---------------------- Forwarded by Eric Boyt/Corp/Enron on 03/19/2001 02:05 
PM ---------------------------
From: Jason R Williams/ENRON@enronXgate on 03/19/2001 12:17 PM
To: James Ledlow/ENRON@enronXgate, Bradford Larson/ENRON@enronXgate, Lynn 
Bellinghausen/ENRON@enronXgate, Becky Caudle/ENRON@enronXgate, Tanya 
Rohauer/ENRON@enronXgate, Eric Boyt/Corp/Enron@Enron
cc:  

Subject: Neumin Production - REVISED POSITIONS

Neumin Team -

As you know, I have been trying to sort out a problem that we have regarding 
trade N52632 with Neumin Production.  The issue surrounded the expiration 
dates of the various legs of this trade, with confusion about whether those 
legs were to expire in December '01 or December '02.

At the present, it is the general consensus of the Confirms/Origination teams 
that the legs in question (legs 2 & 4) should expire at the end of December 
'01.  I say "general consensus" because we have no clear, concrete evidence 
that this expiration is correct.  Our own internal systems show a lot of 
conflicting indications, so the long and the short of this "investigation" is 
that we are relying on the memories of our originators to verify the terms of 
the deal.

So, attached is the Neumin position spreadsheet, with updated terms for legs 
2 and 4.  I have also added a sheet that shows Neumin's production profile, 
based on the reserve report of 1/1/01.  Included on this sheet is a "Net 
Overhedge" calculation which shows the amount of hedged production above 
projected production (as of 1/1/01).


Please let me know if you have any questions.


Jay