Spreadsheet: frank_ermis__11092__Enron Pricing Report
Sheet: Report

 | Enron North America - West Gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NYMEX Month |  | 2001-11-01 00:00:00 | 2001-12-01 00:00:00 | 2002-01-01 00:00:00 | 2002-02-01 00:00:00 | 2002-03-01 00:00:00 | 2002-04-01 00:00:00 | 2002-05-01 00:00:00 | 2002-06-01 00:00:00 | 2002-07-01 00:00:00 | 2002-08-01 00:00:00 | 2002-09-01 00:00:00 | 2002-10-01 00:00:00
 | 2001-10-23 00:00:00 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Current |  | 2.807 | 3.087 | 3.257 | 3.257 | 3.207 | 3.105 | 3.13 | 3.18 | 3.22 | 3.26 | 3.26 | 3.285
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10-Day High |  | 2.807 | 3.087 | 3.257 | 3.257 | 3.207 | 3.105 | 3.13 | 3.18 | 3.22 | 3.26 | 3.26 | 3.285
 | ENA - West Gas Contacts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10-Day Low |  | 2.378 | 2.66 | 2.852 | 2.85 | 2.81 | 2.727 | 2.757 | 2.804 | 2.847 | 2.89 | 2.892 | 2.92
 |  |  | Houston Office |  |  |  |  |  |  |  |  | Regional Offices
 |  |  | [NAME] |  |  | (713) 853-1587 |  |  |  |  |  | [NAME] |  |  | (303) 575-6473 |  |  | Denver
 |  |  | [NAME] |  |  | (713) 853-0685 |  |  |  |  |  | [NAME] |  |  | (303) 575-6474 |  |  | Denver
 |  |  | [NAME] |  |  | (713) 853-1688 |  |  |  |  |  | [NAME] |  |  | (303) 575-6478 |  |  | Denver
 |  |  | [NAME] |  |  | (713) 853-5181 |  |  |  |  |  | [NAME] |  |  | (503) 464-3732 |  |  | Portland
 | Forward Prices (US$/MMBtu)
 |  |  |  | NYMEX |  | The recent precipitous decline in the forward gas curve has created a situation where many of our customers have locked in gas prices that are as much as $2.50 above market for this coming winter.  A blend & extend product allows you to take advantage of the depressed forward curve by extending your purchase deal and spreading the above-market premium over a longer time period. |  |  |  |  |  |  |  |  |  | IF NWPL Rocky Mountains
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Fixed Price |  | Basis
 |  |  |  | SETTLE | D |  |  |  |  |  |  |  |  |  |  | BID | OFFER | BID | OFFER
 | Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2.25 | 2.27
 | ROM |  |  |  |  | Example: |  |  |  |  |  |  |  |  |  | 2.455 | 2.475
 | 2001-11-01 00:00:00 |  |  | 2.807 | 0.1259999999999999 | In April, [NAME] locked in $5.00 gas for this coming winter, which is substantially out of the money in today's market. |  |  |  |  |  |  | Existing Nov-Mar Deal |  |  | 2.477 | 2.497 | -0.33 | -0.31
 | 2001-11-01 00:00:00 | to | 2002-03-01 00:00:00 | 3.123 | 0.09479999999999977 |  |  |  |  |  |  |  | 10000 | MMBtu/d |  | 2.809 | 2.829 | -0.314 | -0.294
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 | 3.205714285714286 | 0.07057142857142917 | XYZ can blend & extend the existing deal as follows: |  |  |  |  |  |  | Price: | 5 |  | 2.685714285714286 | 2.705714285714286 | -0.52 | -0.5
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 | 3.6418 | 0.06440000000000001 | Volume:  20,000 MMBtu/d |  |  |  |  | New "blended" price: | 2.9 |  |  |  | 3.3668 | 3.3868 | -0.275 | -0.255
 | One Year Strip* |  |  | 3.17125 | 0.08066666666666578 | Term:  Nov'01-Oct'02 |  |  |  |  | Net Benefit this Winter: |  | per [NAME] |  |  | 2.737083333333333 | 2.757083333333333 | -0.4341666666666666 | -0.4141666666666666
 |  |  |  |  |  | IF CIG Rocky Mountains |  |  |  |  | IF EL Paso Permian |  |  |  |  | IF EL Paso San Juan
 |  |  |  |  |  | Fixed Price |  | Basis |  |  | Fixed Price |  | Basis |  |  | Fixed Price |  | Basis
 |  |  |  |  |  | BID | OFFER | BID | OFFER |  | BID | OFFER | BID | OFFER |  | BID | OFFER | BID | OFFER
 | Cash |  |  |  |  | 2.27 | 2.29 |  |  |  | 2.44 | 2.46 |  |  |  | 2.36 | 2.38
 | ROM |  |  |  |  | 2.43 | 2.45 |  |  |  | 2.575 | 2.595 |  |  |  | 2.535 | 2.555
