We executed final documentation on sale of the Noram rig for $9 million ($4.4 million net to Enron).  Although the purchaser has until April 13th to fund, there are no contingencies in the contract and SCF Partners controls the entity.  The delay in funding is required since there is a 21-day period for them to make their capital calls.

A number of things came together for us this week, which is good.

The week is now over.
---------------------- Forwarded by Richard Lydecker/Corp/Enron on 03/16/2001 04:36 PM ---------------------------


Richard Lydecker
03/16/2001 04:07 PM
To:	Louise Kitchen/HOU/ECT@ECT
cc:	Brian Redmond/HOU/ECT@ECT 

Subject:	Re: Inland Resources   

Thanks.  The week's not over.  Stay tuned. 



Louise Kitchen@ECT
03/16/2001 03:43 PM
To:	Richard Lydecker/Corp/Enron@ENRON
cc:	Brian Redmond/HOU/ECT@ECT 

Subject:	Re: Inland Resources   

Excellent - it has been a great week for you guys.  Three dashes and a handshake deal.

Have a good week-end.

Louise



Richard Lydecker@ENRON
03/16/2001 10:06 AM
To:	Louise Kitchen/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT
cc:	 

Subject:	Inland Resources

Today we negotiated a handshake agreement with Smith Properties to buy out JEDI's position in Inland for $2 million ($1 million net to Enron).  The DASH minimum was $1.25 million ($612,500 net to Enron), the original offer.  Documentation will be simple:  our rep is limited to we own it and we can sell it.  Expect to close and fund next week.

Given the Inland situation and the absence of any foreseeable payment on our preferred, I view this outcome as very favorable.

Brandi Morris' work on this transaction was outstanding.









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