Steve,

Please find attached the preliminary 2002 EREC earnings and cash flow plans.  This is a preliminary draft only.  As discussed with Tod, the operating cost line has been adjusted at a summary level to achieve the IBIT target agreed to during Friday's review with Stan Horton.  The actual adjustments made to arrive at the final plan will involve different timing and P&L lines.

Please contact me at (661) 823-6467 if you have any concerns.

Thank you.

Chris Lambert