Mark,

Attached is a spreadsheet that lists the end of day midmarkets for socal
basis and socal/san juan spreads. I listed the days during bidweek that
reflected financial trading for Socal Index and the actual gas daily prints
before and after bidweek.

The following observations can be made:

July 1. The basis market anticipated a Socal/San Juan spread of .81 vs
actual of .79
2. Perceived index was 4.95 vs actual of 4.91
3. Socal Gas Daily Swaps are trading at a significant premium.

Aug. 1. The basis market anticipated a Socal/San Juan spread of 1.04 vs
actual of .99
2. Perceived index was 4.54 vs actual of 4.49
3. Gas daily spreads were much wider before and after bidweek than the
monthly postings
4. Socal Gas Daily Swaps are trading at a significant premium.

Enron Online will allow you to monitor the value of financial swaps against
the index, as well as, spreads to other locations. Please call with any
questions.

Phillip