IN: I have heard through the grapevine that you produce a weekly status report on the MG aquisition and assimilation. Would you please include me on that distribution list effective this week? I believe that it is assumed that Fernley Dyson will have day-to-day responsibility for this business once the aquisition is completed. However, in my role over Global Risk Management Operations, I find myself fielding questions regarding our assessment of operations and any issues surrounding assimilation. Brent Price, who reports to me and is on temporary assignment in the London office, has been keeping me updated on progress to date. His return soon to Houston, however, will create a potential information gap that the weekly status report may help to fill. Thanks in advance to your attention to this.

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OUT: Weekly Update on MG Aquisition and Assimilation

IN: Richard: I don't know if you were copied separately on this message. Can you send a letter after Thanksgiving? The first payment should come due the first week in December. Thanks. Sara

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OUT: Oct 20 conversation with Bob Lampo of Salerno

IN: Good Afternoon, Enclosed is a worksheet for BP Capital Energy Equity International Holdings 1, LP. This document should be the same as BP Capital Energy Fund LP and BP Capital Energy Equity Fund, LP, which are industrial masters. Please forward executable documents to Mike Larson at BP Capital. Stephanie is currently putting together an omnibus confirm for existing trades done last week, but these will roll up to the master once it is executed. Give me a call with any questions. Thanks,

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OUT: BP Capital Energy Equity International Holding 1, LP

IN: I met with the Research team responsible for building a model for EES and ran through the model. The model can be used to value ERCOT deals or at least we can use it as a benchmark for pricing. I have attached a document that summarizes what EES is using the model to price, and how we can use it to price our deals. I am out tomorrow but will be back in the office Wed. morning. Research is looking at historical ERCOT prices and customer load data (TXI). I will set up a meeting on Wednesday to further discuss the model and other issues associated with deal valuation. Call me on my cell if you need to reach me, (832) 275-8212 Regards

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OUT:
Valuing ERCOT Industrial Load