We have received the executed Master Energy Price Swap Agreement with Belco 
Oil & Gas Corp. dated as of July 8, 1999.  We have also received the executed 
Assignment and Assumption Agreement wherein the trades under the existing 
Belco Operating Corp. Master Energy Price Swap Agreement will be assigned to 
the Belco Oil & Gas Corp. master.  No trading will continue under the Belco 
Operating Corp. master.  The two active Belco masters will be the Belco Oil & 
Gas Corp. master and the Belco Energy Corp. master.

Copies will be distributed.