Art,  

Just wondering about your comments to our Enfolio.  

Thanks,

Kim

p.s.  What is going on in the market with you guys these days?


 -----Original Message-----
From: 	"Avalos, Art" <AAVALOS@pnm.com>@ENRON  
Sent:	Tuesday, October 30, 2001 9:42 AM
To:	Ward, Kim S (Houston)
Subject:	RE: Q3 Call Option


Thanks for the info. and I will be sending you 
PNM's comments via e-mail. 
Thanks again, 
Art Avalos 
-----Original Message----- 
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com << File: mailto:Kim.Ward@enron.com >> ] 
Sent: Tuesday, October 30, 2001 7:54 AM 
To: AAVALOS@pnm.com 
Subject: RE: Q3 Call Option 
Art, 
An at the money Daily call option (against first of the month index) for 
gas at San Juan is $.24 for Q3 next year.  At the money monthly call 
options would be $.58 with a strike of $3.10.  A fixed price daily call 
option would be $.60 with a strike of $3.10. 
Let me know if you have any questions. 
Thanks, 
Kim 
 -----Original Message----- 
From:     "Avalos, Art" <AAVALOS@pnm.com>@ENRON 
Sent:     Monday, October 29, 2001 3:13 PM 
To:       Ward, Kim S (Houston) 
Subject:  Q3 Call Option 
Hi Kim, hope you're doing well.  Just received comments from our 
Lawyers for your Master Enfolio. Should I be speaking with you or 
someone else? 
Also, could you give me a quote of what a daily call for Q3 will be 
at the money for 5,000 mmBtu/day. 
Thanks, 
I really appreciate it. 
Art Avalos 
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