Message-ID: <12007585.1075854485798.JavaMail.evans@thyme>
Date: Wed, 20 Sep 2000 09:48:00 -0700 (PDT)
From: david.delainey@enron.com
To: joseph.sutton@enron.com
Subject: Montana Resources Inc. (MRI)
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FYI
---------------------- Forwarded by David W Delainey/HOU/ECT on 09/20/2000 
04:47 PM ---------------------------


Christopher F Calger
09/20/2000 04:29 PM
To: David W Delainey/HOU/ECT@ECT
cc: John Malowney/HOU/ECT@ECT 
Subject: Montana Resources Inc. (MRI)

Dave,

I spoke with Frank Gardner, the acting President of the mine.  The mine has 
shut down due to high power prices and they are evaluating reopening it later 
this year.  John Malowney in our mid-market group has covered these guys very 
well (Frank acknowledged that).  EPMI has served this load in the past and 
made numerous proposals to them during the past year.  Montana rejected 
these, including the attached proposal that offered to fix prices well below 
the current forward market price.  John has also proposed various 
cross-commodity (copper) deals with our MG affiliate.  John will discuss 
their situation with Frank and I will follow up from time to time.  I do not 
think there is an attractive generation opportunity as Montana is net long 
and the industrials' credit is marginal.  We will keep you posted if anything 
materializes. 

Regards,

Chris



---------------------- Forwarded by Christopher F Calger/PDX/ECT on 
09/20/2000 04:12 PM ---------------------------


John Malowney
09/20/2000 02:08 PM
To: Christopher F Calger/PDX/ECT@ECT
cc:  
Subject: Montana Resources Inc. (MRI)

Chris, I called MRI but Frank was too busy to take the call so I left my name 
and number and said if nothing else I'd see him on the 5th of October.  Just 
so you'll know, attached is a sample Term Sheet that I have previously showed 
MRI.  Note the prices that were "too high" at the time.    John