1. Entrega Gas Pipeline Project Wyoming Natural Gas Pipeline Authority - August 24, 2004

2. 42-inch 36-inch

3. Project Description n 327 miles of new interstate pipeline facilities, including 136 miles of 36-inch and 191 miles of 42-inch pipe n In Wyoming, approximately 50 miles of 36-inch, 183 miles of 42-inch n Runs from Meeker Hub in Rio Blanco County, CO through Wamsutter to the Cheyenne Hub near Rockport, CO n Runs through Sweetwater, Carbon, Albany, and Laramie Counties in Wyoming n Future compression includes two stations in Wyoming near Wamsutter and Arlington in the I-80 corridor. n 22 Main Line Valves with 14 in Wyoming

4. Project Description (continued) n FERC Application capacity request of 1.5 Bcf/day (2 phases) n Phase One approximately 725 MMcf/d (free flow) n Phase Two incremental 775 MMcf/d (compression) n Further economic incremental expansion of 500 MMcf/d Wamsutter to Cheyenne Hub n Phase One receipts at Meeker Hub and delivery points at Wamsutter and Cheyenne Hub n Design anticipates both receipt and delivery capability at Wamsutter n Future Receipt/Delivery points to be determined with potential shippers

5. Project Description (continued) n Entrega intends to be an “Open Access” Pipeline n Entrega will offer both firm (FT) and interruptible (IT) transportation services n Estimated Initial Rates are approximately: –Phase One Recourse Rates $ 0.39 (FL&U 0.15%) –Phase Two Recourse Rates $ 0.22 (FL&U 0.90%) n Estimated Project Costs are: –Phase I = $575 MM –Phase II = $75 MM

6. Milestones Achieved n Preliminary work began in summer of 2003 to scope out the requirements and get a head start on the regulatory requirements n FERC assigned Entrega a pre-filing docket March 19, 2004 n Open Houses and separate local government meetings held on March 30, 2004 to April 6, 2004 at 4 locations in Wyoming (Cheyenne, Laramie, Rawlins and Wamsutter) n Open season held June 4 to June 25 resulted in sufficient commitment to advance the project. n Draft of application for FERC certificate nearing completion in anticipation of August 2004 filing

7. Upcoming Milestones n FERC Draft Environmental Impact Statement is issued and comments expected by 1Q, 2005 n Anticipate FERC Certificate for the facilities from Meeker to Cheyenne Hub by 2Q, 2005 n Expect to begin construction in summer 2005 with target in service dates of 4Q 2005 for phase 1 and 2Q 2007 for phase 2 n Present plans are to utilize at least four construction spreads with approximately 450 construction and inspection staff per spread n Construction period expected to be 3-5 months.

8. Benefits to Wyoming n Access to pipeline capacity exiting Wyoming to market hub at Cheyenne and major downstream markets n Should support future Rockies export pipeline from Cheyenne Hub to be built n Additional Ad Valorem tax revenue n New construction jobs and full time jobs n Equipment and materials purchased from Wyoming suppliers n Minimal environment impact n Route: over 90% adjacent to existing rights of way

9. n The Entrega Gas Pipeline Project is good for Wyoming –Revenue benefits –Job benefits –Minimal Environmental impact n Your support in our applications with FERC, BLM, and the local agencies will enhance agency understanding of project benefits Summary