Ned,

Regarding the Waha storage, the west desk does not have a strong need for 
this storage but we are always willing to show a bid based on the current 
summer/winter spreads and cycling value.  The following assumptions were made 
to establish our bid:  5% daily injection capacity, 10% daily withdrawal 
capacity, 1% fuel (injection only), 0.01/MMBtu variable injection and 
withdrawal fees.  Also an undiscounted  June 01 to January 02 spread of $0.60 
existed at the time of this bid.

Bid for a 1 year storage contract beginning June 01 based on above 
assumptions:  $0.05/ MMBtu/Month ($0.60/Year).  Demand charges only.

I am not sure if this is exactly what you need or not.  Please call or email 
with comments.

Phillip Allen