<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
SHERIDAN ENERGY, INC.
---------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
-----------------------------
(Title of Class of Securities)
823764105
---------
(CUSIP Number)
Julia Murray
General Counsel - Finance
Enron Capital & Trade Resources Corp.
1400 Smith Street
Houston, TX 77002
(713) 853-6161
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 23, 1998
-----------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box: /_/
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 17
<PAGE> 2
SCHEDULE
13D
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SUNDANCE ASSETS, L. P.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) /_/
(B) /X/
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
00
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) /_/
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,600,000*
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
---------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 1,600,000*
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,600,000*
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
N/A
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.7%*
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------------
* BASED ON INFORMATION CONTAINED IN THE FORM 10-QSB OF SHERIDAN ENERGY, INC.,
FOR THE QUARTER ENDED SEPTEMBER 30, 1998 AS OF NOVEMBER 16, 1998.
Page 2 of 17
<PAGE> 3
SCHEDULE
13D
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ENRON CAPITAL & TRADE RESOURCES CORP.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) /_/
(B) /X/
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) /_/
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,600,000*
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
---------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 1,600,000*
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,600,000*
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
N/A
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
23.7%*
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
* BASED ON INFORMATION CONTAINED IN THE FORM 10-QSB OF SHERIDAN ENERGY, INC.,
FOR THE QUARTER ENDED SEPTEMBER 30, 1998 AS OF NOVEMBER 16, 1998.
Page 3 of 17
<PAGE> 4
SCHEDULE
13D
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
ENRON CORP.
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) /_/
(B) /X/
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) /_/
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
OREGON
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 2,600,000*
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
---------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 2,600,000*
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,600,000*
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
N/A
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
38.6%*
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- -------------------------------------------------------------------------------
* BASED ON INFORMATION CONTAINED IN THE FORM 10-QSB OF SHERIDAN ENERGY, INC.,
FOR THE QUARTER ENDED SEPTEMBER 30, 1998 AS OF NOVEMBER 16, 1998.
Page 4 of 17
<PAGE> 5
SCHEDULE
13D
- -------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
JOINT ENERGY DEVELOPMENT INVESTMENTS LIMITED PARTNERSHIP
- -------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) /_/
(B) /X/
- -------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
WC
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) /_/
- ------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- -------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
---------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,000,000*
---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
---------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 1,000,000*
- -------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,000,000*
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
N/A
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.8%*
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
- -------------------------------------------------------------------------------
* BASED ON INFORMATION CONTAINED IN THE FORM 10-QSB OF SHERIDAN ENERGY, INC.,
FOR THE QUARTER ENDED SEPTEMBER 30, 1998 AS OF NOVEMBER 16, 1998.
Page 5 of 17
<PAGE> 6
STATEMENT ON SCHEDULE 13D
Note: All information herein with respect to Sheridan Energy, Inc., a Delaware
corporation (the "Issuer"), is to the best knowledge and belief of the
Reporting Entities (as defined herein).
Items 2, 4, 5 and 7 of the joint Schedule 13D of Enron Corp., Enron Capital &
Trade Resources Corp., Joint Energy Development Investments Limited
Partnership, and JEDI Hydrocarbon Investments I Limited Partnership, dated
December 23, 1997, as most recently amended on January 29, 1998 (the "Previous
Schedule 13D") are further amended by the addition of the following:
Item 2. Identity and Background, Item 4. Purpose of Transaction and Item 5.
Interest in Securities of the Issuer.
Effective as of December 23, 1998, 1,600,000 shares of the Issuer's
Common Stock, par value $0.01 per share (the "Common Stock") and 1,000,000
shares of the Issuer's Series A Preferred Stock (the "Preferred Stock")(which
are not publicly traded and are described in the Prevous Schedule 13D), held by
Enron Capital & Trade Resources Corp. ("ECT"), were contributed to the capital
of Sundance Assets, L.P., a Delaware limited partnership ("Sundance"), as part
of an internal reorganization of the merchant asset portfolio of Enron Corp.
("Enron") and its subsidiaries and affiliates. The general partner of Sundance
is Ponderosa Assets, L.P., a Delaware limited partnership ("Ponderosa"), which
is wholly-owned by Enron and certain of its subsidiaries. The general partner
of Ponderosa is Enron Ponderosa Management Holdings, Inc., a Delaware
corporation and wholly-owned subsidiary of Enron ("EPMH"). Ponderosa, as the
general partner of Sundance, and EPMH, as the general partner of Ponderosa, may
each be deemed to be controlling persons of Sundance.
