<SUBMISSION>
<ACCESSION-NUMBER>0001130464-05-000322
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050630
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20050809
<DATE-OF-FILING-DATE-CHANGE>20050809
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BLACK HILLS CORP /SD/
<CIK>0001130464
<ASSIGNED-SIC>4911
<IRS-NUMBER>460458824
<STATE-OF-INCORPORATION>SD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-31303
<FILM-NUMBER>051008811
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>625 9TH STREET
<STREET2>PO BOX 1400
<CITY>RAPID CITY
<STATE>SD
<ZIP>57709
<PHONE>6057212343
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>625 9TH STREET
<STREET2>PO BOX 1400
<CITY>RAPID
<STATE>SD
<ZIP>57709
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BLACK HILLS HOLDING CORP
<DATE-CHANGED>20001222
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k_8-09.htm
<DESCRIPTION>FORM 8-K 2ND QTR RESULTS
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff">




<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=5>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=5>UNITED STATES</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=5>SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D.C. 20549</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>___________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=5>FORM 8-K</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>CURRENT REPORT</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>PURSUANT TO SECTION 13 OR 15(d) OF THE</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Date of Report (Date of earliest event reported) August 9, 2005</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=5>BLACK HILLS CORPORATION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(Exact name of registrant as specified in its charter)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=3>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="93%" style='margin-left:23.4pt;border-collapse:collapse'>
    <tr >
        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>South Dakota</font></b><b></b></p> </td> </tr>
    <tr >
        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(State or other jurisdiction of incorporation)</font></b><b></b></p> </td> </tr>
    <tr >
        <td width="162" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>001-31303</font></b><b></b></p> </td>
        <td width="234" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>46-0458824</font></b><b></b></p> </td> </tr>
    <tr >
        <td width="162" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Commission File Number)</font></b><b></b></p> </td>
        <td width="234" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(IRS Employer Identification No.)</font></b><b></b></p> </td> </tr>
    <tr >
        <td width="162" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td width="234" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td> </tr>
    <tr >
        <td  colspan="2" rowspan=2 valign=top style='padding: 0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>625 Ninth Street, PO Box 1400 </font></b></p>
<p style='margin-left:12.6pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Rapid City, South Dakota</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Address of principal executive offices)</font></b><b></b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>57709-1400</font></b><b></b></p> </td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Zip Code)</font></b><b></b></p> </td> </tr>
    <tr >
        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>605.721.1700</font></b><b></b></p> </td> </tr>
    <tr >
        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Registrant&#146;s telephone number, including area code)</font></b><b></b></p> </td> </tr>
    <tr >
        <td width="162" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td>
        <td width="186" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b>&nbsp;</b></p> </td> </tr>
    <tr >
        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Not Applicable</font></b><b></b></p> </td> </tr>
    <tr >
        <td  colspan="4" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Former name or former address, if changed since last report)</font></b><b></b></p> </td> </tr>
    <tr>
        <td width="162" ></td>

        <td width="234" ></td>

        <td width="12" ></td>

        <td width="186" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>____________</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><i><font size=2>see</font></i><font size=2> General Instruction A.2. below):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="452" style='margin-left:.5in;border-collapse:collapse'>
    <tr >
        <td width="452" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="452" style='margin-left:.5in;border-collapse:collapse'>
    <tr >
        <td width="452" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="559" style='margin-left:.5in;border-collapse:collapse'>
    <tr >
        <td width="559" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="556" style='margin-left:.5in;border-collapse:collapse'>
    <tr >
        <td width="556" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;border-bottom:solid 2.25pt;padding-bottom:1;padding-top:0;'><font size=5>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><b><font size=2>Item 2.02.</font></b><font size=2>&nbsp;&nbsp;</font><b><font size=2>Results of Operations and Financial Condition. </font></b></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><font size=2>On August 9, 2005, the Registrant issued a press release announcing financial results for the second quarter of 2005. For the three months ended June 30, 2005, net income was $14.9 million, or $0.45 per share, compared to $11.4 million, or $0.35 per share for the same period ended June 30, 2004.  For the six months ended June 30, 2005, net income was $30.6 million, or $0.93 per share, compared to $21.1 million, or $0.65 per share for the same period ended June 30, 2004.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The press release is attached as Exhibit 99 to this Form 8-K.  This information is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be &#147;filed&#148; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="341" style='border-collapse:collapse'>
    <tr >
        <td width="88" valign=top style='padding:5.0pt 0in 5.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 9.01</font></b><font size=2>&nbsp;&nbsp;</font></p> </td>
        <td width="253" valign=top style='padding:5.0pt 0in 5.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements and Exhibits</font></b></p> </td> </tr></table>

<table border="0" cellspacing=0 cellpadding=0 width="100%" >
    <tr >
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(c) </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp; </font></p> </td>
        <td width="587" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" >
    <tr >
        <td width="56" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>99 </font></p> </td>
        <td width="19" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp; </font></p> </td>
        <td width="549" valign=top >
            <p style='margin-left:0pt;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Press Release dated August 9, 2005. </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><font SIZE=2>SIGNATURES</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>BLACK HILLS CORPORATION</font></p> </td> </tr>
    <tr >
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:&nbsp;&nbsp;</font><u><font size=2>/s/ Mark T. Thies</font></u>                                                                                                                   </p> </td> </tr>
    <tr >
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mark T. Thies</font></p> </td> </tr>
