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Previous: CORESTATES FINANCIAL CORP, 424B2, 1997-05-30 |
Next: NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/, 424B3, 1997-05-30 |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
- ----------------------------------------------
In the Matter of
SEVENTH
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 transactions
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, and that, the following information for the quarter ended
March 31, 1997 is herein provided:
1a) Horizon's balance sheet at March 31, 1997 is attached as
Exhibit 1.
1b) National's balance sheet at March 31, 1997 is included in
National's Form 10Q for the second quarter of fiscal 1997 which
was filed with the Commission on May 7, 1997 and is incorporated
herein by reference.
2a) Horizon's income statement for the quarter ended March 31, 1997
is attached as Exhibit 2.
2b) National's income statement for the quarter ended March 31, 1997
is included in National's Form 10Q for the second quarter of
fiscal 1997 which was
filed with the Commission on May 7, 1997 and is incorporated
herein by reference.
3) Recourse and non-recourse debt securities issued to third
parties by Intermediate Companies during the quarter ended March
31, 1997.
None.
4) A general description of the activities of the Applicants for the
quarter ended March 31, 1997 and of the projects in which they
or their subsidiary companies have an ownership interest:
a) National and Horizon had entered into an agreement to sell
and transfer their interest in a special purpose subsidiary,
Fauji Kabirwala Power Company, Ltd. ("FKPCL"), a certified
EWG. FKPCL was organized to develop a 151 Megawatt power plant
near Kabirwala, Pakistan. This transaction closed during the
first calendar quarter of 1997, and consequently Horizon no
longer owns any portion of the voting stock of FKPCL.
b) The partnership known as Sceptre Power Company ("SPC"),
in which Horizon had been a partner, has been dissolved.
Horizon is not pursuing any of the power project development
activities that had been commenced by SPC. Horizon is the
winding up partner of SPC, and is in the process of winding up
the affairs of SPC.
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.
May 27, 1997 NATIONAL FUEL GAS COMPANY
By:
-----------------------
Philip C. Ackerman
Senior Vice President
HORIZON ENERGY DEVELOPMENT,
INC.
By:
-----------------------
Bruce H. Hale
Vice President
HORIZON ENERGY DEVELOPMENT, INC.
BALANCE SHEET
(Unaudited)
At March 31, 1997
-----------------
ASSETS
Current Assets:
Cash $ 387,323
Accounts Receivable 334,321
Prepaid Expenses 19,272
-----------
Total Current Assets 740,916
-----------
Property, Plant & Equipment 1,401,692
Less: Reserve for DDA 282,843
-----------
1,118,849
-----------
Other Assets 1,166,807
-----------
Total Assets $ 3,026,572
===========
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 (11,031,516)
-----------
Total Stockholders Equity (7,781,516)
-----------
Current and Accrued Liabilities:
Notes Payable - Intercompany 8,700,000
Accounts Payable 3,484
Accounts Payable - Intercompany 863,564
Federal Income Taxes Payable (409,020)
Other Accrued Liabilities 552,649
-----------
Total Current and Accrued Liabilities 9,710,677
-----------
Deferred Credits:
Accumulated Deferred Income Taxes 540,121
Other Deferred Credits 557,290
-----------
Total Deferred Credits 1,097,411
-----------
Total Liabilities and Stockholders Equity $ 3,026,572
===========
HORIZON ENERGY DEVELOPMENT, INC.
INCOME STATEMENT
(Unaudited)
Three Months Ended
March 31, 1997
------------------
Operating Revenues $ 795,781
----------
Operating Expenses:
Operation Expense (794,566)
Maintenance Expense 19,242
Property, Franchise and Other Taxes 1,233
Depreciation, Depletion and Amortization 66,853
-----------
Total Operating Expenses (707,238)
-----------
Operating Income 1,503,019
-----------
Other Income 1,196
-----------
Interest Charges 149,633
-----------
Income Before Income Taxes 1,354,582
-----------
Income Taxes - Current (11,393)
- Deferred 597,580
-----------
586,187
-----------
Net Income $ 768,395
===========
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