UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- --------------------------------------------
In the Matter of
SECOND
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 December 31, 1995 is herein provided:
1a) Horizon's balance sheet at December 31, 1995 is attached as
Exhibit 1.
1b) National's balance sheet at December 31, 1995 is included in
National's Form 10Q for the first quarter of fiscal 1996 which
was filed with the Commission on February 14, 1996 and is
incorporated herein by reference.
2a) Horizon's income statement for the quarter ended December 31,
1995 is attached as Exhibit 2.
<PAGE 2>
2b) National's income statement for the quarter ended December 31,
1995 is included in National's Form 10Q for the first quarter of
fiscal 1996 which was filed with the Commission on February
14, 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
December 31, 1995.
None.
4) A general description of the activities of the Applicants for
the period ended December 31, 1995 and of the projects in
which they or their subsidiary companies have an ownership
interest:
a) Horizon continued its efforts to develop a 151 megawatt
power project in the vicinity of Kabirwala, Pakistan (the
"Kabirwala Project"). In connection therewith, on October 6,
1995, an Irrevocable Letter of Credit (the "LOC") in the
amount of 15,132,530.00 Pakistan Rupees (About EqualsU.S.
$900,000) was issued, by order and for the account of Sceptre
Power Company (a general partnership of which Horizon is the
managing partner), for the benefit of Standard Chartered Bank,
Karachi, Pakistan. The LOC secures a performance guarantee by
Sceptre in favor of the Private Power & Infrastructure Board,
Government of Pakistan, Islamabad in regard to the Kabirwala
Project. Horizon may ultimately be an indirect owner of part
of the equity of Fauji Kabirwala Power Company Limited, the
entity developing the Kabirwala Project.
b) In December 1995, Horizon entered into an acquisition and
development agreement with New China Hong Kong Group Ltd. (a
private investment company) through which the parties intend
to explore ways to enter the electric generation market in
mainland China.
<PAGE 3>
5) Information on intercompany service transactions (including
those provided at cost and at market rates) involving affiliated
Intermediate Companies.
None, neither Horizon nor National has any affiliate
Intermediate Companies at this time.
March 1, 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
HORIZON ENERGY DEVELOPMENT, INC.
BALANCE SHEET
At December 31, 1995
--------------------
ASSETS
Current Assets:
Cash $ 76,964
----------
Total Current Assets 76,964
----------
Property, Plant & Equipment 69,832
Less: Reserve for DDA 0
----------
69,832
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Other Assets:
Deferred Charges 2,098,327
----------
Total Other Assets 2,098,327
----------
Total Assets $2,245,123
==========
LIABILITIES AND STOCKHOLDERS EQUITY
Capital Stock $1 Par:
Shares Authorized, Issued and Outstanding: 1,250 $ 1,250
Paid-In-Capital 2,498,750
Retained Earnings (1,218,965)
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Total Stockholders Equity 1,281,035
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Current and Accrued Liabilities:
Accounts Payable 791,454
Accounts Payable - Intercompany 816,355
Other Accrued Liabilities 5,730
----------
Total Current and Accrued Liabilities 1,613,539
----------
Deferred Credits:
Accumulated Deferred Income Taxes (656,366)
Other Deferred Credits 6,915
----------
Total Deferred Credits (649,451)
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Total Liabilities and Stockholders Equity $2,245,123
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HORIZON ENERGY DEVELOPMENT, INC.
INCOME STATEMENT
Three Months Ended
December 31, 1995
-----------------
Operating Expenses:
Operation Expense $ 1,625,330
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Total Operating Expenses 1,625,330
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Pretax Loss (1,625,330)
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Income Taxes-Deferred (568,865)
-----------
Net Loss $(1,056,465)
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