Mark, further to our conversation... Mercado transacted with Enron North America under the terms and conditions of a financial transaction and these transactions have been or will be settled financially, however these transactions could have been set up as physical.  The structure of the transaction changes as a result of a few variables, including the price,day of cash settlement, and curtailment issues on San Jan deliveries which would then automatically convert the fixed price portion to 100% load factor and settlement would be on 100% of the volume regardless as to what physically flowed. 

Please call me if there are any questions regarding this note.   

Barry  Tycholiz
Vice President, Enron North America