Re: Fletcher Challenge/Apache

Tana -

With respect to assignment of the Fletcher Challenge ISDA over to Apache, I
see no problems from a credit standpoint. I do have one quick clarification
on this issue, though. The correct counterparty name is Fletcher Challenge
Energy Canada Inc. Other than that small item, I have no issues with making
this assignment.

Please call me if you have any questions.

JRW

Tanya Rohauer@ECT
01/26/2001 01:23 PM
To: Jason R Williams/NA/Enron@ENRON, Brant Reves/HOU/ECT@ECT
cc:

Subject: Fletcher Challenge/Apache

Tana Jones received a request to assign the Fletcher Challenge Canada ISDA to
Apache Corporation. As you may know, Fletcher Challenge has entered into an
agreement to sell its oil & gas production operations in Canada and Argentina
to Apache (and its New Zealand properties to Shell). The deal is set to
close sometime first quarter. We need to approve the assignment of the
contract. To that end, please review Apache and determine the effect of the
transaction on both companies. Tana will forward documentation to us upon
her receipt.

Thanks,
Tanya