New Product Type: US WTI Phy Exch Platts

The product type long description below will fall under the new product type
US WTI Phy Exchange (Platts Indexed Commodities). Credit (Tom Moran) has
approved copying the profiles for the new product type from the following:

US Crude WTI Physical Forward

Please respond by 10 a.m. on Wednesday, March 21.

Thank you. Lisa
---------------------- Forwarded by Lisa Lees/HOU/ECT on 03/20/2001 03:00 PM
---------------------------

EXAMPLE:

US WTI Phy Exch Platts WTI / ANS Month/Yr USD/bbl

Product Type Long descripton:
A US Crude Transaction with Enron Reserve Acquisition Corp. (ERAC), under
which (A) where ERAC is the Buyer, ERAC shall sell and deliver to
Counterparty and Counterparty shall purchase and receive a quantity of West
Texas Intermediate crude oil deemed gravity 40 API ("WTI") at Cushing,
Oklahoma U.S.A. TEPPCO Crude Pipeline, L.P. ("Cushing") equal to the volume
submitted by the Counterparty via the Website for delivery during the term of
the Transaction, and Counterparty shall sell and deliver to ERAC and ERAC
shall purchase and receive the same volume of Exchange Product in equal parts
for delivery during the term of the Transaction; and, (B) where ERAC is the
Seller, Counterparty shall sell and deliver to ERAC and ERAC shall purchase
and receive a quantity of WTI at Cushing equal to the volume submitted by
the Counterparty via the Website for delivery during the term of the
Transaction, and ERAC shall sell and deliver to Counterparty and
Counterparty shall purchase and receive the same volume of Exchange Product
in equal parts for delivery during the term of the Transaction. The price
for WTI shall be the midpoint of the daily first line quotations for
(WTI/(MONTH) under the heading "U.S. $/Bbl" in the Crude Price Assessments
section of Platt's Oilgram Price Report for the issue of publication on the
date of the Transaction ("Index Price"). The price for Exchange Product
shall equal (i) the Index Price, plus (ii) the Adjusted Price. The Bid Price
represents the Adjusted Price for Exchange Product under Section A above.
The Offer Price represents the Adjusted Price for Exchange Product under
Section B above.

Term of the Product:
The term of the Transaction shall be from the Effective Date to the
Termination Date. The Effective Date is {DATE}. The Termination Date is
{DATE}.

Location of the Example Product:
The delivery of Alaskan North Slope ("Exchange Product") shall be at Long
Beach, California.

Currency:
The price is quoted in US Dollars per unit of volume, which will be the
Contractual Currency.

UOM:
The unit of measure in which the price is quoted is in Barrels per day and
the quantity shown shall be in Barrels per day.