In furtherance of our discussions of last week, please find attached a copy 
of the following:

1.  a draft request for collateral; and
2. a draft amendment to the Master Physical Agreement with Petro-Canada Oil 
and Gas.

Please be advised that Tana Jones is preparing the amendment to the ISDA 
Agreement with Petro-Canada and is to forward the document to me via e-mail.
Once you have had an opportunity to review the attached documents, please 
give me a call.  I expect to be in the office throughout this week.

Regards,

Mark Powell (6708)










Barry Tycholiz
06/28/2000 08:32 AM
To: Peter Keohane/CAL/ECT@ECT, John Suttle/HOU/ECT@ECT, Mark 
Powell/CAL/ECT@ECT, Eric LeDain/CAL/ECT@ECT, Russell Diamond/HOU/ECT@ECT
cc:  
Subject: Petro-Canada Amendments to Master Firm and Master Swap

Further to my conversation with some of you, please consider this note as a 
action item to raise the applicable paper regarding both PCOG and PC. 

I have discussed credit related matters with Heather Scott from PC, and she 
is ok with the amendments that I have proposed.  She understands where ECC is 
coming from and is hopeful that before we ask PC for a LC we ensure that the 
credit allocations with PC are set up properly. ( that's step 1).  Then ECC 
can make the proper determination on exposures.  Prior to a LC request, PC 
would like to work on commercial initiatives if possible. 

1) Peter/Mark can we raise the letters that will amend the agreements as 
required? 
2) Change collateral Threshold on the Master Firm between PCOG and ECC from 
25,000,000 US$ to  $ 45,000,000 US $.
3) Reduce collateral Threshold on Master Swap between PC and ECC from $ 
25,000,000 US$ to $ 5,000,000 US$.
4) Mark, can you please review the corporate structure of PCHC ( US) 
regarding either Limited tor General Partnership and the issue related to the 
Guarentee that we have from PC. ( have they capped their liability to us or 
is this a redundant provision?).


Heather Scott will be away on holidays from today until the 18th of July. Can 
we please have this paper waiting for her when she get's back.  

Any questions regarding this note, call me.  Barry