    <tr >
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Executive Vice President</font></p> </td> </tr>
    <tr >
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>and Chief Financial Officer</font></p> </td> </tr>
    <tr >
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:&nbsp;&nbsp;August 9, 2005</font></p> </td>
        <td width="319" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
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<FILENAME>ex99-2ndqtrearnings.htm
<DESCRIPTION>NEWS RELEASE 2ND QTR RESULTS
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font SIZE=2>EXHIBIT 99</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>BLACK HILLS CORPORATION REPORTS SECOND QUARTER 2005 RESULTS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>AND RECENT DEVELOPMENTS</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>RAPID CITY, SD&#151;August 9, 2005&#151;Black Hills Corporation (NYSE: BKH) today announced financial results for the second quarter of 2005. For the three months ended June 30, 2005, net income was $14.9 million, or $0.45 per share, compared to $11.4 million, or $0.35 per share for the same period ended June 30, 2004. For the six months ended June 30, 2005, net income was $30.6 million, or $0.93 per share, compared to $21.1 million, or $0.65 per share for the same period ended June 30, 2004.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Income from continuing operations for the three months ended June 30, 2005 was $16.0 million, or $0.48 per share, compared to $9.7 million, or $0.30 per share for the same period in 2004. For the six months ended June 30, 2005, income from continuing operations was $32.8 million, or $0.99 per share, compared to $21.5 million,
or $0.66 per share for the same period ended June 30, 2004. Compared to the second quarter of 2004, income from continuing operations in the second quarter of 2005 was primarily affected by the following factors: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="96%" style='margin-left:.25in;border-collapse:collapse'>
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            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:normal'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $3.5 million, or $0.11 per share, increase in oil and gas production earnings;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:normal'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $1.6 million, or $0.05 per share, increase in electric utility (Black Hills Power) earnings;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:normal'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $1.1 million, or $0.03 per share, increase in energy marketing and transportation earnings; and</font></p> </td> </tr>
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        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:normal'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $0.9 million, or $0.03 per share, increase in power generation earnings; with an offsetting </font></p> </td> </tr>
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        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:normal'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.8 million, or $0.05 per share, increase in corporate costs.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><small>REVIEW</small> <small>OF</small> <small>RECENT</small> <small>ACTIVITY</small></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>David R. Emery, Chairman, President and Chief Executive Officer of Black Hills Corporation, said, &#147;We demonstrated solid performance in several wholesale business segments during the second quarter of 2005. Oil and natural gas production, on an Mcf-equivalent basis, increased 17 percent in the second quarter, compared to quarterly results a year earlier. Our non-regulated power generation business increased its earnings by 17 percent. Energy marketing results improved from a mark-to-market unrealized gain from natural gas marketing for the quarter.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Emery continued, &#147;Regarding retail operations, our electric utility, Black Hills Power, showed a considerable improvement in earnings in the second quarter of 2005, compared to the same quarter last year when scheduled and unscheduled plant outages negatively affected results. While the increase in earnings in 2005 is encouraging, the electric utility in late July experienced an unscheduled outage at its 90 megawatt Neil Simpson II power plant. That plant, which has an exemplary availability record in its 10-year history, is expected to be out of service until the end of August. To meet our forecasted needs, we have obtained supplemental purchased power and additional natural gas supplies, which will affect third quarter 2005 financial results. The economic impact of this outage is expected to be in the range of $2.5 million to $3
 million pretax, taking into account increased fuel costs, higher purchased power expenses and reduced coal sales.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&#147;The integration of Cheyenne Light, Fuel &amp; Power into our retail services group continued in the second quarter of 2005 and its performance was consistent with expectations. We look to increase long-term returns through a rate increase which would become effective in January 2006 upon approval by the Wyoming Public Service Commission,&#148; Emery said. &#147;We continue to make significant progress on obtaining necessary permits for our planned Wygen II power plant. This 90 megawatt, coal-fired, baseload facility is to be situated at our Wyodak mine located in the Powder River Basin near Gillette, Wyoming. Wygen II is expected to be a regulated asset of Cheyenne Light.  We hope to begin construction yet this year with the goal of being fully operational in early 2008. With mine-mouth access to low-cost fuel, we believe this facility
can provide economical power and price stability to our customers.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Emery said, &#147;On June 30, 2005, we sold our telecommunications business segment for approximately $103 million. Most of the cash proceeds were used to pay off the remaining $81 million of debt associated with our Fountain Valley power plant in Colorado. This debt reduction improved our total debt-to-capitalization ratio to 48 percent. With a strong balance sheet, we believe we are well-positioned to respond to future opportunities to expand our energy presence in the West.&#148;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:LEFT;'><FONT SIZE=2>CONSOLIDATED FINANCIAL RESULTS</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="96%" style='border-collapse:collapse'>
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            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Black Hills Corporation</font></b><br> <font size=2>(In thousands, except per share amounts)</font><br > <br > </p> </td> </tr>
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        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><b>&nbsp;</b></p> </td>
        <td  colspan="3" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Three months ended June 30,</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Six months ended June 30,</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2005</font></p> </td>
        <td width="5" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2004</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2005</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2004</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Revenues:</font></b><b></b></p> </td>
