IN: Russell: We have received excerpts from Global's LLC Agreement. Its members are Global Petroleum Corp., YPF Distribution Company and Montello Oil Corporation. It is managed by a Board of 3 reps selected by each member and for this purpose, Global and Montello are treated as 1 member and YPF is treated as 1 member. I still need to talk to you about why we want an ownership change trigger in the ISDA and if we do, at what level. carol

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OUT: Global Companies LLC

IN: The meeting yesterday with about 7 small producers in Okla went fairly well. It is obvious that they now realize that the cost of processing, if necessary is there obligation, not Northerns. We heard the same rhetoric about the history, for the past 30 years it is has been a "wet" system and they entered into contracts without any processing obligations. Northern' can't change due to this and historical operation and "unwaive" the high c6+ based on the highest receipt levels. They (Dan?? ) was very insistent that if a problem occurred, all shippers should be pro rated and NNG's tariff should be enforced at the tailgate of the Bushton plant, not the point of receipt as the tariff currently states. They asked us to file to change, potentially incorporate a default processing agreement that had to be used in the event of high concentrations of C6+-- I think you get the drift of the discussions-- don't just cut my gas, cut everyone

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OUT: Producer meeting

IN: Jeff, I just wanted to wish you well. I enjoyed working with you at Enron and gained a lot under your leadership. If I can be of assistance to you in any way, please feel free to contact me.

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OUT: Best Wishes

IN: Barbara, This appears to be supply deal for deliveries at Katy that would be subject to the 90 day non-compete. Sandi is in the process of getting me a copy of the non-compete so that I can determine if this deal is covered. Do you have any thoughts.

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OUT:
ONEOK Energy Marketing and Trading Company