We have received an executed Master Agreement:

Type of Contract:  ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:   March 1, 2001

Enron Entity:   Enron Canada Corp.

Counterparty:   ARC Resources Ltd.

Transactions Covered:  Approved for all products with the exception of:  
Foreign Exchange

Confirming Entity:  ECC

Choice of Law:   Province of Alberta

Copies will be distributed.

Stephanie Panus