Ken, I have taken a look at the material you had sent me on the ARC Northern 
Gas Pipeline Route.  Ultimately, I believe that ARC is looking for certain 
strategic investors to provide founding capital to fund the development of 
this proposal.  To the extent that this is a open access non-discriminatory 
pipe, ENA's opportunity lies in being a shipper to capitalize on basis 
markets or customer transactions that provide attractive risk reward 
characteristics. Other than understanding the potential flows and costs, 
there is probably not much we need to do today given a 2006 start from an ENA 
point of view.

The ARC consortium needs to fund approximately $30M to develop this project.  
The US and Canadian aboriginal groups will receive 33% ownership for $10M.  
the remaining $20M and 67% will be funded by a group of producers, pipelines, 
venture capital and the "organizing group" (40%!!).  Stan Horton, if he 
believes this is a commercial possibility, may want to provide a few million 
of founding capital to the venture in order to preserve him the option to 
participate as an equity holder or operator if this becomes a reality.  

Regards
Delainey