        <td width="93" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Wholesale Energy Group</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;239,785</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$228,992</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;465,416</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;452,929</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Retail Services Group</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>69,369</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>39,788</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>139,492</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>81,414</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=2>Corporate</font></p> </td>
        <td width="93" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:42.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>289</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:34.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>157</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:41.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>554</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>466</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="93" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;309,443</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$268,937</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;605,462</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;534,809</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Net income (loss) available </font></b><br> <b><font size=2>for common stock:</font></b><br> <font size=2>   Continuing operations &#150;</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Wholesale Energy Group</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,795</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,961</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,055</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;16,290</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Retail Services Group</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:35.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>4,052</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,810</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:33.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>8,887</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>6,848</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=2>Corporate</font></p> </td>
        <td width="93" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:31.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(2,807)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:23.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(1,050)</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(4,150)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(1,639)</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.2in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>16,040</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>9,721</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>32,792</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>21,499</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=2>Discontinued operations </font><font size=1>(a)</font></p> </td>
        <td width="93" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:31.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(1,070)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,794</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(2,082)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:31.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(198)</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Net income</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>14,970</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>11,515</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>30,710</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>21,301</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=2>Less: preferred stock dividends</font></p> </td>
        <td width="93" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:44.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(80)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:36pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(78)</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:37.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(159)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:31.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(166)</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="93" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,890</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;11,437</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,551</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;21,135</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:36pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Weighted average common shares</font></b><br> <b><font size=2>outstanding:</font></b><b></b></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Basic &#150;</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>32,562</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>32,404</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>32,503</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>32,348</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Diluted &#150;</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>33,203</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>32,951</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:28.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>33,121</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>32,884</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b>&nbsp;</b></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Earnings per share:</font></b><b></b></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Basic &#150;</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.4in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Continuing operations</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.4in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=2>Discontinued operations</font></p> </td>
        <td width="93" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(0.03)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>0.05</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:33.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(0.06)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(0.01)</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.4in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=2>Total</font></p> </td>
        <td width="93" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.25in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Diluted &#150;</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.4in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>Continuing operations</font></p> </td>
        <td width="93" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.4in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=2>Discontinued operations</font></p> </td>
        <td width="93" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:36.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(0.03)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>0.05</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:33.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(0.06)</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>(0.01)</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.4in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=2>Total</font></p> </td>
        <td width="93" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:11.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35</font></p> </td>
        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93</font></p> </td>
        <td width="5" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.5pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:double black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65</font></p> </td> </tr>
