Re: March Curve Validation

Jennifer,
The market just traded higher in the West in general during the month of
March compared to February. That is why we see the shift in NGI-MALIN and
NGI-PGE CG. As for IF-CIG WIC, it was also the way the market traded. Other
Rocky Mountain points were similar. Please call if you have any further
questions.

DG

From: Jennifer Nguyen @ ENRON 04/17/2001 11:44 AM

To: Darron C Giron/HOU/ECT@ECT
cc: Jeffrey C Gossett/HOU/ECT@ECT
Subject: March Curve Validation

Darron --

Before I send out the memo for March, I have a few questions about 3 curves
that were reviewed this month. Attached are Powerpoint slides containg the
10 curves that were validated for March. The ones I'm asking you to take a
look at are:

NGI-MALIN
NGI-PGE CG
IF-CIG WIC

The shifts in MALIN and PGE CG are pretty clear. For CIG WIC, please note
how the front years show a price drop compared to prior months, while marks
in the mid-years have shifted upward by approximately $0.10. Thanks for
your help, and please let me know if you have any questions.

Jennifer