Venice Gathering System, L. L. C.

Original Volume No. 1

Effective Date: 07/01/2003, Docket: RP03-475-001, Status: Effective

Substitute Fourth Revised Sheet No. 123 Substitute Fourth Revised Sheet No. 123 : Effective

Superseding: Fourth Revised Sheet No. 123

GENERAL TERMS AND CONDITIONS

(Continued)

b. Offers to Release Capacity for Greater than One

Year:

1. For biddable releases (one year or more):

- Offers should be tendered by 12:00 P.M. four

Business Days before award;

- open season ends no later than 1:00 P.M. on the

Business Day before timely nominations are due

(open season is three (3) Business Days);

- evaluation period begins at 1:00 P.M. during which

contingency is eliminated, determination of best

bid is made, and ties are broken;

- evaluation period ends and award posted if no

match required at 2:00 P.M.;

- match or award is communicated by 2:00 P.M.;

- match response by 2:30 P.M.;

- where match required, award posting by 3:00 P.M.;

- a Confirmation Letter (for a Temporary Release) or

an FTS-1 Service Agreement (with a new contract

number, when applicable, for a Permanent Release)

will be tendered to the Replacement Shipper within

one hour of posting;

- Shipper will be eligible to nominate beginning at

the next available nomination cycle for the

effective date of the contract under Section 6 of

these General Terms and Conditions; Shipper will

be required to return an executed Confirmation

Letter or FTS-1 Service Agreement prior to gas

flow.