Vince and Stinson,

Alex and I attended the International Chinese Petroleum and Petrocehmical 
Technology conference
in Houston.  We presented two talks 1) Risk management in petroleum industry 
and 2) Real option
valuation of oil field.  The section chairman said our talks were the high 
moments in the business session. 

There were several interesting talks in the business section.  I am going to 
get a copy of the presentation on
Internet opportunity in energy trading, where the author did a study about 
all energy trading sites including
EnronOnLine.  A talk from a gentleman working for Costal (used to be pal of 
Song Yip) on real 
assets management is also very informative.  A talk about using real option 
theory for IT managenet was
also interesting.

Big players, ExxonMobil, Shell, Taxco, and BP have strong presence in the 
conference.

I made a copy for you of the keynote speech by Bob Gee, the Assistant Energy 
Secretary under Clinton
Administration about the energy outlook.  

Zimin