to contact me. Thank you for your help,

Subject: "Bear Stearns Companies, Inc. and all affiliates ("Bear")".

Body: Clem: I know that you sent Sheila Glover a form of ENE guaranty a few weeks ago. Sheila forwarded it to Bear and we received Bear's form which is unacceptable. However, if ENE has outstanding guaranties in favor of Bear, I would need to know since we may be able to use a previously negotiated form. Can you let me know if ENE has ever issued such a guaranty? Thanks. SS

Subject: "AGA Report 12/27".

Body: The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com. (See attached file: AGAMAIL.pdf) - AGAMAIL.pdf

Subject: "Weekly Activity Report, Roswell Area".

Body:
NNG Gomez Plant, Site Cleanup has been completed. All activities associated with the items identified during the sale of the facility have been corrected. Becuse ET&S owns and WGR operates, there is a concern that WGR may not adhear to compliance and housekeeping at the facility. This has been the case in the past. Discussions will be held with Enron Legal to address these concerns. TW Bell Lake Gas Plant, Ground Water Remediation. A revised Water Development Easement from the State Land Office was received. This will allow TW access to install one additional downgradient groundwater monitor well. The tentative schedule to install the well will be the week of September 13th. A construction permit application for installation of an SVE remediation system for the North Crawar C/S was mailed to the TNRCC. The State of New Mexico conducted an air quality inspection of the Atoka No. 2 C/S. No items or deficiencies were identified by the agency. The Title V air permit application for the Atoka No. 3 C/S was mailed to the State of New Mexico, Air Qualtiy Bureau. The Notice of Intent air permit application for the Crawford C/S was mailed to the State of New Mexico, Air Quality Bureau. Annual blanket request letters were submitted to the USFWS in New Mexico and Texas for renewal. A meeting was held in Houston with John Woodyard of Roy F. Weston and ET&S mgt. addressing PCB activity in natural gas pipelines as related to the PG&E PCB Topock Lateral issue.