FW: From Michael.

I think what the partnership values it does not have to have a relationship to what we value it at.

Jim?

-----Original Message-----
From: Campos, Kathy
Sent: Wednesday, November 14, 2001 4:13 PM
To: Hayslett, Rod
Subject: From Michael.

FYI, we received the signed copy from Williams today on MOPS.

Steve Dowd called me about the sale of our interest in Trailblazer. He wanted to know if we were valuing the interest would we treat it differently because we are buying the partnership interest? Would we treat the depreciation differently at the partnership level than the asset level? For example, if the asset sold for $110, but the partnership valued it at $100, how would we account for the $10 difference, assuming these figures represented ENE's interest in the assets?

Thanks,

Michael

Kathy Campos
ETS Finance
EB4055
713-853-6833