Oil trading heats up on HoustonStreet.com

Traders buy and sell approximately $275 million in crude oil since launch

PORTSMOUTH, NH, June 26, 2000 - Oil traders have bought and sold approximately $275 million worth of crude on HoustonStreet.com since HoustonStreet launched its new online oil trading floor on May 18. The substantial trade volume shows HoustonStreet has successfully extended its reach into the oil markets and continues to demonstrate its momentum in establishing HoustonStreet as the place where energy companies go to do their business.

"HoustonStreet provides traders a user-friendly online trading environment," said Bill Bailey of Teppco Crude Oil LLC in Oklahoma City. "We are taking advantage of the opportunity to do deals online with key industry counterparties."

HoustonStreet provides energy traders with a view of the market depth and breadth, enabling traders to post bids or offers, negotiate anonymously with company-approved counterparties and make quick transactions. Crude oil traders have access to products of various types, grades and locations traded east of the Rockies.

"We are energized by our crude oil platform's tremendous start," said Frank Getman, HoustonStreet's president and CEO. "We have great momentum and will continue to focus on driving liquidity on all of our trading floors."

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, refined products and natural gas sites, and (vi) market acceptance of HoustonStreet.com cannot be predicted. HoustonStreet.com is a registered service mark of HoustonStreet Exchange.