I have registered us for attendance on this conference call.  Anyone that 
wants to attend can meet in the Conf Room 697 from 9:00-10:00 a.m. on 
Thursday, October 12.  If any Houston staff want to attend the call, I will 
probably have to register you separately.  Let me know if you would like to 
listen in at the Houston location.

Lorna

----------------------------------------------------


Dear CERA Members and Friends: 

Are oil companies leaving money on the table in their use of benchmark crude 
prices?? What can be done to lower the risk in these potentially harmful 
calculations?

One of Cambridge Energy Research Associates' (CERA) core businesses has been 
benchmark crude oil price analysis. In our new multiclient study, "The Hole 
in the Barrel", CERA goes beyond our benchmark price analyses to analyze the 
structure of the market itself.? We argue the limits and real economic losses 
that can result from misunderstanding these prices - specifically the Brent 
benchmark - in oil company financial calculations and strategic planning, the 
magnitude of which can be significant, often amounting to dollars - not cents 
- per barrel.

As an introduction to this new study, we would like to invite you to 
participate in this complementary multimedia conference call and web 
presentation on October 12, 2000.? With the current volatility and high 
levels of energy prices, this conference call will bring clarity to these 
important and relevant issues.

To enroll for the call, please RSVP to 1-800-289-0579 or 719-457-2550 and 
reference the Confirmation Code 984848 in order to participate in the call.

In this detailed study, CERA looks at what people really mean when they talk 
about the oil price.? As part of the study, we: 

* Analyze each of the five contracts that make up the Brent market and 
consider their long-term future given the steady decline of "wet" barrels, 
including how other price markers might evolve.

* Outline how oil companies have more discretion to raise revenues (for a 
given volume of production) than is generally appreciated.

* Examine each of the three components that make up oil prices (absolute 
price level, time and grade differentials), to show where revenue is being 
lost and what can be done to add it back again.

* Assess the management control issues associated with any market activity 
and conclude that the risks of dealing are significant but not overwhelming, 
especially in comparison to the underlying and increasing price risk that 
they help to manage.

In this evolving New World, while trading may or may not be good for you, not 
understanding the market can be fatal. 

CONFERENCE CALL TOPICS: 
* Brent Blend as a price benchmark for a significant proportion of 
internationally traded crude oils. 
* The fitness for purpose of each of the five interwoven but separate 
contracts in the Brent market to different sectors of the oil industry 

* The risks and rewards of dealing in the Brent market 

Our speakers will address this topic for 20-30 minutes, with accompanying 
graphics presented on the Internet, followed by an open question and answer 
period.

SPEAKERS: 
Tim Fitzgerald, Senior Director 
Liz Bossley, Senior Associate 
Ann-Louise Hittle, Senior Director, World Oil 
Julian West, Senior Director, Energy & e-Business 

TIME: 
10:00AM Eastern, Thursday, October 12, 2000 

TO ENROLL: 
Please RSVP 1-800-289-0579 or 719-457-2550 and reference the Confirmation 
Code 984848 in order to participate in the call.

TO PARTICIPATE: 
For the audio portion of the call, please call in on one of the following 
numbers approximately 10-15 minutes before the call:

Within the United States: 1-800-262-1292 
Outside the United States: 1-719-457-2680 
Confirmation code: 984848 
Title of the call: Brent Study, The Hole in the Barrel, multimedia CERA 
marketing call 

For the Internet portion of the call (audio is by telephone), please log on 
to the Internet approximately 15-30 minutes before the presentation to ensure 
technological compatibility.

1. Point your browser to http://vcast.premconf.com. (Do not include WWW in 
the URL) 
2. At the VisionCast Home Page, click on "Attend a Private Conference." 
3. Follow all directions given regarding additional technology required (if 
any). 
4. You will be prompted for an Event Name (vc984848), your name, and your 
company name. 
5. Fill in all fields and click "Continue." 

System Requirements and Suggestions: 
? Internet connection not reliant on the phone line you will use for the 
call. 
? A Java-enabled browser, such as Microsoft Internet Explorer 3.02 or higher; 
Netscape Navigator 3.02 or higher; or Sun Hot JAVA(tm)

? Close all desktop applications and disable your screen saver 

A recording of this call (audio only) will be available until October 26, 
2000.? To access this recording, please call 1-888-203-1112? 1-719-457-0820 
(within the U.S.) or 1-719-457-0820 (outside the U.S.).? Please use 
confirmation number 984848 to access the call.

We hope you will join us in this important event, and look forward to working 
with you in the future.? For more information about this new study or CERA 
please visit our website at http://www.cera.com or contact Kathleen Doherty 
at +1 (617) 498 9194 or via e-mail to kdoherty@cera.com .

Sincerely, 

Tim Fitzgerald, CERA Senior Director 

************************************************************ 
Our relationship with you is very important to us.? If you 
wish not to receive e-mail notifications from CERA, please 
send a reply to this message with "DoNotEmail" as the subject 
of your message. ( mailto:info@cera.com?subject=DoNotEmail ) 
************************************************************