Not done - but good progress:

We reached agreement with the water bank late last night on the definitive agreement.  The members of the bank are going to their respective boards today and tomorrow and are saying that they are prepared to sign tomorrow.  They have flaked on us in the past, so there is still a decent chance we dont get done soon, but in general we are pleased that they moved so quickly during the past week.

Calpine started being difficult yesterday re the timing of closing, water (they now want the Azurix agreement with a guarantee) and taking the gas transport.  We played hardball - told them Azurix is out and that we dont need the transport.  The outcome of that position is that we will not assign our transport to them and we will opt out of our transport precedent agreement.  Calpine indicated that they have their own transport and if we dont close, they would assign us 50MMCF/Day.  I am not sure if this is their final answer but it is clearly better than them having a put back to us for 100MMCF/Day.

I suspect this will change - some for the bettter, some for the worse, but I will keep you posted.

Chris