Status of Agreements

Marie/Mary/Carol

Set forth below is the list of counterparties with whom I have been involved with regarding the implementation of netting arrangements and the status. Green represents completed arrangements
and red represents those arrangements under progress.

Coastal States Trading- Executed by both parties. (payment and close-out netting)
ConAgra- Executed by both parties. (Master Crude Oil P&S with CSA)
Conoco- Executed by both parties. (only payment netting)
Crown Central- Executed by both parties. (only payment netting)
Louis Dreyfuss- Forwarding our Master Liquids documentation for their review. (request made for NGL Master Purchase and Sale Agreement)
Morgan Stanley- Executed by both parties. (only close-out netting)
Navajo- Requesting Navajo to review our standard payment netting document. (request for crude oil payment netting)
Richardson- Richardson has requested payment netting of invoices for NGL transactions, but may be content to proceed with Master Netting Agreement. Marie Heard will inform me if I need to carry this forward.
Sunoco- Executed by both parties. (only payment netting)
Unocal- Form of document agreed. (only crude payment netting)
Valero- Executed by both parties. (only payment netting)
Williams- Documents for crude oil payment netting agreed and being prepared for execution. Jeff Hodge is proceeding with a Master Netting Agreement.

Please let me know if you have any comments or questions.

John