We have received an executed Assignment and Assumption Agreement effective as 
of March 23, 2001, whereby 1) Fletcher Challenge Industries Limited 
("Fletcher") assigned certain trades between Fletcher and Enron Canada Corp. 
("ECC") to Apache Corporation ("Apache") and 2) ECC assigned the same trades 
to Enron North America Corp. ("ENA").  Such trades will be governed by the 
ISDA Master Agreement between Apache and ENA dated November 13, 1995.

Concurrently, ENA and Apache executed a Letter Agreement dated March 21, 
2001, whereby Apache and ENA agreed to  1) the above assignment, 2) amended 
thresholds for both parties, and 3) negotiate and execute a new ISDA Master 
Agreement by July 1, 2001.

Copies will be distributed.

Stephanie Panus