Exhibit 1

HORIZON ENERGY DEVELOPMENT, INC.
BALANCE SHEET
(Unaudited)

	At December 31, 2004
ASSETS
Property Plant & Equipment
Property Plant & Equipment	$	464,271,285
Accumulated D, D & A		(208,943,756	)
Net Property, Plant & Equipment		255,327,529
Current Assets:
Cash and Temporary Cash Investments		40,682,317
Notes Receivable-Intercompany		0
Receivables - Net		8,300,559
Accounts Receivable-Intercompany		251,716
Unbilled Utility Revenue		0
Materials/Supplies - Average Cost		3,638,719
Prepayments		173,689
Current Assets		53,047,000
Other Assets		401,443
Total Assets	$	308,775,972
CAPITALIZATION & LIABILITIES
Capitalization:
Capital Stock of Subsidiaries	$	4,750
Paid in Capital		38,245,591
Earnings Reinvested in Business		(13,057,129	)
Accumulated Other Comprehensive Income		60,414,795
Total Common Stock Equity		85,608,007
Long-Term Debt Net of Current Portion		4,180,975
Notes Payable - Intercompany - Long Term		89,770,000
Total Capitalization		179,558,982
Minority Interest in Foreign Subsidiaries		42,902,904
Liabilities:
Notes Payable - Intercompany		37,900,000
Long Term Debt Due Current		5,574,633
Accounts Payable - Other		14,440,159
Accounts Payable - Intercompany		2,301,673
Other Accruals & Current Liabilities		1,746,416
Total Current Liabilities		61,962,881
Deferred Credits:
Accumulated Deferred Income Tax		21,027,373
Other Deferred Credit		3,323,832
Total Deferred Credits		24,351,205
Total Capitalization & Liabilities	$	308,775,972