An issue has come up that I did not consider in my prior discussions of how bidweek for June should be managed prior to knowing if we close or not.  Physical deals for June have started to happen already.  If close does occur and all the deals prior to May 18th are done as HPL then ENA will miss out on a lot of potential business for June.  So I believe a fair solution is to have all deals in locations that are most relevant to HPL (ie. Agua Dulce, Thompsonville, Oasis Katy, Lonestar Katy, Texoma) be done as HPL; deals in a location such as Katy Tailgate that is relevant to HPL and ENA will be split evenly HPL and ENA and written up as two separate purchases.  Waha is not considered here since AEP already has a Waha trader who is active in the market.

Thanks,

Tom