Spreadsheet: frank_ermis__11220__Enron Pricing Report
Sheet: Report

 | Enron North America - West Gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NYMEX Month |  | 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 | 2002-11-01 00:00:00
 | 2001-11-20 00:00:00 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Current |  | 2.791 | 2.996 | 3.036 | 3.028 | 3 | 3.043 | 3.085 | 3.125 | 3.165 | 3.177 | 3.217 | 3.407
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10-Day High |  | 2.96 | 3.132 | 3.147 | 3.112 | 3.06 | 3.1 | 3.145 | 3.185 | 3.225 | 3.23 | 3.27 | 3.467
 | ENA - West Gas Contacts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10-Day Low |  | 2.551 | 2.767 | 2.825 | 2.822 | 2.809 | 2.852 | 2.902 | 2.947 | 2.992 | 3.007 | 3.047 | 3.242
 |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  | IF NWPL Rocky Mountains
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Fixed Price |  | Basis
 |  |  |  | SETTLE | D |  |  |  |  |  |  |  |  |  |  | BID | OFFER | BID | OFFER
 | Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.65 | 1.67
 | ROM |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.92 | 1.94
 | 2001-12-01 00:00:00 |  |  | 2.791 | 0.1539999999999999 |  |  |  |  |  |  |  |  |  |  | 2.291 | 2.311 | -0.5 | -0.48
 | 2001-12-01 00:00:00 | to | 2002-03-01 00:00:00 | 2.96275 | 0.1407500000000002 |  |  |  |  |  |  |  |  |  |  | 2.49275 | 2.51275 | -0.47 | -0.45
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 | 3.116 | 0.1168571428571425 |  |  |  |  |  |  |  |  |  |  | 2.5085 | 2.5285 | -0.6075 | -0.5875
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 | 3.57 | 0.09040000000000026 |  |  |  |  |  |  |  |  |  |  | 3.262 | 3.282 | -0.3080000000000001 | -0.288
 | One Year Strip* |  |  | 3.089166666666667 | 0.1242500000000004 |  |  |  |  |  |  |  |  |  |  | 2.550625 | 2.570625 | -0.5385416666666668 | -0.5185416666666668
 |  |  |  |  |  | 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 |  |  |  |  | 1.55 | 1.57 |  |  |  | 1.78 | 1.8 |  |  |  | 1.73 | 1.75
 | ROM |  |  |  |  | 1.84 | 1.86 |  |  |  | 2.1 | 2.12 |  |  |  | 2.04 | 2.06
 | 2001-12-01 00:00:00 |  |  |  |  | 2.241 | 2.261 | -0.55 | -0.53 |  | 2.511 | 2.531 | -0.28 | -0.26 |  | 2.411 | 2.431 | -0.38 | -0.36
 | 2001-12-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 2.4365 | 2.4565 | -0.52625 | -0.50625 |  | 2.70525 | 2.72525 | -0.2575 | -0.2375 |  | 2.61275 | 2.63275 | -0.35 | -0.33
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 2.398499999999999 | 2.418499999999999 | -0.7175 | -0.6975 |  | 2.942785714285714 | 2.962785714285714 | -0.1732142857142857 | -0.1532142857142857 |  | 2.741 | 2.761 | -0.375 | -0.355
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 3.217000000000001 | 3.237 | -0.353 | -0.333 |  | 3.3965 | 3.4165 | -0.1735 | -0.1535 |  | 3.33 | 3.35 | -0.24 | -0.22
 | One Year Strip* |  |  |  |  | 2.463958333333334 | 2.483958333333334 | -0.6252083333333333 | -0.6052083333333332 |  | 2.887708333333334 | 2.907708333333334 | -0.2014583333333333 | -0.1814583333333333 |  | 2.73375 | 2.75375 | -0.3554166666666667 | -0.3354166666666666
 |  |  |  |  |  | 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 |  |  |  |  | 2.063284829739763 | 2.083284829739763 |  |  |  | 1.82 | 1.84 |  |  |  | 2.23 | 2.25
 | ROM |  |  |  |  | 2.136530890349905 | 2.156530890349905 |  |  |  | 2.17 | 2.19 |  |  |  | 2.23 | 2.25
 | 2001-12-01 00:00:00 |  |  |  |  | 2.4051353594106 | 2.4251353594106 | -0.3858646405894 | -0.3658646405894 |  | 2.641 | 2.661 | -0.15 | -0.13 |  | 2.6435 | 2.6635 | -0.1475 | -0.1275
 | 2001-12-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 2.51128383985265 | 2.53128383985265 | -0.45146616014735 | -0.43146616014735 |  | 2.78775 | 2.80775 | -0.175 | -0.155 |  | 2.81775 | 2.83775 | -0.145 | -0.125
