STEPHENS ENERGY CORP. - The Railroad Commission of Texas

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$G:\WP\Jmd\pfd\PFD-Nowak MIPA.wpd - The Railroad Commission ...$

Much 1 S. 2003 Mr. . .. . .- Texas 76450 Cantera Resources, Inc., suwcssor to Industrial Natural Gas Company. hereby notifies berating Company that it is terminating on April 30.2003, in accordance with Article 2. the Natural Gas Purchase Agrtemmt executed Deecmbu 11. 1996 for residue gas purchased at the tailgate of Dynegy's Chico plant. Due lo changes n~ade to the mnnl~er in which Saginaw Pipeline is operated, Cmam Resources. Inc. can no lorigel. purchase this gas fromOperating Company. Please call me. 972-367-2626. if you have any questions. Sincerely, ~a&er, Gar Supply
- cM@#&g& May 29,2003 P.O. Box 1JC -m- Re: Gas Purchase Contract u Dated June 1,1W7 Ac I am rttm yna an. :lware, wc Are currently expericncinc wliat some have called a "crisis of confidence" concorning the monlhly Index Prices publirhed nr of the firs( of mrh month for the aluuiag 11tu11111's gas busil~ess by organizatio~ xuch as PIULIS ("Indcx Prices"). Them have been ntllllCrOuS reccllt Mlclts dl6CUSSlng rhls lnduy-wldc WIIWU. Sullrr: ill llrc Ldushy haw ~vcn ihc fcderal go~cmmmt should play a role in rcporling of gas prices and creating pdcc su~ycsled indices. On numerous occasions since October 2002. questions 11me been miscd conccming lnrida FERCi Katy and Hourton Ship Clulrncl ("HSC") Index Prices. Keccntly Pub stated. "Plaur has not bccn ablc lo uso ita catnbliohd methodology based exclucivcly on concummated dcals fbr many of thc prlciq points is tl~c FG~I.ULUY (iu~vey'' rind ''~itl~out a eignific~t lu nporhng ol'physic. deal making to Platts. ..a retun1 lo the ~rndltlohal reliance on rudl lrudi~# will not be poible." ~II~C~IC Wliile Platts does nnl wnnant lnda Pticu Tor filness for any particular purposc. it is obvious (ha! even Plottr itoolf no longer har confideuw in its own reported Index PC&. L>ae to nnnleyu~lil~g, thot indices have -tially failcd ihcir purpo and an no longer bo muonably rclicd upon is an oped upon Bandud fbr prlcine pufposcs. The FERC i~llb 1wettUy dcscrlhl Uls currrr~l 8iluwtiuc1 811 ''cpid~luit" of 61r price rcpodnting. In its wont whitepaper entitle4 Rernmmtv~durlotu fir Restoring Tml and l).ansparency: A Call lo Acrion. Platts slates Ihd recent evenu hnvc "undermined confidence in indcpendrn~ prier: knchrnarks. and to a d m , thc marka ibclf!' Other aaon hnvc also cnntrihutd tu 0s hilure uC Ute HSC ispo~tcd Index Rim and thc inability to use 11 as a basis for pricing in iht NoHh Tcxas producing area, including: 1) si@~lficant dccrecrse in IIlc numbcrof crcdil-wohy gno purchoaaro; 1) huse incmnws in Nnrlh itx~u area gas production resulting in at ovasupply situation; uld 3) inadequate ymwth in pipclinc Iru~spodation capacity out of Norih Tcxu to the mnjor gas marke~r
Page 1 and 2: STEPHENS ENERGY CORP. RANDAL M. STE
Page 3 and 4: months of excessive fuel+LUG deduct
Page 5 and 6: allocating LUG proportionately as r
Page 7: CONTRACT REVIEW BELOW OmnlCManenb ~
Page 11 and 12: Re: - Due lo the changing industry
Page 13 and 14: inmhangubitity, subjc* to TXU GAS'
Page 15 and 16: "POINT DESIGNEE" (Nouca and invoice
Page 17 and 18: Auyst 13,2001 Re: 4^ Opnating Agree
Page 19 and 20: Imcrchmgeabillty, subject to TXU GA
Page 21 and 22: March 24, 2003 ~.06rmu B 1 T H b h
Page 23 and 24: 3.2 lbrthiagtothceon~bminconlaincdn
Page 25 and 26: RE: RoposedGasPmdmseAgrsmwt~CitoriO
Page 28 and 29: --- mu- OUlg.mn1PMI ~P-9gcofRwadsdP
Page 30 and 31: Unaccounted Gas (LUG), which is gas
Page 32: magically go away, and in& fa will
Page 35 and 36: a&essment of th-e bpe andlor Intern
Page 37 and 38: March 2,2005 Chairman Houde Energy
Page 39 and 40: New Horizon Investments, Ltd. P.O.
Page 41: ~ ~ f ,316 El Dorado Drive Fc t Wor
Page 44 and 45: The logic of all this is, a long as
Page 46 and 47: u RUSSOI N. TAYLOR am Texas Allianc
Page 48: If -one hu read a Yn: eoatraec. h g

STEPHENS ENERGY CORP. - The Railroad Commission of Texas

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