ARC Resources Ltd.

We have received an executed Master Agreement:

Type of Contract: ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date: March 1, 2001

Enron Entity: Enron Canada Corp.

Counterparty: ARC Resources Ltd.

Transactions Covered: Approved for all products with the exception of:
Foreign Exchange

Confirming Entity: ECC

Choice of Law: Province of Alberta

Copies will be distributed.

Stephanie Panus