1. Entrega Project Update Wyoming Natural Gas Pipeline Authority – August 30, 2005 Entrega Gas Pipeline Inc. www.entregapipeline.com

2. Agenda Entrega Project Update n Project and Facilities n Milestones and Schedule n Interconnects and Capacity n Access to Markets n Wrap-up

3. Segment 1 Meeker to Wamsutter 136 miles of 36-inch pipe Segment 2 Wamsutter to Cheyenne Hub 191 miles of 42-inch pipe Big Hole Compressor Station Wamsutter Compressor Station Meeker Compressor Station

4. Project Description n Entrega is a new open access natural gas pipeline developed to move Rocky Mountain gas production to Midwest markets n FERC regulated interstate pipeline; developed with cooperation of Bureau of Land Management and other Federal and State Agencies n Runs from Meeker Hub in Rio Blanco County, CO through Wamsutter, WY to the Cheyenne Hub near Rockport, CO n FERC certificate includes capacity of 1,500 MMcf/d, developed in 2 phases – Phase 1 approximately 750 MMcf/d (free flow) – Phase 2 incremental 750 MMcf/d (compression)

5. Description of Facilities n Project includes 136 miles of 36-inch pipeline and 191 miles of 42-inch pipeline n Maximum Allowable Operating Pressure (MAOP) of the system is 1,480 psig n Route chosen to minimize environmental impact; 94% is adjacent to existing pipeline and utility right-of-way n Phase 2 will include 3 compressor stations; Meeker (11,000 HP), Big Hole (22,000 HP), and Wamsutter (14,000 HP) n Eight delivery/receipt meter stations at interconnects with existing pipelines, two at Meeker, two at Wamsutter, and four at Cheyenne Hub

6. Recent Significant Milestones n FERC Certificate Granted – August 9, 2005 n Construction contract awarded to US Pipeline Company n Operating contract awarded to Kinder Morgan NatGas Operator LLC n Agreement to interconnect with TransColorado

7. Project Concept Developed Timeline of Major Milestones Achieved 9/03 12/03 1/04 12/04 1/05 Pre-Filing Docket Assigned 3/19/04 Applied for FERC Certificate 9/17/04 Open Season 6/4/04 – 6/25/04 Agmt Signed with Pipeline Operator 6/2/05 Environmental Impact Stmt Issued 7/1/05 FERC Certificate Granted 8/9/05 FERC Certificate Accepted 8/12/05

8. Project Timeline (most recent update) 1/05 12/05 1/06 12/06 1/07 Phase 1 Segment 1 Construction Sep 05 – Dec 05 Phase 2 Construction of Facilities Apr 07 – Jun 07 Phase 1 Segment 2 Construction Jul 06 – Nov 06 FERC Notice to Proceed Expected 9/5/05 Note: All dates referenced above are approximate and differ from the FERC filing Meeker to Wamsutte r Wamsutter to Cheyenne Compressor Expansion to 1.5 Bcf/d

9. Proposed Pipeline Interconnects Receipt Interconnects EnCana Gathering TransColorado Bi-directional Interconnects CIG WIC Delivery Interconnects CIG Cheyenne Plains XCEL Trailblazer CIG Cheyenne Plains PSCOTrailblazerWICTransColorado Entrega Gas Pipeline

10. Entrega Pipeline Capacity Phase Meeker to Wamsutter (MMCFD) Wamsutter to Cheyenne (MMCFD) Approximate In-Service Date InterimUp to 8000Dec 2005 Phase I750 Nov 2006 Phase 21,500 Jul 2007 Phase 3 (Optional)1,5002,000TBD Ultimate (Optional)1,8002,300TBD Included in FERC Certificate dated 8/9/05 New FERC Application and open season required

11. Market Pipeline Access Denver Salt Lake City Greensburg Cheyenne Hub Meeker Hub Wamsutter Opal ANRNNGNGPLPEPLSSCTrailblazer Midwest Market Pipelines NWPL Kern River Western Market Pipelines TransColoradoCIGWIC Cheyenne Plains Entrega Regional Pipelines

12. Wrap-up n Review of Project Timeline –Segment 1 (Meeker to Wamsutter) – In Service December 2005 –Segment 2 (Wamsutter to Cheyenne) – In Service November 2006 –Phase 2 (Compressor Expansion) – In Service July 2007 n We appreciate your continued support