    <tr >
        <td width="223" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.4in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="93" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="5" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="86" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td  colspan="8" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:.2in;text-indent:-.2in;text-align:left;margin-top:4.0pt;margin-bottom: 6.0pt;line-height:97.2%'><font size=2>(a)&nbsp;2005 reflects the after-tax results of operations at the Company&#146;s communications business segment and </font><br> <font size=2>the Pepperell power plant. 2004 includes the results of communications, Pepperell and a coal enhancement </font><br> <font size=2>plant sold in 2004.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:LEFT;'><FONT SIZE=2>BUSINESS UNIT QUARTERLY PERFORMANCE SUMMARY</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Wholesale Energy Group</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Income from continuing operations from the Wholesale Energy business group for the three-month period ended June 30, 2005 was $14.8 million, a 65 percent increase compared to $9.0 million in 2004. Business segment results were as follows: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="96%" style='border-collapse:collapse'>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power generation income from continuing operations was $6.1 million, compared to $5.2 million in 2004. Earnings for 2005 were higher primarily due to a mark-to-market gain on certain energy investments, offset in part by increased interest expense related to a write-off of deferred costs associated with the repayment of project debt. </font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="96%" style='border-collapse:collapse'>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and gas income from continuing operations was $4.3 million compared to $0.8 million in 2004. Higher earnings were primarily the result of a 27 percent increase in natural gas volumes, partially offset by a 13 percent decrease in oil volumes sold, at average prices received (net of hedges) that were 32 percent higher for natural gas and 39 percent higher for oil. Operating expense increased 30 percent due primarily to the increase in production. On a per Mcf basis, lease operating expense increased 8 percent due to costs associated with the increase in production and a delay in certain LOE activities from the first quarter of 2005 that were performed in the second quarter due to inclement weather. Results for 2004 included a $2.5 million
revenue accrual correction which had adversely affected results.</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy marketing and transportation income from continuing operations was $2.7 million in 2005 compared to $1.6 million in 2004. The increase primarily resulted from a $3.4 million unrealized mark-to-market pretax gain in 2005, compared to a $0.1 million unrealized pretax gain in 2004. Physical natural gas average daily volume increased 50 percent to 1.6 million mmbtu (million British thermal units); however, marketing margins decreased significantly. Results were also impacted by lower oil marketing volumes and the planned shutdown and pressure testing of the Millennium pipeline in Texas. Following completion of the routine regulatory-required testing, that pipeline was placed back into service in August as scheduled.</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal mining income from continuing operations was $1.7 million in 2005 compared to $1.4 million in 2004. The increase was primarily due to increased revenues and lower depletion costs, offset in part by increased production-related costs. </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>The following tables contain certain Wholesale Energy operating statistics:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Three months ended June 30,</font></p> </td>
        <td width="9" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Six months ended June 30,</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2005</font></p> </td>
        <td width="16" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2004</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2005</font></p> </td>
        <td width="12" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2004</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Coal mining:</font></b><b></b></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Tons of coal sold</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,148,400</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,071,100</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2,301,700</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2,274,700</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:4.3pt'>
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Oil and gas production:</font></b><b></b></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Mcf equivalent sales</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>3,443,600</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2,939,300</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>6,908,200</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>6,019,500</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:4.3pt'>
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b>&nbsp;</b></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Energy marketing </font></b><br> <b><font size=2>average daily volumes:</font></b><b></b></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Natural gas physical &#150;MMBtus</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,562,600</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,040,000</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,460,700</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:7.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>1,126,700</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Natural gas financial &#150;MMBtus</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>742,200</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>512,800</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>708,700</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>450,400</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Crude oil&#150;barrels </font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>35,700</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>51,000</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>35,600</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>50,600</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:6.75pt'>
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt; height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt;height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt;height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt;height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt;height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt;height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt;height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt;height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt;height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt; height:6.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b>&nbsp;</b></p> </td>
        <td  colspan="3" valign=top style=' border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><b>&nbsp;</b></p> </td>
        <td  colspan="3" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Three months ended June 30,</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style=' border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Six months ended June 30,</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><b>&nbsp;</b></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2005</font></p> </td>
