
Date: Tue, 3 Oct 2000 07:59:00 -0700 (PDT)
From: daren.farmer@enron.com
To: megan.parker@enron.com
Subject: Re: Duke Energy Field Deal 157288 8/00

These are not spot deals.  PanEnergy did not receive gas on the exchange.
However, they did deliver gas to us at Cotton Valley.  According to the
contract, when volumes are overdelivered, HPL buys the gas at GD-.10.  So, in
order to correctly estimate our economics, I changed the price on the
delivery to reflect how the deal will settle.  This occurred in August and
September.  Any spot deals will be on seperate tickets.

Days 5 & 6, as well as 9-31 should be settled as if the exchange was in
place.  (PanEnergy overdelivered about 7,800 per day, which we buy at Gas
Daily -.10)

D



Enron North America Corp.
