We have received the following executed Master Agreement:


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

Effective Date:   June 2, 1999

Enron Entity:   Enron North America Corp.

Counterparty:   Aries Resources, L.L.C.

Transactions Covered:  Approved for all products except:   pulp and paper and 
foreign exchange









Susan D. Flynn
Enron North America Corp.
1400 Smith Street, EB3806
Houston, Texas  77002
Phone:  713-853-0975
Fax:  713-646-3490