2
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
In the Matter of
FIFTH
NATIONAL FUEL GAS COMPANY CERTIFICATE
HORIZON ENERGY DEVELOPMENT, INC. PURSUANT TO
RULE 24
File No. 70-8649
(Public Utility Holding Company Act of 1935)
THIS IS TO CERTIFY, pursuant to Rule 24, that certain filing
requirements proposed by National Fuel Gas Company ("National") and its
subsidiary, Horizon Energy Development, Inc. ("Horizon") in Form U-1,
Application-Declaration, File No. 70-8649, as amended, have been carried out in
accordance with the terms and conditions of said Application-Declaration and the
Order of the Securities and Exchange Commission (the "Commission") (HCAR No.
35-26364 dated August 29, 1995) with respect thereto, in that, the following
information for the quarter ended September 30, 1996 is herein provided:
1a) Horizon's balance sheet at September 30, 1996 is attached as
Exhibit 1.
1b) National's balance sheet at September 30, 1996 will be included
in National's Form 10k for fiscal 1996 which is anticipated to
be filed with the
Commission in December 1996 and is incorporated herein by
reference.
2a) Horizon's income statement for the quarter ended September 30,
1996 is attached as Exhibit 2.
2b) National's income statement for the quarter ended September 30,
1996 will be included in National's Form 10k for fiscal 1996
which is anticipated to be
filed with the Commission in December 1996 and is incorporated
herein by reference.
3) Recourse and non-recourse debt securities issued to third
parties by Intermediate Companies during the quarter ended
September 30, 1996.
None.
4) A general description of the activities of the Applicants for
the period ended September 30, 1996 and of the projects in
which they or their subsidiary companies have an ownership
interest:
Horizon has committed approximately $15 million to date in a
combination of development cost expenditures, loans and
guarantees to facilitate the development of a 151 Megawatt
power plant near Kabirwala, Pakistan which is to be
constructed and owned by Fauji Kabirwala Power Company, Ltd.
("FKPCL"), a certified EWG. While on August 30, 1996 Horizon
announced a disinclination to make an equity investment in
FKPCL, an Intermediate Company of National and/or Horizon
continues to own 48.19% of the voting stock of FKPCL.
5) Information on intercompany service transactions (including
those provided at cost and at market rates) involving affiliated
Intermediate Companies.
Neither Horizon or National engaged in any intercompany
service transactions with affiliate Intermediate Companies.
November 27, 1996 NATIONAL FUEL GAS COMPANY
By: /s/Philip C. Ackerman
Philip C. Ackerman
Senior Vice President
HORIZON ENERGY DEVELOPMENT,
INC.
By: /s/Bruce H. Hale
Bruce H. Hale
Vice President
Exhibit 1
HORIZON ENERGY DEVELOPMENT, INC.
BALANCE SHEET
At September 30, 1996
ASSETS
Current Assets:
Cash 317,461
Accounts Receivable 341,476
Prepaid Expenses 53,687
Total Current Assets 712,624
Property, Plant & Equipment 1,734,588
Less: Reserve for DDA 461,245
1,273,343
Other Assets 1,406,145
Total Assets 3,392,112
LIABILITIES AND STOCKHOLDERS EQUITY Capital Stock $1 Par:
Shares Authorized, Issued and Outstanding: 1,250 1,250
Paid-in Capital 3,248,750
Retained Earnings (9,590,149)
Total Stockholders Equity (6,340,149)
Current and Accrued Liabilities:
Notes Payable - Intercompany 7,600,000
Accounts Payable 3,185,711
Accounts Payable - Intercompany 831,526
Federal Income Taxes Payable (2,620,923)
Other Accrued Liabilities (24,305)
Total Current and Accrued Liabilities 8,972,009
Deferred Credits:
Accumulated Deferred Income Taxes (43,395)
Other Deferred Credits 803,647
Total Deferred Credits 760,252
Total Liabilities and Stockholders Equity 3,392,112
Exhibit 2
HORIZON ENERGY DEVELOPMENT, INC.
INCOME STATEMENT
Three Months Ended
September 30, 1996
Operating Revenues 286,103
Operating Expenses:
Operation Expense 7,397,432
Maintenance Expense 6,123
Property, Franchise and Other Taxes 1,607
Depreciation, Depletion and Amortization (4,428)
Total Operating Expenses 7,400,734
Operating Loss Before Taxes (7,114,631)
Other Income 48,749
Income Taxes - Current (5,066,724)
- Deferred 2,573,036
(2,493,688)
Loss Before Interest Charges (4,572,194)
Interest Charges 142,548
Net Loss (4,714,742)
