Bob,

I have compiled three Excel files that value Pete Keavey's Gas Daily swaps 
and options.  In looking at the spreadsheet that you sent, I found these to 
be the most incorrectly valued.  In order to get the valuations, I had book 
administators run calculations in the ERMS system.  These values should 
correlate with how credit valued these deals.  Each file consists of a 
summary worksheet and a detail worksheet for each deal.  Please feel free to 
call, or have Homer call, with any questions that you have.




Thank you,

Errol McLaughlin, X5-8274