We are trying to do a deal with Valentis Investors LLC (we have an LLC 
agreement for this entity) and CD Holdings (I do not have the LLC agreement 
for them- do you need?).  Valentis is part of Wexford V- a fund owned by 
Wexford Capital.   Paul Radous has all these linkage documents- he originally 
sent them up to Carol.

Valentis and CD Holdings jointly own some oil and gas properties. They would 
like to transact a hedge of these properties- they would like to sell natural 
gas forward for 8 years.

The total notional on the deal is about 34M.. I have discussed this with Paul 
Radous.. he has suggested that we do this deal as a stand alone for the 
Valentis and CD Holding entities.. he is requesting initial margin of 
2million with a cap of 5 million.

They wanted to do this deal today (actually for the last week)... but we need 
to know if there are any legal objections... we will need a deemed ISDA like 
AIG.

Please give Paul and I a call when you have a minute.

Thanks,
Caroline