Exhibit 1

HORIZON ENERGY DEVELOPMENT, INC.
BALANCE SHEET
(Unaudited)

	At September 30, 2004
ASSETS
Property Plant & Equipment
Property Plant & Equipment	$	408,778,216
Accumulated D, D & A		(180,872,765	)
Net Property, Plant & Equipment		227,905,451
Current Assets:
Cash and Temporary Cash Investments		28,357,165
Notes Receivable-Intercompany		300,000
Receivables - Net		6,408,400
Accounts Receivable-Intercompany		57,129
Unbilled Utility Revenue		0
Materials/Supplies - Average Cost		4,078,788
Prepayments		722,165
Current Assets		39,923,647
Other Assets		289,432
Total Assets	$	268,118,530
CAPITALIZATION & LIABILITIES
Capitalization:
Capital Stock of Subsidiaries	$	4,750
Paid in Capital		38,245,591
Earnings Reinvested in Business		(17,227,505	)
Accumulated Other Comprehensive Income		35,811,520
Total Common Stock Equity		56,834,356
Long-Term Debt Net of Current Portion		4,926,691
Notes Payable - Intercompany - Long Term		89,770,000
Total Capitalization		151,531,047
Minority Interest in Foreign Subsidiaries		37,048,312
Liabilities:
Notes Payable - Intercompany		34,700,000
Long Term Debt Due Current		4,926,691
Accounts Payable - Other		13,186,489
Accounts Payable - Intercompany		3,565,174
Other Accruals & Current Liabilities		2,539,111
Total Current Liabilities		58,917,465
Deferred Credits:
Accumulated Deferred Income Tax		17,525,983
Other Deferred Credit		3,095,723
Total Deferred Credits		20,621,706
Total Capitalization & Liabilities	$	268,118,530