Spreadsheet: kenneth_lay__19449__WMR100100
Sheet: Madison Energy Review

 |  |  |  | Madison Energy Advisors, Inc.
 | WEEKLY MARKET REVIEW
 | WEEK OF SEPTEMBER 25 - OCTOBER 1, 2000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Volume 2, Issue 38
 | Oil and Natural Gas Futures
 | Oil (WTI) |  |  |  |  |  |  |  |  |  | Gas ([NAME])
 |  | M | T | W | TH | F | Week Ago | Month Ago | Year Ago |  |  | M | T | W | TH | F | Week Ago | Month Ago | Year Ago
 |  | 2000-09-25 00:00:00 | 2000-09-26 00:00:00 | 2000-09-27 00:00:00 | 2000-09-28 00:00:00 | 2000-09-29 00:00:00 | 2000-09-22 00:00:00 | 2000-09-01 00:00:00 | 1999-09-29 00:00:00 |  |  | 2000-09-25 00:00:00 | 2000-09-26 00:00:00 | 2000-09-27 00:00:00 | 2000-09-28 00:00:00 | 2000-09-29 00:00:00 | 2000-09-22 00:00:00 | 2000-09-01 00:00:00 | 1999-09-29 00:00:00
 | Near Month | 31.57 | 31.5 | 31.46 | 30.34 | 30.84 | 32.68 | 33.38 | 19.78 |  | Near Month | 5.28 | 5.32 | 5.31 | 5.12 | 5.19 | 5.13 | 4.84 | 2.61
 | 12-month Strip | 30.04 | 30 | 30 | 29.25 | 29.59 | 30.45 | 30.13 | 21.99 |  | 12-month Strip | 4.95 | 4.82 | 4.98 | 4.7 | 4.75 | 4.83 | 3.82 | 2.7
 | Sept-01 | 28.56 | 28.52 | 28.51 | 27.99 | 28.3 | 28.69 | 27.77 | 18.43 |  | Sept-01 | 4.55 | 4.57 | 4.57 | 4.39 | 4.42 | 4.45 | 3.94 | 2.52
 | Sept-02 | 24.93 | 24.87 | 24.86 | 24.71 | 24.99 | 24.95 | 25.34 | 17.81 |  | Sept-02 | 3.98 | 4 | 4.02 | 3.92 | 3.95 | 3.89 | 3.42 | 2.539
 | Daily Spot | 31.43 | 31.5 | 31.48 | 30.33 | 30.83 | 32.73 | 33.38 | 24.68 |  | Daily Spot | 5.1 | 5.28 | 5.33 | 5.21 | 5.13 | 5.16 | 4.68 | 2.555
 |  |  |  |  |  |  |  |  |  |  |  |  |  | and Luncheon
 | Weekly Recap:
 |  | Shell Exploration & Production Co. will spend $1.3 billion to develop the six-field Na Kika prospect in the deepwater Gulf of Mexico
 |  | using a floating production facility, a first for the Gulf, the Company said on Wednesday.  The Na Kika project will be producing oil
 |  | and natural gas from record depths of more than 7,000 feet.  Shell Exploration and Production and BP each have a 50 percent stake
 |  | in the project, which is estimated to hold the equivalent of about 300 million barrels of oil.
 |  | Republican lawmakers vowed to block the [NAME] administration from releasing oil from the U.S. Strategic Petroleum Reserve.
 |  | "The Strategic Petroleum Reserve exists to be used in states of national emergency, not on a whim of political debates or economic
 |  | fluctuations," stated Representative [NAME].
 |  | Shell Oil Co. and Texaco both reached settlements on Thursday with the U.S. Department of Justice over claims that they underpaid
 |  | royalties for oil and natural gas produced on federal and Native American land.  Shell Oil agreed to pay $56 million to settle the
 |  | claims and Texaco agreed to pay $43 million.  The royalties are based on oil produced on leased land from 1980 to 1998.
 | Upcoming Events
 | Ziff Energy Group's North American Gas Strategies Conference - The Westin Hotel - Calgary, Alberta
 | October 16-17, 2000   Information: |  |  |  |  |  |  | www.ziffenergy.com/gasconference |  |  |  |  | Phone: 1 (888) 524-ZIFF (0433)
 | Ziff's Canadian Energy & E-Business Conference/Trade Show - The New Roundup Centre, [NAME], Calgary, Alberta
 | November 15-16, 2000   Information: |  |  |  |  |  |  | www.ziffenergyconferences.com |  |  |  |  | Phone: 1 (888) 524-ZIFF (0433)
 | [NAME] 21st Annual Energy Symposium - Westin Galleria Hotel, Houston, Texas
 | November 28-29, 2000 |  |  |  |  |  |  | www.energysymposium.com |  |  |  |  | Phone: (713) 237-5400
 | For more information, please call [NAME] at (281) 876-2244, e-mail |  |  |  |  |  |  |  |  |  | [EMAIL] |  |  |  | or visit our Website at
 | www.MadisonEnergy.com