This Schedule 13D/A amendment is being filed by (i) Sundance (as its
initial filing of Schedule 13D) whose principal business is the ownership and
management of a diversified portfolio of energy related investments, (ii) ECT,
(iii) Enron and (iv) Joint Energy Development Investments Limited Partnership,
a Delaware limited partnership ("JEDI"). JEDI Hydrocarbon Investments I Limited
Partnership, one of the Reporting Entities in the Previous Schedule 13D, was
dissolved effective December 30, 1998 and the Common Stock previously held by
it was distributed to JEDI. Sundance, ECT, Enron and JEDI are referred to
herein as the "Reporting Entities."
The address of the principal business office of Sundance, Ponderosa and
EPMH is 1400 Smith Street, Houston, Texas 77002. Schedule I attached hereto
sets forth certain additional information with respect to each director and
each executive officer of EPMH. Schedules II, III and IV, respectively, set
forth current information regarding the executive officers and directors of
ECT, Enron and Enron Capital Corp. (the corporate general partner of the
general partner of JEDI), respectively. The filing of this statement on
Schedule 13D shall not be construed as an admission that EPMH or any person
listed on Schedules I, II, III or IV hereto is, for the purposes of Section
13(d) or 13(g) of the Act, the beneficial owner of any securities covered by
this statement.
Page 6 of 17
<PAGE> 7
None of the Reporting Entities, nor to their knowledge Ponderosa or
EPMH or any person listed on Schedules I, II, III or IV hereto, has been
during the last five years (a) convicted of any criminal proceeding (excluding
traffic violations or similar misdemeanors) or (b) a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and
as a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, U.S. federal or state securities laws or finding any violations
with respect to such laws.
The Common Stock and the Preferred Stock were acquired by Sundance as a
contribution to its capital upon formation. The Common Stock and Preferred
Stock are being held by Sundance for investment purposes. Sundance intends to
review its investment in the Issuer on a continuing basis and, depending upon
the price of, and other market conditions relating to, the Common Stock,
subsequent developments affecting the Issuer, the Issuer's business and
prospects, other investment and business opportunities available to Sundance,
general stock market and economic conditions, tax considerations and other
factors deemed relevant, may decide to increase or decrease the size of its
investment in the Issuer.
Of the Reporting Entities, JEDI directly owns 1,000,000 shares of
Common Stock, or approximately 14.8% of the outstanding Common Stock (based on
the number of shares of Common Stock outstanding as of November 16, 1998 as
reported by the Issuer in its Quarterly Report on Form 10-QSB for the quarter
ended September 30, 1998. ECT is no longer the record holder of any shares of
Common Stock. However, Sundance holds 1,600,000 shares of Common Stock
previously held in the name of ECT which represents approximately 23.7% of the
outstanding Common Stock (based on the number of shares of Common Stock
outstanding as of November 16, 1998 as reported by the Issuer in its Quarterly
Report on Form 10-QSB for the quarter ended September 30, 1998). Enron and ECT
may also be deemed to beneficially own the shares of Common Stock held by
Sundance and JEDI. Enron disclaims beneficial ownership of any shares of Common
Stock. ECT disclaims beneficial ownership of the shares of Common Stock held by
JEDI.
ECT, Ponderosa, EPMH and Enron may be deemed to share voting and
dispositive power over the shares of Common Stock held by Sundance.
Other than the transactions described herein, none of the Reporting
Entities, nor to their knowledge ECMLP, ECC, ECMLP II, Ponderosa, EPMH or any
of the persons named in the Schedules hereto, has effected any transactions in
the Common Stock during the preceding sixty days.
Item 7. Material to be Filed as Exhibits.
Exhibit 6 Joint Filing Agreement.
Page 7 of 17
<PAGE> 8
After reasonable inquiry and to the best knowledge and belief of the
undersigned, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Date: January 4, 1999 SUNDANCE ASSETS, L.P.
By: Ponderosa Assets, L.P.
its general partner
By: Enron Ponderosa Management
Holdings, Inc. its general partner
By: \s\ Peggy B. Menchaca
--------------------------------------
Name: Peggy B. Menchaca
Title: Vice President and Secretary
Date: January 4, 1999 ENRON CAPITAL & TRADE RESOURCES CORP.
By:\s\ Peggy B. Menchaca
--------------------------------------
Name: Peggy B. Menchaca
Title: Vice President and Secretary
Date: January 4, 1999 ENRON CORP.
By:\s\ Peggy B. Menchaca
--------------------------------------
Name: Peggy B. Menchaca
Title: Vice President and Secretary
Page 8 of 17
<PAGE> 9
Date: January 4, 1999 JOINT ENERGY DEVELOPMENT
INVESTMENTS LIMITED PARTNERSHIP
By: Enron Capital Management
Limited Partnership,
its general partner
By: Enron Capital Corp.,
its general partner
By: \s\ Peggy B. Menchaca
----------------------------------
Name: Peggy B. Menchaca
Title: Vice President and Secretary
Page 9 of 17
<PAGE> 10
SCHEDULE I
DIRECTORS AND EXECUTIVE OFFICERS
ENRON PONDEROSA MANAGEMENT HOLDINGS, INC.
