<SUBMISSION>
<ACCESSION-NUMBER>0001130464-05-000393
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20051107
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20051107
<DATE-OF-FILING-DATE-CHANGE>20051107
<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>051182962
</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_110705.htm
<DESCRIPTION>FORM 8-K DATED 11-4-05 AND FILED 11-7-05
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION <BR>
Washington, D.C. 20549</FONT></H1>



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     <P ALIGN=CENTER>_________________ </P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORM 8-K </FONT></H1>

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     <P ALIGN=CENTER>_________________ </P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>CURRENT REPORT <BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</FONT></H1>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of Report (Date
of earliest event reported) November 4, 2005 </FONT></H1>

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     <P ALIGN=CENTER>_________________ </P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>BLACK HILLS CORPORATION <BR>
(Exact name of registrant as specified in its charter)</FONT></H1>



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     <P ALIGN=CENTER>_________________ </P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>South Dakota<BR>
(State or other jurisdiction of incorporation) </FONT></H1>

<BR>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B> 001-31303 </B>                <BR>
       <B> (Commission File Number)</B>         <BR><BR>
     <B>625 Ninth Street, PO Box 1400 </B>      <BR>
         <B>Rapid City, South Dakota </B>       <BR>
 <B>(Address of principal executive offices)</B>
</FONT></TD>
     <TD WIDTH="50%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">             <B>46-0458824</B><BR>
  <B>(IRS Employer Identification No.)</B><BR><BR>
            <B> 57709-1400</B><BR>
             <B>(Zip Code)</B><BR>

</FONT></TD></TR>
</TABLE>

<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>605.721.1700<BR>
                                 (Registrant's telephone number, including area code) </FONT></H1>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Not Applicable<BR>
                             (Former name or former address, if changed since last report) </FONT></H1>




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     <P ALIGN=CENTER>_________________ </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (<I>see</I>
General Instruction A.2. below): </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="ballot.jpg">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="ballot.jpg">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="ballot.jpg">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><img src="ballot.jpg">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Item 2.02 &nbsp;&nbsp;&nbsp;Results of Operations
and Financial Condition</B> </FONT></H1>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On November 4, 2005, the Registrant issued a press
release announcing preliminary third quarter 2005 earnings and certain developments which affected results. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the three months ended September 30, 2005, the Company
expects to report a loss from continuing operations of approximately $(23.7) million, or $(0.72) per share.
Included in the results are the following unanticipated items: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
$(0.99) per share non-cash charge relating to the impairment of Las Vegas I assets; </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
$(0.18) per share expensing of certain development costs; </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
$(0.05) per share charge for the accrual for an expected legal settlement agreement. </FONT></TD>
</TR>
</TABLE>






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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In addition, the Registrant announced an expected range of earnings
from continuing operations of approximately $0.55 to $0.60 per share for the fourth quarter of 2005.  The
Registrant also announced an expected range of earnings from continuing operations of $2.10 to $2.25 per share
for the year 2006. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" 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 "filed" 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>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>Item 9.01 &nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits</B> </FONT></H1>


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<TD ALIGN=RIGHT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=94%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Exhibits</FONT></P></TD>
</TR>
</TABLE>
<BR>




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<TR VALIGN=TOP>
<TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99</FONT></TD>
<TD ALIGN=LEFT WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Press Release dated November 4, 2005. </FONT></TD>
</TR>
</TABLE>
<BR>






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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>SIGNATURES</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>


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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BLACK HILLS CORPORATION
</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=65%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;
&nbsp;<U>/s/ Mark T. Thies</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mark T. Thies<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
Vice President<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;and Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
<BR>




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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: November 7, 2005 </FONT></P>



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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>












