These are financial "out of the money" swaps between ENA and various SPV's have been sent to me with the request for "termination" from Jesus Melendrez who is managing the ECR portfolio.

Should this be reviewed by the "Intercompany Contract" group?

Sara 

 -----Original Message-----
From: 	Boyt, Eric  
Sent:	Thursday, January 17, 2002 4:13 PM
To:	Shackleton, Sara; Corbet, Nancy
Subject:	FW: Termination of Swaps - Cresendo, Juniper, Cgas, East Sour Lake ( Hanson)

Sara,

Nancy asked me to send this summary to you.

Call if you have any questions.

Eric


 -----Original Message-----
From: 	Boyt, Eric  
Sent:	Thursday, January 17, 2002 4:10 PM
To:	Otis, Brian
Subject:	FW: Termination of Swaps - Cresendo, Juniper, Cgas, East Sour Lake ( Hanson)

Brian,

I aploligize for the delay in getting you this info.

 

 -----Original Message-----
From: 	Cook, Mary  
Sent:	Tuesday, January 15, 2002 5:27 PM
To:	Mann, Kay; Shackleton, Sara; Dobin, Nora; Boyt, Eric
Cc:	Corbet, Nancy; Tweed, Sheila
Subject:	RE: Termination of Swaps - Cresendo, Juniper, Cgas, East Sour Lake ( Hanson)

Is all this being worked with Nora Dobin?  I think some of these are in the volumetric production payment vehicles.  we need to be careful.  Nancy, will you call Nora Dobin?

Eric:  are any of these tied to the production payment deals?  Please advise us all.

 -----Original Message-----
From: 	Mann, Kay  
Sent:	Tuesday, January 15, 2002 5:23 PM
To:	Shackleton, Sara
Cc:	Corbet, Nancy; Cook, Mary; Tweed, Sheila
Subject:	FW: Termination of Swaps - Cresendo, Juniper, Cgas, East Sour Lake ( Hanson)

Sara,

Looks like one of yours.

Kay

 -----Original Message-----
From: 	Corbet, Nancy  
Sent:	Tuesday, January 15, 2002 5:19 PM
To:	Cook, Mary; Tweed, Sheila; Mann, Kay
Cc:	Bushman, Teresa G.
Subject:	Termination of Swaps - Cresendo, Juniper, Cgas, East Sour Lake ( Hanson)

Jesus Melendrez, who is managing the ECR portfolio, has asked that the subject swaps be terminated. None of them is in the money for ENA. I have put together a small file folder for each and Eric Boyt has been asked to provide updated values. These are in l purple folders on my desk should I not be available . I am happy to liase with Jesus but seems to me that one of the swap attorneys who is more conversant with the ISDAs, T&Cs, swaps and ENA's current position re same should weigh in. Basic question is what approval is required to terminate.  The relevant interests are as follows :

Cresendo Energy LLC - 50 % JEDI ll , 50 % Trutta
Juniper - 75 % JEDI ll, 25 % Trutta
CGAS -  100% McGarret
East Sour Lake -100 % Trutta