Bill,

To recap our meeting concerning the December physical crude position:


?	ERAC will not be physically exercising any of the 6,032,000 P+ Put options

?	The physical position is roughly 5,000,000 short and Don and Rob will be trying to purchase bbls and balance positions with the following cp's:

o	Coastal		1,700,000
o	Dynegy		1,240,000
o	Duke		   965,000
o	Diamond	   315,000
o	Bayoil		   201,500


Regards,
tm