        <td width="16" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2004</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2005</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2004</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Contracted fleet power </font><br> <font size=2>plant availability</font></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:29.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>98.1%</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:40.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>98.3%</font></p> </td>
        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:29.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>98.7%</font></p> </td>
        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:39.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:29.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>98.4%</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>June 30, 2005</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>June 30, 2004</font></p> </td>
        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="47" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="174" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>IPP nameplate net capacity, MW</font></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>964</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="92" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>964</font></p> </td>
        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="87" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="96" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Retail Services Group</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Income from continuing operations from the Retail Services business group for the three-month period ended June 30, 2005 was $4.1 million, compared to $1.8 million in 2004. Business segment results were as follows:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="96%" style='border-collapse:collapse'>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from the Electric utility business segment (Black Hills Power) for the three months ended June 30, 2005 was $3.4 million, compared to $1.8 million in 2004. The increase was due to a $2.5 million increase in revenues, offset in part by higher fuel and purchased power expense, legal costs and compensation costs. In 2004, results were adversely affected by planned and unplanned power plant outages.</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from the Electric and gas utility segment (Cheyenne Light, Fuel &amp; Power) for the three months ended June 30, 2005 was $0.6 million. This utility was acquired on January 21, 2005.</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
</table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>The following tables provide certain Retail Services operating statistics: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="97%" style='border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Electric Utility </font></b><font size=2>(Black Hills Power)</font><b></b></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Three months ended June 30,</font></p> </td>
        <td width="16" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Six months ended June 30,</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2005</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="69" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2004</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2005</font></p> </td>
        <td width="16" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2004</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Retail sales&#150;MWh</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>365,858</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="69" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:3.75pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>345,614</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>766,184</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>740,756</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>Contracted wholesale sales</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>150,659</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="69" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:3.75pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>138,106</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>311,997</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>299,695</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height: normal'><font size=2>Off-system sales&#150;MWh</font></p> </td>
        <td width="80" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height:normal'><font size=2>212,460</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>
        <td width="69" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:3.75pt;text-align:left;margin-top:0in;margin-bottom: 4.0pt;line-height:normal'><font size=2>226,099</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height:normal'><font size=2>400,074</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height: normal'><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:12.0pt;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height:normal'><font size=2>384,887</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><br > <br > </p>
<p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font size=2>Electric and Gas Utility</font></b><br> <font size=2>(Cheyenne Light, Fuel &amp; Power)</font></p> </td>
        <td width="80" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><br> <font size=2>Three months ended </font><br> <font size=2>June 30, 2005</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="69" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><br> <font size=2>Jan. 21, 2005 </font><br> <font size=2>to </font><br> <font size=2>June 30, 2005</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Electric sales &#150; MWh</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>251,550</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="69" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>428,650</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gas sales &#150; Dekatherm (Dth)</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,010,900</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="69" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,347,700</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gas transport &#150; Dth</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2,023,400</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="69" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4,241,000</font></p> </td>
        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:4.3pt'>
