RE: Crestone Restructure

Don Baldridge indicated that they would prefer to front-load the re-priced swap, with a higher price next year and a market-based price for '03-'05 and no lump sum payout this year. This structure probably works better for us also due to the increased focus on funds flows.

I also have John Disturnal (ENA Canada) pricing up an at the money swaption for '03-'05, which might be an attractive hedge for Crestone. Don is going to run some traps on his end and get back to me this afternoon.

T

-----Original Message-----
From: Whitt, Mark
Sent: Friday, September 14, 2001 7:45 AM
To: Tycholiz, Barry
Cc: Harrison, Tyrell
Subject: RE: Crestone Restructure

Tyrell was to follow up with Crestone yesterday. I do not know where they stand but I know we have been working on structures and they need to do something before the end of the quarter.
Tyrell, can you give us an update?

-----Original Message-----
From: Tycholiz, Barry
Sent: Friday, September 14, 2001 7:17 AM
To: Whitt, Mark
Subject: Crestone Restructure

Mark, Good Morning.

Any updates on Crestone structure ( re-price of deal), also, Paul discussed the Northern Border deal with potentially the producers underpinning... pls keep me posted on status.

BT