Conoco invests in HoustonStreet Exchange to expand Web-based trading of energy commodities

Global energy company commits money, trading volume and strategic guidance to HoustonStreet.com's crude oil, refined products and natural gas trading platforms

PORTSMOUTH, NH, April 17, 2000 - HoustonStreet Exchange, the first fully Web-based exchange and portal for trading wholesale energy products, today announced an equity investment from global energy giant Conoco Inc., the fifth largest integrated energy company in the U.S. The investment marks a major commitment by Conoco to trade crude oil, refined products (such as heating oil, gasoline and jet fuel) and natural gas on HoustonStreet's Web-based energy trading site, HoustonStreet.com.

The Conoco alliance is the fourth in a series of recent investments that major energy companies have made in HoustonStreet. On April 6, global venture capital fund kRoad Ventures, L.P. and international energy and utilities company Vivendi S.A. took an equity stake in HoustonStreet Exchange. Other major energy industry players that recently committed capital, liquidity (the ability to consistently trade with multiple active buyers and sellers) and strategic guidance to HoustonStreet include Sithe Energies, Inc., Williams Energy Marketing & Trading Co., and Equiva Trading Company, the U.S. trading arm for Shell, Texaco and Saudi Aramco's downstream alliances, Equilon and Motiva.

Headquartered in Houston, Conoco is an international energy company involved in oil and natural gas exploration and production; refining; transportation; marketing; and power generation. Conoco's commitment to trade on HoustonStreet.com will add a significant amount of trading volume to the site. As part of the deal, Conoco will also provide strategic guidance on continued site enhancements, based on user feedback and changing market dynamics. "We considered a number of energy exchanges, but ultimately chose HoustonStreet because they are setting the standard for providing a real-time trading forum," said Rick Oshlo, vice president and general manager, supply and trading at Conoco. "This partnership puts us on the cutting edge of emerging technologies, and allows us to maximize the potential business benefits of the Internet."

HoustonStreet Exchange benefits from these relationships through increased trading activity on the exchange, strategic guidance on site enhancements, and the capital to continuously improve the site and services offered, as well as expand its reach into other markets. Energy companies such as Conoco benefit because their traders can use HoustonStreet.com to view the market's depth and breadth, as well as access information such as weather services and worldwide energy news that allows them to keep abreast of market developments. Conoco will also be able to provide direct feedback aimed at enhancing functionality and improving information and services available through HoustonStreet.com.

"To have one of the leading integrated energy companies in the world select HoustonStreet validates not only our technology, but also our vision for the future of real-time B2B exchanges," said Brian King, vice president, crude oil and refined products at HoustonStreet. "Our partnership with Conoco will leverage our ability to provide efficiencies that extend well beyond the trading floor."

About Conoco
Conoco (NYSE:COC.A) (NYSE.COC.B), with revenues of $27 billion, is a major integrated energy company and active in more than 40 countries. Conoco is one of 14 founders in the giant global procurement exchange for energy and petrochemical companies announced April 11.

About HoustonStreet Exchange
Designed by traders for traders, HoustonStreet Exchange represents the first Web portal for the trading of wholesale energy products. HoustonStreet.com provides an online trading engine that allows traders to buy and sell their energy products faster, more efficiently and more easily than in the past. HoustonStreet Exchange is headquartered in Portsmouth, New Hampshire with offices in Houston, Texas. HoustonStreet Exchange is a majority-owned subsidiary of BayCorp Holdings, Ltd., (AMEX: MWH).

This press release contains forward-looking statements. There are a number of important factors that could cause these forward-looking statements to be materially inaccurate. These factors include, without limitation, that (i) energy traders may be unwilling or unable to use Internet-based energy trading systems, including HoustonStreet.com, (ii) HoustonStreet.com may not be able to operate profitably, (iii) technological or systems outages could occur, (iv) competitors with greater financial, marketing or other resources could emerge, (v) performance is contingent upon successful completion of design and implementation of the crude and refined products site,(vi) market acceptance of HoustonStreet.com cannot be predicted and (vii) HoustonStreet.com may be unable to fully realize the strategic benefits afforded by the Conoco relationship. HoustonStreet.com is a registered service mark of HoustonStreet Exchange.