SMUD is buying, we are selling.  It is a fixed price call - not gas daily.

 -----Original Message-----
From: 	Moon, Eric  
Sent:	Tuesday, July 31, 2001 6:26 PM
To:	Ward, Kim S (Houston)
Subject:	RE: additional information on SMUD

Is this fixed priced or gas daily calls.  If it is a gas daily call, is the strike fixed or FOM?  Is SMUD buying or selling?

 -----Original Message-----
From: 	Ward, Kim S (Houston)  
Sent:	Tuesday, July 31, 2001 5:24 PM
To:	Little, Kelli; Moon, Eric
Subject:	additional information on SMUD

Sorry guys, I need to clarify my previous request.  SMUD is looking for a financial call option at Malin (or Aeco) with the strike 10% above today's market and 20% above today's market for 5000/day.  Term is April 01 through Mar 03.  Please let me know if you have any questions.

Thanks,

Kim