Subject: December Physical Carthage volumes
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Thu, 29 Nov 2001 13:17:24 -0800 (PST)

Brent,

Per our phone conversation Enron agrees to buy back 21,417/d at Carthage for December at IFGMR HSC index - .08.  I have also talked to EPrime who is our supplier and they are buying back this 21,417/d from Enron at IFGMR HSC - .08.  They will subsequently sell the gas to Woodward directly at IFGMR HSC - .08.  Both EPrime and Woodward agree that HSC - .08 is a fair market value for Carthage volumes during bidweek for December.  The purpose of this transaction is to mitigate the risk of physical non-performance by Enron given our current financial condition without impacting the contractual pricing of the deals previously done with Eprime and Woodward respectively.

Regards,

Tom Martin