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Sne11 &. Wilmer L.L.P. February 23, 2001 Page 3 Frontier to commit to having a suitable representative meet in person or telephonically with the DMG to discuss Frontier's financial status. Frontier said that it would let Quaker know by Tuesday or Wednesday of next week whether a Frontier representative could meet with the DMG. Part III. Other Efforts On February 12, 2001, Mike Jamison and Bob Comer met with State Attorney Generals Linden and Clazk, DMG Director Long and Coal Program Leader Berry. Mr. Clazk was refereed to Ethan Fogel for responses to his questions concerning the bankruptcy. The balance of the meeting involved an effort to discuss the potential for alternative solutions. On Tuesday, February 20, 2001, Ethan Fogel spoke with Bob Clark and Cheryl Linden and provided them with information regazding the Chapter 11 bankruptcy proceeding and its status. They discussed the sale of assets and plan of reorganization paths and Quaker's belief that the reorganization path offered greater opportunities for addressing Colorado reclamation issues. Mr. Fogel also expressed Powdechorn's eagerness to discuss with the State the manner in which on-the-ground efforts could proceed. On February 7, 2001, Powderhom and other parties to the Quaker Chapter 11 proceeding received a complicated settlement proposal from the State of Colorado. Powderhom appreciates the significant effort by the State to seek to broker a mediated resolution to this matter. We aze also in receipt of the response by the Lender Group. Absent a positive response by the Lender Group and the sureties, there appears to be little potential for this proposal to succeed as it can not be implemented by Powderhom alone. Please let me know should you have any questions regazding this report or any other aspect of this matter. Very truly yours, Snell & Wilmer Robert D. Comer cc: Michael B. Long, Division Director, State of Colorado Division of Minerals & Geology (Via Hand Delivery) RDC