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<FILENAME>ballot.jpg
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<SEQUENCE>3
<FILENAME>ex99_form8k-110705.htm
<DESCRIPTION>EXHIBIT 99 TO FORM 8-K DATED 11-4-05
<TEXT>
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit 99</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>BLACK HILLS
CORPORATION ANNOUNCES THIRD QUARTER 2005 PRELIMINARY RESULTS <BR>
WITH ASSET IMPAIRMENT, UPDATES GUIDANCE AND DECLARES DIVIDEND</FONT></H1>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RAPID CITY, SD&#151;November 4,
2005&#151;Black Hills Corporation (NYSE:BKH) today announced preliminary third quarter
2005 earnings and certain developments which affected results. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the three months ended September 30, 2005, the Company expects to report a loss from
continuing operations of approximately $(23.7) million, or $(0.72) per share. Included in
the results are the following unanticipated items: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
$(0.99) per share non-cash charge relating to the impairment of Las Vegas I assets;  </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
$(0.18) per share expensing of certain development costs;  </FONT></TD>
</TR>
</TABLE>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
$(0.05) per share charge for the accrual for an expected legal settlement agreement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASSET IMPAIRMENT </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Las Vegas I plant is a 53 megawatt, natural gas-fired, combined-cycle turbine operating
under a contract as a qualifying facility as defined by the Public Utility Regulatory
Policies Act of 1978. Fuel for this plant is not externally hedged and was provided at
index-set prices under a long-term supply arrangement. Due to significant increases in
long-term forecasts for natural gas prices during the third quarter of 2005, its operation
became uneconomic. Therefore, an asset impairment test was performed in connection with
the preparation of September 30, 2005 interim financial statements, in accordance with
Statement of Financial Accounting Standards (SFAS) No. 144, &#147;Accounting for the
Impairment of Long-lived Assets.&#148; The test resulted in the determination of a
write-down of $50.3 million (approximately 83 percent of the plant&#146;s book value). The
non-cash after-tax earnings impact of the impairment charge is expected to be $(0.99) per
share and will be reported in the results for the three-month period ended September 30,
2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David
R. Emery, Chairman, President and Chief Executive Officer of Black Hills Corporation,
said, &#147;The recent dramatic run-up in current and forecasted natural gas prices
necessitated an evaluation of the likely impact of high, long-term natural gas prices on
Las Vegas I operations. We concluded that, at sustained high gas prices, we would not
recover our capital investment. Las Vegas I is the only facility in our non-regulated
power generation fleet where our power sales contracts have an exposure to long-term gas
price increases. Our other non-regulated gas-fired power plants, which are operating
normally and profitably, are under tolling arrangements whereby the power purchaser
assumes the fuel price risk. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;We
have commenced preliminary negotiations regarding future operations of the Las Vegas I
plant with Nevada Power Company, with whom we currently have a contract to provide 45
megawatts of capacity and energy from the plant,&#148; Emery continued. &#147;We are
exploring alternatives to the existing power supply agreement, which expires in
2024.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emery
said, &#147;Overall, Black Hills benefits from the current strong natural gas and oil
price environment, with an increased earnings contribution from production, and a
significant increase in the value of our gas and oil reserves. In addition, our coal
reserves are of tremendous importance to our regulated utility operations, as we expand
our mine-mouth, coal-fired power generation fleet. Construction of the 90 megawatt Wygen
II is under way, and we have commenced the permitting process for another 90 megawatt
plant, Wygen III, which we hope to construct in the future. As indicated in our guidance,
we expect normalized, historical results in the final quarter of 2005 with growth
opportunity in 2006.&#148; </FONT></P>








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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXPENSING OF DEVELOPMENT
COSTS </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the third quarter of 2005, the Company expensed $8.9 million of certain capitalized costs
for various energy development projects that were determined less likely to advance, and
costs related to unsuccessfully bid projects during the third quarter. On an after-tax
basis, the expensed costs amounted to a charge of $(0.18) per share. The Company
determined these projects were less likely to advance, due to the reduced economic
feasibility of gas-fired power generation in the expected sustained high-priced natural
gas price environment, increased expectations of reliance on renewable or coal-fired
generation, and the perceived preference of utilities in certain regions to acquire
existing merchant generation at significant discounts as an alternative to entering into
contracts for capacity and energy from new generation. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SETTLEMENT AGREEMENT IN
PRINCIPLE </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s natural gas marketing subsidiary, Enserco Energy, Inc., has been one of
several defendants in the class action entitled <I>In re Natural Gas Commodity
Litigation</I>, 03 CV 6186 (VM), United States District Court, Southern District of New
York. Although the Company believes that the Class Plaintiffs present a flawed theory to
recover actual damages, events in the third quarter, including settlements by other
defendant companies and mounting joint defense costs, prompted the Company to make a
business decision to seek a settlement of claims made against it. Accordingly, during the
third quarter of 2005, the Company accrued approximately $2.5 million, or an after-tax
amount of $(0.05) per share, to reflect the tentative settlement. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOURTH QUARTER 2005
EARNINGS EXPECTATIONS </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the fourth quarter of 2005, the Company expects income from continuing operations to
approximate $0.55 to $0.60 per share. Compared to fourth quarter 2004 results, the Company
anticipates strong oil and gas performance, based on increased production at strong
product prices received; and decreased earnings from power generation due to the cost of
terminating a gas supply agreement, from energy marketing due to lower pipeline revenues
under a new contract, from Black Hills Power due to the impact of higher gas prices, and
from higher corporate costs. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2006 EARNINGS GUIDANCE </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company anticipates 2006 income from continuing operations to approximate $2.10 to $2.25
per share, due to continued production increases in oil and gas operations, and improved
earnings at Cheyenne Light, Fuel &amp; Power operations, due primarily to a rate increase
effective January 1, 2006 as approved by the Wyoming Public Service Commission. Partially
offsetting the expected improved results in 2006 are lower earnings at our electric
utility and coal mining operations, both relating primarily to a planned major maintenance
outage at the Wyodak coal-fired power plant in the spring of 2006. Projected strong oil
and gas results are based on anticipated production-weighted average NYMEX prices of
$10.11 per MMBtu of natural gas and $56.44 per barrel of oil, or average received prices
(net of hedges) of $7.94 per Mcf and $40.14 per barrel, both based on current forward
strips. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DIVIDEND ANNOUNCED </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
a meeting held today, the Company&#146;s Board of Directors 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 December 1, 2005, to all
shareholders of record at the close of business on November 17, 2005. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EEI FINANCIAL CONFERENCE
PRESENTATION WEBCAST </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
conjunction with the Edison Electric Institute&#146;s Annual Financial Conference, the
Company will make a webcast presentation on Tuesday, November 8, 2005 at 9:00 a.m. Eastern
Time. The presentation can be accessed at the following Web site address:
http://www.talkpoint.com/viewer/starthere.asp?pres=111339 </FONT></P>





