RE: additional information on SMUD

SMUD is buying, we are selling. It is a fixed price call - not gas daily.

-----Original Message-----
From: Moon, Eric
Sent: Tuesday, July 31, 2001 6:26 PM
To: Ward, Kim S (Houston)
Subject: RE: additional information on SMUD

Is this fixed priced or gas daily calls. If it is a gas daily call, is the strike fixed or FOM? Is SMUD buying or selling?

-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Tuesday, July 31, 2001 5:24 PM
To: Little, Kelli; Moon, Eric
Subject: additional information on SMUD

Sorry guys, I need to clarify my previous request. SMUD is looking for a financial call option at Malin (or Aeco) with the strike 10% above today's market and 20% above today's market for 5000/day. Term is April 01 through Mar 03. Please let me know if you have any questions.

Thanks,

Kim