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 2.601 | 2.621 | -0.515 | -0.495 |  | 2.736 | 2.756 | -0.38 | -0.36 |  | 2.976 | 2.996 | -0.14 | -0.12
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 3.13 | 3.15 | -0.44 | -0.42 |  | 3.605 | 3.625 | 0.035 | 0.055 |  | 3.43 | 3.45 | -0.14 | -0.12
 | One Year Strip* |  |  |  |  | 2.601594613284217 | 2.621594613284217 | -0.48757205338245 | -0.4675720533824499 |  | 2.80375 | 2.82375 | -0.2854166666666667 | -0.2654166666666666 |  | 2.9475 | 2.9675 | -0.1416666666666666 | -0.1216666666666666
 |  |  |  |  |  | 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 |  |  |  |  | 1.96 | 1.98 |  |  |  | 1.92 | 1.94 |  |  |  | 1.97 | 1.99
 | ROM |  |  |  |  | 2.28 | 2.3 |  |  |  | 2.22 | 2.24 |  |  |  | 2.26 | 2.28
 | 2001-12-01 00:00:00 |  |  |  |  | 2.616 | 2.636 | -0.175 | -0.155 |  | 2.611 | 2.631 | -0.18 | -0.16 |  | 2.671 | 2.691 | -0.12 | -0.1
 | 2001-12-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 2.7965 | 2.8165 | -0.16625 | -0.14625 |  | 2.79025 | 2.81025 | -0.1725 | -0.1525 |  | 2.844 | 2.864 | -0.11875 | -0.09875
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 3.145999999999999 | 3.165999999999999 | 0.03 | 0.05 |  | 2.941 | 2.961 | -0.175 | -0.155 |  | 3.185999999999999 | 3.206 | 0.07 | 0.09
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 3.64 | 3.66 | 0.07 | 0.09 |  | 3.612 | 3.632 | 0.042 | 0.06200000000000001 |  | 3.852 | 3.872 | 0.282 | 0.302
 | One Year Strip* |  |  |  |  | 3.057083333333334 | 3.077083333333334 | -0.03208333333333333 | -0.01208333333333333 |  | 2.93 | 2.95 | -0.1591666666666667 | -0.1391666666666667 |  | 3.105416666666667 | 3.125416666666667 | 0.01625 | 0.03625
 | 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 |  |  |  |  | 0.36 |  | 0.3 |  |  | -0.02 |  | 0.04 |  |  | 0.18 |  | 0.24
 | 2001-12-01 00:00:00 |  |  |  |  | 0.325 |  | 0.32 |  |  | 0.05499999999999972 |  | 0.06000000000000005 |  |  | 0.105 |  | 0.205
 | 2001-12-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 0.30375 |  | 0.2975 |  |  | 0.04750000000000032 |  | 0.05375 |  |  | 0.09124999999999961 |  | 0.18375
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 0.6375 |  | 0.4325 |  |  | 0.04 |  | 0.245 |  |  | 0.2032142857142856 |  | 0.405
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 0.3779999999999997 |  | 0.35 |  |  | 0.2120000000000002 |  | 0.24 |  |  | 0.2435 |  | 0.31
 | One Year Strip* |  |  |  |  | 0.5064583333333332 |  | 0.379375 |  |  | 0.04833333333333334 |  | 0.1754166666666666 |  |  | 0.169375 |  | 0.3233333333333333
 | 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 |  |  |  |  | 0.12 |  | 0.06000000000000005 |  |  | 0.07999999999999985 |  | 0.25 |  |  | 0.39 |  | -0.216530890349905
 | 2001-12-01 00:00:00 |  |  |  |  | 0.12 |  | 0.1 |  |  | 0.05000000000000027 |  | 0.35 |  |  | 0.4025 |  | -0.1141353594106
 | 2001-12-01 00:00:00 | to | 2002-03-01 00:00:00 |  |  | 0.12 |  | 0.09250000000000025 |  |  | 0.05624999999999991 |  | 0.295 |  |  | 0.38125 |  | -0.01853383985265022
 | 2002-04-01 00:00:00 | to | 2002-10-01 00:00:00 |  |  | 0.2325 |  | 0.2017857142857142 |  |  | 0.11 |  | 0.2275 |  |  | 0.5775 |  | -0.0924999999999998
 | 2002-11-01 00:00:00 | to | 2003-03-01 00:00:00 |  |  | 0.06799999999999962 |  | 0.0665 |  |  | 0.04499999999999993 |  | 0.343 |  |  | 0.2129999999999996 |  | 0.1320000000000001
 | One Year Strip* |  |  |  |  | 0.183125 |  | 0.1539583333333332 |  |  | 0.08666666666666645 |  | 0.253125 |  |  | 0.4835416666666665 |  | -0.05096961328421656
 | * 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.