Art, 

We have priced these at the money puts and they are kind of expensive.  For the monthly put, Strike of $2.72, premium would be $.495.  For the Daily put, the premium would be $.535.  Let me know if you have any questions.  Prices might be lower tomarrow given the downturn since AGA's came out.  If you are willing to look at out of the money puts, the price would be better as well.

Thanks,

Kim

 -----Original Message-----
From: 	"Avalos, Art" <AAVALOS@pnm.com>@ENRON  
Sent:	Wednesday, October 17, 2001 10:43 AM
To:	Ward, Kim S (Houston)
Subject:	Cost for Put Option


Hi Kim, 
Could you please give me an estimate for Q3 2002, on the cost of a put 
option for 5,000 mmBtu/day (daily and monthly) from the San Juan Basin. 
Thanks, I really appreciate it. 
Art Avalos