        <td width="48" valign=top style='padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="216" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt;height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="69" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:4.3pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Corporate</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Corporate losses for the three-month period ended June 30, 2005 increased to ($2.8) million after tax, compared to ($1.1) million for the same period in 2004. The increase was due to increases in unallocated costs related to compensation expense, professional fees and certain development costs.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Discontinued operation</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Communications business segment was sold on June 30, 2005 and accordingly has been reported as a discontinued operation. This segment had a loss of ($1.0) million in the second quarter of 2005, including a ($7.2) million pretax loss on sale. The second quarter 2004 loss was ($0.2) million.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>EARNINGS GUIDANCE AFFIRMED</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company continues to expect income from continuing operations to be in the range of $1.90 to $2.05 per share for the year 2005. The Neil Simpson II power plant outage described earlier is expected to lower income from continuing operations by $0.05 to $0.06 per share from previous Company forecasts. However, during the latter half of 2005, corporate performance could benefit from continued strong oil and gas production and prices. In addition, energy marketing results are expected to improve, due to anticipated higher natural gas marketing volumes and improved natural gas margins.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:LEFT;'><FONT SIZE=2>RECENT DIVIDEND DECLARATION</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>As previously disclosed, the Board of Directors recently declared quarterly dividends on the common stock. Common shareholders will receive 32 cents per share, equivalent to an annual dividend rate of $1.28. Dividends will be payable September 1, 2005, to all shareholders of record at the close of business on August 18, 2005.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:LEFT;'><FONT SIZE=2>EARNINGS CONFERENCE CALL</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Company will conduct a conference call Wednesday, August 10, 2005 beginning at 11:00 a.m. Eastern Time to discuss financial and operating performance. The conference call will be open to the public. The call can be accessed by dialing, toll-free, (877) 209-0397. When prompted, indicate that you wish to participate in the &#147;Black Hills Quarterly Earnings Conference Call.&#148; A replay of the conference call will be available through August 17, 2005 by dialing (800) 475-6701 (USA) or (320) 365-3844 (international). The access code is 791567.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p STYLE=' MARGIN-BOTTOM:0PT; MARGIN-TOP:0PT;TEXT-ALIGN:LEFT;'><FONT SIZE=2>ABOUT BLACK HILLS CORPORATION</FONT></P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Black Hills Corporation is a diversified energy company. Black Hills Energy, the wholesale energy business unit, generates electricity, produces natural gas, oil and coal, and markets energy. Our retail businesses are Black Hills Power, an electric utility serving western South Dakota, northeastern Wyoming and southeastern Montana; and Cheyenne Light, Fuel &amp; Power, an electric and gas distribution utility serving the Cheyenne, Wyoming vicinity. More information is available at our Internet web site: </font><font size=2>www.blackhillscorp.com</font><font size=2>.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>CAUTION REGARDING FORWARD-LOOKING STATEMENTS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Some of the statements in this release include &#147;forward-looking statements&#148; as defined by the Securities and Exchange Commission, or SEC.  We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical facts, included in this Form 10-Q that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements.  These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business.  However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties
that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including the risk factors described in Items 1 and 2 of our 2004 Annual Report on Form 10-K and in Item 2 of Part I of our quarterly report on Form 10-Q filed with the SEC, and the following:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="96%" style='margin-left:.25in;border-collapse:collapse'>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount and timing of capital deployment in new investment opportunities or for the repurchase of debt or stock;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The volumes of our production from oil and gas development properties, which may be dependent upon issuance by federal, state, and tribal governments, or agencies thereof, of drilling, environmental and other permits, and the availability of specialized contractors, work force, and equipment;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The extent of our success in connecting natural gas supplies to gathering, processing and pipeline systems;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to successfully integrate CLF&amp;P into our operations;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfavorable rulings in the rate cases filed by CLF&amp;P with the WPSC and in the periodic applications to recover costs for fuel and purchased power;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in business and financial reporting practices arising from the repeal of the Public Utilities Holding Company Act and other provisions of the recently enacted Energy Policy Act of 2005.</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to remedy any deficiencies that may be identified in the periodic review of our internal controls;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The timing and extent of changes in energy-related and commodity prices, interest rates, energy and commodity supply or volume, the cost of transportation of commodities, and demand for our services, all of which can affect our earnings, liquidity position and the underlying value of our assets;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The timing and extent of scheduled and unscheduled outages of power generation facilities;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General economic and political conditions, including tax rates or policies and inflation rates;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our use of derivative financial instruments to hedge commodity, currency exchange rate and interest rate risks;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The creditworthiness of counterparties to trading and other transactions, and defaults on amounts due from counterparties;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of collateral required to be posted from time to time in our transactions;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in or compliance with laws and regulations, particularly those relating to taxation, safety and protection of the environment;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in state laws or regulations that could cause us to curtail our independent power production;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weather and other natural phenomena;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industry and market changes, including the impact of consolidations and changes in competition;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effect of accounting policies issued periodically by accounting standard-setting bodies;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost and effects on our business, including insurance, resulting from terrorist actions or responses to such actions;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital market conditions, which may affect our ability to raise capital on favorable terms;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price risk due to marketable securities held as investments in benefit plans;</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obtaining adequate cost recovery for our retail operations through regulatory proceedings; and</font></p> </td> </tr>
    <tr >
        <td width="614" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other factors discussed from time to time in our other filings with the SEC.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.31in;text-align:left;'><font size=2>New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement.  We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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