Art,

The premium for a monthly, physical, at the money call for Cal 02, 5000/day delivered @ San Juan would be $.48.  For Q3 only, the premium would be $.49.  I hope this is helpful. Let me know if you have questions or need anything else.  I will call you tomarrow about the balloon fest.

Thanks,

Kim

 -----Original Message-----
From: 	"Avalos, Art" <AAVALOS@pnm.com>@ENRON [mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Tuesday, October 02, 2001 1:43 PM
To:	Ward, Kim S (Houston)
Subject:	RE: 3rd Quarter of 2002 & year 2002


This is for physical gas for a monthly call at the money. 
The Balloon Fest schedule is Oct 10th (Wednesday evening) 
through noon Friday (Oct. 12th). 
Thanks, 
Art 
-----Original Message----- 
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com << File: mailto:Kim.Ward@enron.com >> ] 
Sent: Tuesday, October 02, 2001 11:45 AM 
To: AAVALOS@pnm.com 
Subject: RE: 3rd Quarter of 2002 & year 2002 
Art, 
We can price this up for you but I have a couple of questions - 
1)  Is this physical or financial 
2)  Is is a daily call or monthly call 
3)  Would you like this priced at the money or $.50, $1.00 or more out of 
the money?  I other words, what do you want your cap to be? 
Thanks, 
Kim 
ps  What is the schedule for the baloon fest the 10th - 12th?  I'm trying 
to work around some meetings etc. 
 -----Original Message----- 
From:     "Avalos, Art" <AAVALOS@pnm.com>@ENRON 
          [mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com << File: mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com >> ] 
Sent:     Tuesday, October 02, 2001 12:09 PM 
To:       Ward, Kim S (Houston) 
Subject:  3rd Quarter of 2002 & year 2002 
Kim, just for planning purposes, what would it cost to have a call option 
for year 2002 and for 3rd quarter of 2002 for 5,000 mmBtu's per day 
from the San Juan basin? 
Thanks 
Art Avalos 
********************************************************************** 
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you. 
**********************************************************************