Art,

An at the money Daily call option (against first of the month index) for gas at San Juan is $.24 for Q3 next year.  At the money monthly call options would be $.58 with a strike of $3.10.  A fixed price daily call option would be $.60 with a strike of $3.10.

Let me know if you have any questions.

Thanks,

Kim

 -----Original Message-----
From: 	"Avalos, Art" <AAVALOS@pnm.com>@ENRON  
Sent:	Monday, October 29, 2001 3:13 PM
To:	Ward, Kim S (Houston)
Subject:	Q3 Call Option


Hi Kim, hope you're doing well.  Just received comments from our 
Lawyers for your Master Enfolio. Should I be speaking with you or 
someone else? 
Also, could you give me a quote of what a daily call for Q3 will be 
at the money for 5,000 mmBtu/day. 
Thanks, 
I really appreciate it. 
Art Avalos