 | 2001-11-01 00:00:00 |  |  |  |  | 2.437 | 2.457 | -0.37 | -0.35 |  | 2.627 | 2.647 | -0.18 | -0.16 |  | 2.547 | 2.567 | -0.26 | -0.24
 | 2001-11-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 2.753 | 2.773 | -0.37 | -0.35 |  | 2.949 | 2.969 | -0.174 | -0.154 |  | 2.872 | 2.892 | -0.251 | -0.231
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 2.585714285714286 | 2.605714285714286 | -0.62 | -0.6 |  | 3.068214285714286 | 3.088214285714286 | -0.1375 | -0.1175 |  | 2.891428571428571 | 2.911428571428572 | -0.3142857142857143 | -0.2942857142857143
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 3.3268 | 3.3468 | -0.315 | -0.295 |  | 3.4933 | 3.5133 | -0.1485 | -0.1285 |  | 3.4368 | 3.4568 | -0.205 | -0.185
 | One Year Strip* |  |  |  |  | 2.655416666666666 | 2.675416666666666 | -0.5158333333333335 | -0.4958333333333335 |  | 3.018541666666666 | 3.038541666666666 | -0.1527083333333334 | -0.1327083333333333 |  | 2.883333333333332 | 2.903333333333332 | -0.2879166666666668 | -0.2679166666666667
 |  |  |  |  |  | AECO / NIT |  |  |  |  | IF NWPL Canadian Border (Sumas) |  |  |  |  | IF PEPL TX-OK
 |  |  |  |  |  | Fixed Price |  | Basis |  |  | Fixed Price |  | Basis |  |  | Fixed Price |  | Basis
 |  |  |  |  |  | BID | OFFER | BID | OFFER |  | BID | OFFER | BID | OFFER |  | BID | OFFER | BID | OFFER
 | Cash |  |  |  |  | 2.429193941711976 | 2.449193941711975 |  |  |  | 2.47 | 2.49 |  |  |  | 2.655 | 2.675
 | ROM |  |  |  |  | 2.479015809296244 | 2.499015809296243 |  |  |  | 2.615 | 2.635 |  |  |  | 2.655 | 2.675
 | 2001-11-01 00:00:00 |  |  |  |  | 2.29565101358234 | 2.31565101358234 | -0.51134898641766 | -0.49134898641766 |  | 2.767 | 2.787 | -0.04 | -0.02 |  | 2.702 | 2.722 | -0.105 | -0.085
 | 2001-11-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 2.682730202716468 | 2.702730202716468 | -0.440269797283532 | -0.420269797283532 |  | 3.161 | 3.181 | 0.03800000000000001 | 0.05800000000000001 |  | 3.018 | 3.038 | -0.105 | -0.085
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 2.720714285714286 | 2.740714285714286 | -0.485 | -0.465 |  | 2.915714285714286 | 2.935714285714286 | -0.29 | -0.27 |  | 3.090714285714286 | 3.110714285714286 | -0.115 | -0.095
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 3.2268 | 3.2468 | -0.415 | -0.395 |  | 3.7498 | 3.7698 | 0.108 | 0.128 |  | 3.5218 | 3.5418 | -0.12 | -0.1
 | One Year Strip* |  |  |  |  | 2.704887584465194 | 2.724887584465194 | -0.466362415534805 | -0.4463624155348049 |  | 3.017916666666666 | 3.037916666666666 | -0.1533333333333333 | -0.1333333333333333 |  | 3.060416666666666 | 3.080416666666666 | -0.1108333333333333 | -0.09083333333333334
 |  |  |  |  |  | NGI Socal (South Cal Border) |  |  |  |  | [NAME] (North Cal Border) |  |  |  |  | PG&E City Gate
 |  |  |  |  |  | Fixed Price |  | Basis |  |  | Fixed Price |  | Basis |  |  | Fixed Price |  | Basis
 |  |  |  |  |  | BID | OFFER | BID | OFFER |  | BID | OFFER | BID | OFFER |  | BID | OFFER | BID | OFFER
 | Cash |  |  |  |  | 2.6 | 2.62 |  |  |  | 2.55 | 2.57 |  |  |  | 2.67 | 2.69
 | ROM |  |  |  |  | 2.705 | 2.725 |  |  |  | 2.675 | 2.695 |  |  |  | 2.805 | 2.825
 | 2001-11-01 00:00:00 |  |  |  |  | 2.822 | 2.842 | 0.015 | 0.035 |  | 2.767 | 2.787 | -0.04 | -0.02 |  | 2.932 | 2.952 | 0.125 | 0.145
 | 2001-11-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 3.171 | 3.191 | 0.04799999999999999 | 0.06799999999999999 |  | 3.146 | 3.166 | 0.023 | 0.043 |  | 3.319 | 3.339 | 0.196 | 0.216
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 3.352142857142857 | 3.372142857142857 | 0.1464285714285714 | 0.1664285714285714 |  | 3.156428571428572 | 3.176428571428572 | -0.04928571428571427 | -0.02928571428571427 |  | 3.395 | 3.415 | 0.1892857142857143 | 0.2092857142857143
