Julie,

 The numbers for January are below:

  Actual flows X gas daily spreads          $ 463,000
  Actual flow X Index spreads           $ 543,000
  Jan. value from original bid           $1,750,000
  Estimated cost to unwind hedges         ($1,000,000) 

 Based on these numbers, I suggest we offer to pay at least $500,000 but no 
more than $1,500,000.  I want your input on
 how to negotiate with El Paso.  Do we push actual value, seasonal shape, or 
unwind costs?  

Phillip