Red Rock Delays

The last "capacity available" analysis that I provided the group assumed that Red Rock would bring on 120,000 MMBtu/d of new West of Thoreau capacity beginning June 1st. Currently, construction delays are expected to result in 80,000 MMBtu/d being delayed until June 15th and 40,000 MMBtu/d being delayed until July 15th. Attached is my current estimate of West of Thoreau capacity available for June-August. Note that if we wanted to begin transport for our contracted shippers on June 1st, we would be short of needed capacity by 57,298 MMBtu/d June1-15 and 17,298 MMBtu/d July1-15. We need to discuss how this impacts our marketing strategy for June-August capacity.

Thanks,

Paul