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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2 </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>QUARTERLY CONFERENCE CALL
SCHEDULED </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will issue its third quarter 2005 earnings release and file its quarterly report
on Form 10-Q on November 9, 2005. A conference call will be conducted on Thursday,
November 10, 2005 beginning at 11:00 a.m. Eastern Time to discuss recent financial and
operating performance. The conference call will be open to the public. The call can be
accessed by dialing, toll-free, (800) 762-6067. 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 November 17, 2005 by dialing (800) 475-6701
(USA) or (320) 365-3844 (international). The access code is 802168. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ABOUT BLACK HILLS
CORPORATION </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black
Hills Corporation is a diversified energy company. Black Hills Energy, our 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: www.blackhillscorp.com. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CAUTION REGARDING
FORWARD-LOOKING STATEMENTS </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
news release includes &#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 release
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 reports on
Form 10-Q filed with the SEC, and the following: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
amount and timing of capital deployment in new investment opportunities or for the
repurchase of debt or stock;  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>





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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
extent of our success in connecting natural gas supplies to gathering, processing and
pipeline systems; </FONT></TD>
</TR>
</TABLE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
possibility that we may be required to take impairment charges to reduce the carrying
value of some of our long-lived assets when indicators of impairment exist; </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
ability to successfully integrate CLF&amp;P into our operations; </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unfavorable
rulings in the periodic applications to recover costs for fuel and purchased power; </FONT></TD>
</TR>
</TABLE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
ability to remedy any deficiencies that may be identified in the periodic review of our
internal controls; </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
timing and extent of scheduled and unscheduled outages of power generation facilities;  </FONT></TD>
</TR>
</TABLE>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General
economic and political conditions, including tax rates or policies and inflation rates;  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
use of derivative financial instruments to hedge commodity, currency exchange rate and
interest rate risks; </FONT></TD>
</TR>
</TABLE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
creditworthiness of counterparties to trading and other transactions, and defaults on
amounts due from counterparties;  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
amount of collateral required to be posted from time to time in our transactions;  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Changes
in or compliance with laws and regulations, particularly those relating to taxation,
safety and protection of the environment; </FONT></TD>
</TR>
</TABLE>





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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Changes
in state laws or regulations that could cause us to curtail our independent power
production;  </FONT></TD>
</TR>
</TABLE>



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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3 </FONT></P>






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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Weather
and other natural phenomena; </FONT></TD>
</TR>
</TABLE>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Industry
and market changes, including the impact of consolidations and changes in competition;  </FONT></TD>
</TR>
</TABLE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
effect of accounting policies issued periodically by accounting standard-setting bodies; </FONT></TD>
</TR>
</TABLE>




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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
cost and effects on our business, including insurance, resulting from terrorist actions
and natural disasters or responses to such actions and events;  </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital
market conditions, which may affect our ability to raise capital on favorable terms;  </FONT></TD>
</TR>
</TABLE>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Price
risk due to marketable securities held as investments in benefit plans;  </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Obtaining
adequate cost recovery for our retail operations through regulatory proceedings; and  </FONT></TD>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other
factors discussed from time to time in our other filings with the SEC.  </FONT></TD>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>### </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4 </FONT></P>


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