Name and Business Address Citizenship Position and Occupation
- ------------------------- ----------- -----------------------
1400 Smith Street
Houston, TX 77002
James V. Derrick, Jr. U.S.A. Director
Mark A. Frevert U.S.A. Director
Kenneth D. Rice U.S.A. Director and Chairman, Chief
Executive Officer and Managing
Director
Gene E. Humphrey U.S.A. President and Managing Director
Richard B. Buy U.S.A. Managing Director
Andrew S. Fastow U.S.A. Managing Director
Mark E. Haedicke U.S.A. Managing Director and General
Counsel
Jeffrey McMahon U.S.A. Managing Director, Finance and
Treasurer
Jeremy M. Blachman U.S.A. Vice President
William W. Brown U.S.A. Vice President
Robert J. Hermann U.S.A. Vice President and General Tax
Counsel
Michael J. Kopper U.S.A. Vice President
Peggy B. Menchaca U.S.A. Vice President and Secretary
Jordan H. Mintz U.S.A. Vice President, Tax and Tax
Counsel
Kristina M. Mordaunt U.S.A. Vice President and Assistant
General Counsel
Page I-1 of 17
<PAGE> 11
SCHEDULE II
DIRECTORS AND EXECUTIVE OFFICERS
ENRON CAPITAL & TRADE RESOURCES CORP.
Name and Business Address Citizenship Position and Occupation
- ------------------------- ----------- -----------------------
1400 Smith Street
Houston, TX 77002
Mark A. Frevert U.S.A. Director; President--ECT Europe
and Managing Director
Mark E. Haedicke U.S.A. Director; Managing Director and
General Counsel
Kevin P. Hannon U.S.A. Director; President and Chief
Operating Officer
Kenneth D. Rice U.S.A. Director; Chairman of the Board,
Chief Executive Officer and
Managing Director; Chairman
and Chief Executive Officer--
ECT North America
Gene E. Humphrey U.S.A. Vice Chairman
Robert J. Hermann U.S.A. Vice President and General Tax
Counsel
Page II-1 of 17
<PAGE> 12
SCHEDULE III
DIRECTORS AND EXECUTIVE OFFICERS
ENRON CORP.
Name and Business Address Citizenship Position and Occupation
- ------------------------- ----------- -----------------------
Robert A. Belfer U.S.A. Director; Chairman, President and
767 Fifth Avenue, 46th Fl. Chief Executive Officer,
New York, NY 10153 Belco Oil & Gas Corp.
Norman P. Blake, Jr. U.S.A. Director; Chairman, United States
USF&G Corporation Fidelity and Guaranty Company
6225 Smith Ave. LA0300
Baltimore, MD 21209
Ronnie C. Chan U.S.A. Director; Chairman of Hang Lung
Hang Lung Development Development Group
Company Limited
28/F, Standard Chartered
Bank Building
4 Des Vouex Road Central
Hong Kong
John H. Duncan U.S.A. Director; Investments
5851 San Felipe, Suite 850
Houston, TX 77057
Joe H. Foy U.S.A. Director; Retired Senior Partner,
404 Highridge Dr. Bracewell & Patterson, L.L.P.
Kerrville, TX 78028
Wendy L. Gramm U.S.A. Director; Former Chairman, U.S.
P. O. Box 39134 Commodity Futures Trading
Washington, D.C. 20016 Commission
Ken L. Harrison U.S.A. Director; Vice Chairman of Enron
121 S. W. Salmon Street Corp. and Chairman and Chief
Portland, OR 97204 Executive Officer of Portland
General Electric Company
Page III-1 of 17
<PAGE> 13
Robert K. Jaedicke U.S.A. Director; Professor (Emeritus),
Graduate School of Business Graduate School of Business
Stanford University Stanford University
Stanford, CA 94305
Charles A. LeMaistre U.S.A. Director; President (Emeritus),
13104 Travis View Loop University of Texas M. D. Anderson
Austin, TX 78732 Cancer Center
Jerome J. Meyer U.S.A. Director; Chairman and Chief
26600 S. W. Parkway Executive Officer, Tektronix, Inc.
Building 63; P. O. Box 1000
Wilsonville, OR 97070-1000
John A. Urquhart U.S.A. Director; Senior Advisor to the
John A. Urquhart Assoc. Chairman of Enron Corp.; President,
111 Beach Road John A. Urquhart Associates
Fairfield, CT 06430
John Wakeham U.K. Director; Former U.K. Secretary of
Pingleston House State for Energy and Leader of the
Old Alresford Houses of Commons and Lords
Hampshire S024 9TB
United Kingdom
Charls E. Walker U.S.A. Director; Chairman, Walker &
Walker & Walker, LLC Walker, LLC
10220 River Road, Ste. 105
Potomac, Maryland 20854
Herbert S. Winokur, Jr. U.S.A. Director; President, Winokur &
Winokur & Associates, Inc. Associates, Inc.
