Everyone,

The current value of existing fmtm is ($3.2MM).  Fred and this customer have 
had a falling out and the customer has decided to unwind his position and 
take his business elsewhere.  Because of this, an opposite trade was entered 
into that exactly reciprocated like terms.  This trade has not yet been 
confirmed and is currently pending credit.  As a cost of agreeing to do this, 
the customer was to provide $5.25/bbl on the remaining 92,000 barrels.  This 
amount totals $483,000 which, in the normal course of doing business, is owed 
and due as of tommorrow, September 13.  Fred and his customer, while I was 
listening on a taped line, agreed to structure settlement of trade NY9319 as 
such:

Amounts to be paid;

$483,000 Premium Payment Owed and Due
$192,375 Amount ENA owes this customer for Sept financial settlement - being 
withheld and netted against the $483M
$290,625 net amount to be financed until final payment is made on September 
30.
$1,353  amount of interest on the principal, using interest rate of 10%, 17 
days of tenor
$291,978 exact amount to be paid on September 30

Please structure the above referenced terms into appropriate language for the 
confirmation of trade NY9319 and provide such language to the confirmation 
desk.

Original deal done March 3, 2000:  NB4261

ENA Long Call 28.30  1,000/bbls/d Oct-Dec'00
ENA Short Put 22.50  1,000/bbls/d Oct-Dec'00
ENA Long Put 18.50  1,000/bbls/d Oct-Dec'00

New deal done September 11, 2000:  NY9319

Customer Long Call 28.30   1,000/bbls/d Oct-Dec'00
Customer Short Put 22.50  1,000/bbls/d Oct-Dec'00
Customer Long Put 18.50  1,000/bbls/d Oct-Dec'00

Let me know if I can be of any further assistance.

Thanks
Brant