---------------------- Forwarded by Phillip K Allen/HOU/ECT on 04/09/2001 
04:48 PM ---------------------------


Jed Hershey <jhershey@sempratrading.com> on 04/09/2001 02:29:39 PM
To: "'pallen@enron.com'" <pallen@enron.com>
cc:  
Subject: SanJuan/SoCal spread prices


The following are the prices you requested.  Unfortunately we are unwilling
to transact at these levels due to the current market volatility, but you
can consider these accurate market prices:

May01-Oct01 Socal/Juan offer:  8.70 usd/mmbtu

Apr02-Oct02 Socal/Juan offer:  3.53 usd/mmbtu

Our present value mark to market calculations for these trades are as
follows:

May01-Oct01 30,000/day @ 0.5975 =  $44,165,200

Apr02-Oct02 @  0.60 =  $5,920,980
Apr02-Oct02 @  0.745 =  $5,637,469
Apr02-Oct02 @  0.55 =  $3,006,092

If you have any other questions call: (203) 355-5059

Jed Hershey


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