This is a follow-up to my e-mail sent June 23rd. We are gearing up to release 
the above referenced Product. 

Matt - I need a Sigma Factor please; there will be one Product Type for each 
of the 'flexible' scenario's (i) not less than three day, not less than 5 
day, not less than 10 day:

Country: USA
Commodity: US Nat Gas
UoM:  MMBtu
Product Type: Physical Index (Flexible)

We are close to a final draft f the Product Description that will hit the 
website. The laymans description of the Product is as follows:

Buyer and Seller exchange gas during the month of June 2000.

Seller receives 10,000 MMBtu per day (or 300,000 total MMBtu) at TCO Pool 
Index.

Buyer has the right to notify Seller of when Buyer wants to take delivery 
during the month of June, and may take delivery in one of three forms: not 
less than 3-day delivery, not less than 5-day delivery, or not less than 
10-day delivery (depending on Product Type). The gas nominated for each such 
day would be between Zero and not greater than the percentage of the total 
300,000 MMBtu based on the number of days of 'flexibility' (i.e.; Buyer 
chooses 5 days for nomination, Seller would deliver not more than 20% of the 
300,000 MMBtu on each of those 5 days for a total nom of 100%). Buyer pays 
TCO Pool Index PLUS a premium.

While the product Description on the website accounts for both the month-long 
delivery to the Seller and the 'flexibility' of the Buyer, the product should 
be entered into the downstream processes, settled and confirmed as two 
different products. This is necessary in order to give us the protection 
against non-performance that the GTC's and master contracts support.

Please feel free to forward this e-mail to anyone I may have missed.



Dale