Kelli,

Attached is a request from PNM for an indication for the price of a put for Q3 next year.  This is a physical option that is at the money.  Please let me know if you have any questions.

Thanks,

Kim

 -----Original Message-----
From: 	"Avalos, Art" <AAVALOS@pnm.com>@ENRON  
Sent:	Wednesday, October 17, 2001 10:43 AM
To:	Ward, Kim S (Houston)
Subject:	Cost for Put Option


Hi Kim, 
Could you please give me an estimate for Q3 2002, on the cost of a put 
option for 5,000 mmBtu/day (daily and monthly) from the San Juan Basin. 
Thanks, I really appreciate it. 
Art Avalos