2. Tori Campbell 303.568.3262 tcampbell@enserco.com Black Hills Corporation Wyoming Natural Gas Pipeline Authority October 28, 2003

4. Players Producers Seek highest price,  volatility, ratable deliveries Gathering/Processing Companies Seek rapid payout of facilities investment Pipelines Fixed rates and allowable rates of return Marketers Seek  volatility, match flowing gas to market needs Utilities/End Users Seek lowest prices,  volatility, flexible deliveries

5. “One Stop Shop”

7. Core Business Wholesale Marketing Markets over 750,000 MMBtu /day Holds over 500,000 MMBtu /day of pipeline capacity Origination Storage rights in excess of 4,000,000 MMBtu Term sales averaging 80,000 MMBtu/day Producer Services 60+ producers Over 170,000 MMBtu/day production

8. Natural Gas Pricing Critical Market Influences: Production Forecasts Fund Position Weather Forecasts Power Prices & Operations Storage Inventory Pipeline Rates and Operations Crude Oil Prices Consumer Pain Threshold Rig Count Report (long term) Reserve Replacement Reports (long term)

9. Aggregation Services Provide transportation, storage, credit coverage, market knowledge, long range weather forecasts, relationships with other market players and 24/7 gas flow coverage Create value by improving gathering & transportation costs (rates, imbalances) Leverage market size (more buyers, manage production and market swings) Improve your ability to adapt to changing market conditions (email service, dedicated staff) The primary physical asset is owned by the producer, but the aggregator has assets of our own. Together we can derive more value in the marketplace!

11. Our Producers Demand... Reliable Gas Flows Market Sensitive Prices Timely, Accurate Payment Understandable Statements Market Insights Financial Hedging Opportunities Quick Response to Questions and Requests Professional Management of Gas Nominations 24x7 Are you missing any of these services?