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 3.7808 | 3.8008 | 0.139 | 0.159 |  | 3.7318 | 3.7518 | 0.09 | 0.11 |  | 3.9818 | 4.0018 | 0.34 | 0.36
 | One Year Strip* |  |  |  |  | 3.276666666666666 | 3.296666666666666 | 0.1054166666666667 | 0.1254166666666667 |  | 3.152083333333333 | 3.172083333333333 | -0.01916666666666667 | 0.0008333333333333335 |  | 3.363333333333332 | 3.383333333333332 | 0.1920833333333334 | 0.2120833333333334
 | Basis Spreads (US$/MMBtu)
 | From |  |  |  |  | NW, Rockies |  | NW, Rockies |  |  | SoCal |  | Malin |  |  | Permian |  | San Juan
 | To |  |  |  |  | SoCal |  | Malin |  |  | PG&E City Gate |  | PG&E City Gate |  |  | SoCal |  | SoCal
 | ROM |  |  |  |  | 0.25 |  | 0.22 |  |  | 0.1 |  | 0.13 |  |  | 0.13 |  | 0.17
 | 2001-11-01 00:00:00 |  |  |  |  | 0.345 |  | 0.29 |  |  | 0.11 |  | 0.165 |  |  | 0.195 |  | 0.275
 | 2001-11-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 0.3620000000000001 |  | 0.3370000000000002 |  |  | 0.1480000000000001 |  | 0.173 |  |  | 0.222 |  | 0.2989999999999999
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 0.6664285714285714 |  | 0.4707142857142856 |  |  | 0.0428571428571427 |  | 0.2385714285714284 |  |  | 0.2839285714285715 |  | 0.4607142857142859
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 0.4139999999999997 |  | 0.365 |  |  | 0.2010000000000001 |  | 0.25 |  |  | 0.2875 |  | 0.3439999999999999
 | One Year Strip* |  |  |  |  | 0.5395833333333333 |  | 0.415 |  |  | 0.08666666666666645 |  | 0.21125 |  |  | 0.258125 |  | 0.3933333333333335
 | From |  |  |  |  | NW, Rockies |  | San Juan |  |  | CIG, Rockies |  | NW, Rockies |  |  | CIG, Rockies |  | AECO
 | To |  |  |  |  | San Juan |  | Permian |  |  | NW, Rockies |  | Sumas |  |  | PEPL TX-OK |  | NW, Rockies
 | ROM |  |  |  |  | 0.08000000000000007 |  | 0.04 |  |  | 0.02499999999999991 |  | 0.16 |  |  | 0.225 |  | -0.0240158092962437
 | 2001-11-01 00:00:00 |  |  |  |  | 0.06999999999999984 |  | 0.08000000000000007 |  |  | 0.04 |  | 0.29 |  |  | 0.265 |  | 0.1813489864176598
 | 2001-11-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 0.06300000000000017 |  | 0.07699999999999996 |  |  | 0.05600000000000005 |  | 0.3519999999999999 |  |  | 0.265 |  | 0.1262697972835318
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 0.2057142857142855 |  | 0.1767857142857143 |  |  | 0.1 |  | 0.23 |  |  | 0.505 |  | -0.03500000000000014
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 0.06999999999999984 |  | 0.05650000000000022 |  |  | 0.04 |  | 0.383 |  |  | 0.195 |  | 0.14
 | One Year Strip* |  |  |  |  | 0.14625 |  | 0.1352083333333334 |  |  | 0.081666666666667 |  | 0.2808333333333333 |  |  | 0.405 |  | 0.03219574886813836
 | * The "One Year Strip" values represent the average forward price over the next 12 months, beginning with the current prompt month.
 | All price indications are as of the close of the previous business day and do not constitute an offer to do business at these prices.  All prices are financial unless otherwise noted.
 | The information in this e-mail is confidential.  Please do not distribute this information outside of your company.
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Congratulations to [NAME]
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | of Canadian Western Natural Gas!!!
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | He is the winner of our weekend getaway
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | to Lake Louise. [NAME]'s guess of $1.375 C/GJ
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | was the closest to the average Aeco
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | day gas price for the first
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15 days of December.