Thanks, Kim, I really appreciate it. 
Art 
-----Original Message----- 
From: Kim.Ward@enron.com [mailto:Kim.Ward@enron.com ] 
Sent: Wednesday, October 17, 2001 12:46 PM 
To: AAVALOS@pnm.com 
Subject: RE: Cost for Put Option 
Art, 
We have priced these at the money puts and they are kind of expensive.  For 
the monthly put, Strike of $2.72, premium would be $.495.  For the Daily 
put, the premium would be $.535.  Let me know if you have any questions. 
Prices might be lower tomarrow given the downturn since AGA's came out.  If 
you are willing to look at out of the money puts, the price would be better 
as well. 
Thanks, 
Kim 
 -----Original Message----- 
From:     "Avalos, Art" <AAVALOS@pnm.com>@ENRON 
Sent:     Wednesday, October 17, 2001 10:43 AM 
To:       Ward, Kim S (Houston) 
Subject:  Cost for Put Option 
Hi Kim, 
Could you please give me an estimate for Q3 2002, on the cost of a put 
option for 5,000 mmBtu/day (daily and monthly) from the San Juan Basin. 
Thanks, I really appreciate it. 
Art Avalos 
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