BUFFALO POWER COMPANY

1. BUFFALO POWER COMPANY July 22, 2003

2. Oregon Trail Energy Project Buffalo Power Company, LLC High Plains Transmission, LLC Buffalo Power Company is the power generation component of what we call the Oregon Trail Energy Project. In addition to BPC, the OTEP has a power transmission line component, High Plains Transmission. While Buffalo Power Company and High plains Transmission are separate entities, they are jointly proposing the OTEP. By virtue of their relationship, BPC is assured of transmission facilities to move its power, and HPX is assured of generated power to move on its facilities. Buffalo Power Company is the power generation component of what we call the Oregon Trail Energy Project. In addition to BPC, the OTEP has a power transmission line component, High Plains Transmission. While Buffalo Power Company and High plains Transmission are separate entities, they are jointly proposing the OTEP. By virtue of their relationship, BPC is assured of transmission facilities to move its power, and HPX is assured of generated power to move on its facilities.

3. Oregon Trail Energy Project Project Objective Provide new merchant transmission and power from Wyoming�s Powder River Basin, thereby contributing to economic development in Wyoming BPC will produce gas �fired, environmentally clean electric power, using abundant Wyoming natural gas as fuel. Rather than ship Wyoming resources out of state, the OTEP will result in the creation of a value added product in Wyoming. In addition to severance and ad valorem tax benefits, considerable employment opportunity will be created for Wyoming. BPC will produce gas �fired, environmentally clean electric power, using abundant Wyoming natural gas as fuel. Rather than ship Wyoming resources out of state, the OTEP will result in the creation of a value added product in Wyoming. In addition to severance and ad valorem tax benefits, considerable employment opportunity will be created for Wyoming.

4. High Plains Transmission, LLC 2,000 megawatts of transmission capacity extending from near Glenrock, Wyoming, to the Ben Lomond substation north of Salt Lake City HPX expects to build 2 345kv transmission lines, with a total capacity of about 2000 MW. The line as currently proposed will extend to the Ben Lomond station just north of SLC. It is yet possible, depending on the power purchaser(s), that the line could be constructed to the Mona substation, some distance south of SLC. Considerable preliminary land owner and parcel r-o-w work has already been done.HPX expects to build 2 345kv transmission lines, with a total capacity of about 2000 MW. The line as currently proposed will extend to the Ben Lomond station just north of SLC. It is yet possible, depending on the power purchaser(s), that the line could be constructed to the Mona substation, some distance south of SLC. Considerable preliminary land owner and parcel r-o-w work has already been done.

5. Buffalo Power Company Situated to Baseload Powder River Basin Gas BPC was formed in August 2001. An initial project was proposed near Sheridan Wyoming, but was ultimately abandoned. At least one other site was considered prior to determining that Glenrock was the best suited for the plant. Giving all due respect to NB and WBI, long term we expect much of the PRB production to be transported south through Glenrock, and therefore right past the plant. BPC was formed in August 2001. An initial project was proposed near Sheridan Wyoming, but was ultimately abandoned. At least one other site was considered prior to determining that Glenrock was the best suited for the plant. Giving all due respect to NB and WBI, long term we expect much of the PRB production to be transported south through Glenrock, and therefore right past the plant.

6. Buffalo Power Company Glenrock, Wyoming 1100 MW per Day 138,000 Dths per Day Planned Interconnections w/ TCGS & FUGGS The facility will be very near the southern terminus of both Thunder Creek and Ft Union. Interconnections with both of these pipelines are contemplated. An interconnection with KM is also being discussed. The facility will be very near the southern terminus of both Thunder Creek and Ft Union. Interconnections with both of these pipelines are contemplated. An interconnection with KM is also being discussed.

7. Buffalo Power Company Important Dates Estimated Closure of Power Sales Agreements � Fall, 2003 Estimated Closure of Gas Supply Agreements � Fall, 2003 Estimated Plant Start Date � Early 2006

8. Securing Gas Supply Plant Perspective Long Term Supply Availability Every Day Swing Capability Financial commitment of this type will have a long investment recovery period. Our project plan is based on a minimum of twenty years, and we hope to be generating power for sometime after that. We would like to enter into fuel supply agreements of a long a duration as we can. We�re thinking that agreements of five years or more are suitable from a plant perspective. The bulk of BPC�s produced power is expected to be sold on a baseload basis. Even so, some swing supply will be needed. Financial commitment of this type will have a long investment recovery period. Our project plan is based on a minimum of twenty years, and we hope to be generating power for sometime after that. We would like to enter into fuel supply agreements of a long a duration as we can. We�re thinking that agreements of five years or more are suitable from a plant perspective. The bulk of BPC�s produced power is expected to be sold on a baseload basis. Even so, some swing supply will be needed.

9.  Securing Gas Supply Producer Perspective Long Term Market Portfolio Diversification Baseload Market Avoided Transportation Issues/ Costs The state of Wyoming, pipelines and producers are working very hard, witness this gathering, to secure transportation for Wyoming gas. We all realize that available transportation capacity for Wyoming gas has been less than the quantity desired for periods of time in the past. The point to be made here is not that transportation capacity is not needed; rather the point here is that there is an additional way to help solve the problem of constraint , and that is local market. The state of Wyoming, pipelines and producers are working very hard, witness this gathering, to secure transportation for Wyoming gas. We all realize that available transportation capacity for Wyoming gas has been less than the quantity desired for periods of time in the past. The point to be made here is not that transportation capacity is not needed; rather the point here is that there is an additional way to help solve the problem of constraint , and that is local market.

10. Gas Supply PricingBPC will pay Market Price Cheyenne Hub Price Less Transport from Glenrock Plus Demand / Call / Swing Premium Last winter it was BPC�s hope that we could buy gas for long term and at fixed prices. Everyone here knows that prices ran up nicely this spring, and I can assure you that folks who were willing to talk to me about fixed prices (lower than the then market prices) were few and far between. BPC is now soliciting offers to sell gas at market prices. It makes sense to us that a reasonable way to price PRB production would be Cheyenne, less transport from Glenrock, plus a premium to be determined. BPC is also entertaing alternate pricing scenarios that make sense to potential suppliers.Last winter it was BPC�s hope that we could buy gas for long term and at fixed prices. Everyone here knows that prices ran up nicely this spring, and I can assure you that folks who were willing to talk to me about fixed prices (lower than the then market prices) were few and far between. BPC is now soliciting offers to sell gas at market prices. It makes sense to us that a reasonable way to price PRB production would be Cheyenne, less transport from Glenrock, plus a premium to be determined. BPC is also entertaing alternate pricing scenarios that make sense to potential suppliers.

11. Oregon Trail Energy Project  & Buffalo Power Company Good for Wyoming Good for Producers Good for U S We believe that OTEP will benefit Wyoming � Additional market means additional production, means additional severance tax revenue. The proposed facilities will also generate ad valorem tax revenues. A considerable number of jobs will be generated by the project, both during construction and long term. Producers will have more market. Two ways to improve the market for Wyoming production- pipeline to market and local market. Finally, we believe that if its good for Wyoming and its producer community, its good for all of us. We believe that OTEP will benefit Wyoming � Additional market means additional production, means additional severance tax revenue. The proposed facilities will also generate ad valorem tax revenues. A considerable number of jobs will be generated by the project, both during construction and long term. Producers will have more market. Two ways to improve the market for Wyoming production- pipeline to market and local market. Finally, we believe that if its good for Wyoming and its producer community, its good for all of us.

12. BUFFALO POWER COMPANY July 22, 2003