30 East Elm Ct.
Greenwich, CT 06830
Each of the following person's
business address is:
1400 Smith Street
Houston, TX 77002
Kenneth L. Lay U.S.A. Director; Chairman and Chief
Executive Officer
Page III-2 of 17
<PAGE> 14
J. Clifford Baxter U.S.A. Senior Vice President, Corporate
Development
Richard B. Buy U.S.A. Senior Vice President and Chief
Risk Officer
Richard A. Causey U.S.A. Senior Vice President, Chief
Accounting, Information and
Administrative Officer
James V. Derrick, Jr. U.S.A. Senior Vice President and General
Counsel
Andrew S. Fastow U.S.A. Senior Vice President and Chief
Financial Officer
Mark A. Frevert U.S.A. President and Chief Executive
Officer, Enron Europe, Ltd.
Stanley C. Horton U.S.A. Chairman and Chief Executive
Officer, Enron Gas Pipeline Group
Rebecca P. Mark U.S.A. Vice Chairman; Chairman, Enron
International, Inc.
Lou L. Pai U.S.A. Chairman, President and Chief
Executive Officer, Enron Energy
Services, Inc.
Kenneth D. Rice U.S.A. Chairman and Chief Executive
Officer, Enron Capital & Trade
Resources Corp. - North America
Jeffrey K. Skilling U.S.A. Director; President and Chief
Operating Officer, Enron Corp.
Joseph W. Sutton U.S.A. President and Chief Executive
Officer, Enron International, Inc.
Page III-3 of 17
<PAGE> 15
SCHEDULE IV
DIRECTORS AND EXECUTIVE OFFICERS
ENRON CAPITAL CORP.
Name and Business Address Citizenship Position and Occupation
- ------------------------- ----------- -----------------------
1400 Smith Street
Houston, TX 77002
James V. Derrick, Jr. U.S.A. Director
Mark A. Frevert U.S.A. Director and Managing
Director
Kenneth D. Rice U.S.A. Director and Chairman, Chief
Executive Officer and
Managing Director
Gene E. Humphrey U.S.A. President and Managing
Director
Richard B. Buy U.S.A. Managing Director
Andrew S. Fastow U.S.A. Managing Director
Jeffrey McMahon U.S.A. Managing Director, Finance
and Treasurer
Mark E. Haedicke U.S.A. Managing Director and
General Counsel
Page IV-1 of 17
<PAGE> 1
Exhibit 6
JOINT FILING AGREEMENT
The undersigned each agree that (i) the amendment to the Statement on
Schedule 13D relating to the Common Stock, $0.01 par value, of Sheridan Energy,
Inc. is adopted and filed on behalf of each of them, (ii) all future amendments
to such Statement on Schedule 13D will, unless written notice to the contrary
is delivered as described below, be jointly filed on behalf of each of them,
and (iii) the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act
of 1934, as amended, apply to each of them. This agreement may be terminated
with respect to the obligation to jointly file future amendments to such
Statement on Schedule 13D as to any of the undersigned upon such person giving
written notice thereof to each of the other persons signatory hereto, at the
principal office thereof.
EXECUTED as of January 4, 1999.
SUNDANCE ASSETS, L.P.
By: Ponderosa Assets, L.P.
its general partner
By: Enron Ponderosa Management Holdings, Inc.
its general partner
By: \s\ Peggy B. Menchaca
----------------------------------
Name: Peggy B. Menchaca
Title: Vice President and Secretary
ENRON CAPITAL & TRADE RESOURCES CORP.
By: \s\ Peggy B. Menchaca
----------------------------------
Name: Peggy B. Menchaca
Title: Vice President and Secretary
ENRON CORP.
By: \s\ Peggy B. Menchaca
----------------------------------
Name: Peggy B. Menchaca
Title: Vice President and Secretary
Page 6-1 of 17
<PAGE> 2
JOINT ENERGY DEVELOPMENT
INVESTMENTS LIMITED PARTNERSHIP
By: Enron Capital Management
Limited Partnership, its general partner
By: Enron Capital Corp., its general partner
By: \s\ Peggy B. Menchaca
----------------------------------
Name: Peggy B. Menchaca
Title: Vice President and Secretary
Page 6 - 2 of 17
