Hi guys,

Could we provide a price indication to PNM for a physical call option (offer) for Cal 02 and Q3, 2002 for San Juan gas?  Let start with $.50 out of the money and $1.00 out of the money.  This would be a monthly option.

Please let me know if you have any questions.

Thanks,

Kim

 -----Original Message-----
From: 	"Avalos, Art" <AAVALOS@pnm.com>@ENRON [mailto:IMCEANOTES-+22Avalos+2C+20Art+22+20+3CAAVALOS+40pnm+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Tuesday, October 02, 2001 12:09 PM
To:	Ward, Kim S (Houston)
Subject:	3rd Quarter of 2002 & year 2002


Kim, just for planning purposes, what would it cost to have a call option 
for year 2002 and for 3rd quarter of 2002 for 5,000 mmBtu's per day 
from the San Juan basin? 
Thanks 
Art Avalos