Hi Kim, How are you doing?  About the comments on the 
Enfolio, I spoke with Dave Fuller yesterday, he said 
to e-mail him our comments.  I will do so and I will 
also cc: you on them.  
As far as the market, we are getting ready to become 
a end user on the EPNG system.  So sometime in June 
2002 will be doing business.  If you have some time 
this month or the next, please feel free to visit 
to go over our plans. 
Thanks for all of your help. 
Art Avalos 
-----Original Message----- 
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com ] 
Sent: Thursday, November 01, 2001 10:32 AM 
To: AAVALOS@pnm.com 
Subject: RE: Q3 Call Option 
Art, 
Just wondering about your comments to our Enfolio. 
Thanks, 
Kim 
p.s.  What is going on in the market with you guys these days? 
 -----Original Message----- 
From:     "Avalos, Art" <AAVALOS@pnm.com>@ENRON 
Sent:     Tuesday, October 30, 2001 9:42 AM 
To:       Ward, Kim S (Houston) 
Subject:  RE: Q3 Call Option 
Thanks for the info. and I will be sending you 
PNM's comments via e-mail. 
Thanks again, 
Art Avalos 
-----Original Message----- 
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com  << File: mailto:Kim.Ward@enron.com  >> ] 
Sent: Tuesday, October 30, 2001 7:54 AM 
To: AAVALOS@pnm.com 
Subject: RE: Q3 Call Option 
Art, 
An at the money Daily call option (against first of the month index) for 
gas at San Juan is $.24 for Q3 next year.  At the money monthly call 
options would be $.58 with a strike of $3.10.  A fixed price daily call 
option would be $.60 with a strike of $3.10. 
Let me know if you have any questions. 
Thanks, 
Kim 
 -----Original Message----- 
From:     "Avalos, Art" <AAVALOS@pnm.com>@ENRON 
Sent:     Monday, October 29, 2001 3:13 PM 
To:       Ward, Kim S (Houston) 
Subject:  Q3 Call Option 
Hi Kim, hope you're doing well.  Just received comments from our 
Lawyers for your Master Enfolio. Should I be speaking with you or 
someone else? 
Also, could you give me a quote of what a daily call for Q3 will be 
at the money for 5,000 mmBtu/day. 
Thanks, 
I really appreciate it. 
Art Avalos 
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