Art, 

It looks like I won't be able to make it.  I have some meetings set up that I seem to be unable to re-arrange.  I really appreciate the invite though.  Maybe next time.  However, I am going to try to make it to Albuquerque before the end of the year.  I will let you know what my plans are.

Thanks again for the invitation.  Sorry I didn't get back to you sooner.

Kim

 -----Original Message-----
From: 	"Avalos, Art" <AAVALOS@pnm.com>@ENRON [mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Wednesday, October 03, 2001 12:14 PM
To:	Ward, Kim S (Houston)
Subject:	Balloon Fiesta


Kim, will you be able to make it to the Balloon Fiesta? 
Need to know asap. 
Thanks, 
Art Avalos 
-----Original Message----- 
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com << File: mailto:Kim.Ward@enron.com >> ] 
Sent: Tuesday, October 02, 2001 4:13 PM 
To: AAVALOS@pnm.com 
Subject: RE: 3rd Quarter of 2002 & year 2002 
Art, 
The premium for a monthly, physical, at the money call for Cal 02, 5000/day 
delivered @ San Juan would be $.48.  For Q3 only, the premium would be 
$.49.  I hope this is helpful. Let me know if you have questions or need 
anything else.  I will call you tomarrow about the balloon fest. 
Thanks, 
Kim 
 -----Original Message----- 
From:     "Avalos, Art" <AAVALOS@pnm.com>@ENRON 
          [mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com << File: mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com >> ] 
Sent:     Tuesday, October 02, 2001 1:43 PM 
To:       Ward, Kim S (Houston) 
Subject:  RE: 3rd Quarter of 2002 & year 2002 
This is for physical gas for a monthly call at the money. 
The Balloon Fest schedule is Oct 10th (Wednesday evening) 
through noon Friday (Oct. 12th). 
Thanks, 
Art 
-----Original Message----- 
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com << File: mailto:Kim.Ward@enron.com >>  << File: mailto:Kim.Ward@enron.com << File: mailto:Kim.Ward@enron.com >>  >> ] 
Sent: Tuesday, October 02, 2001 11:45 AM 
To: AAVALOS@pnm.com 
Subject: RE: 3rd Quarter of 2002 & year 2002 
Art, 
We can price this up for you but I have a couple of questions - 
1)  Is this physical or financial 
2)  Is is a daily call or monthly call 
3)  Would you like this priced at the money or $.50, $1.00 or more out of 
the money?  I other words, what do you want your cap to be? 
Thanks, 
Kim 
ps  What is the schedule for the baloon fest the 10th - 12th?  I'm trying 
to work around some meetings etc. 
 -----Original Message----- 
From:     "Avalos, Art" <AAVALOS@pnm.com>@ENRON 
          [ mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com << File: mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com >>  
 << File: mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com << File: mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com >>  
>> ] 
Sent:     Tuesday, October 02, 2001 12:09 PM 
To:       Ward, Kim S (Houston) 
Subject:  3rd Quarter of 2002 & year 2002 
Kim, just for planning purposes, what would it cost to have a call option 
for year 2002 and for 3rd quarter of 2002 for 5,000 mmBtu's per day 
from the San Juan basin? 
Thanks 
Art Avalos 
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