<SUBMISSION>
<ACCESSION-NUMBER>0001130464-07-000143
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20070426
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20070427
<DATE-OF-FILING-DATE-CHANGE>20070426
<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>07792725
</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_1stqtr-2007.htm
<DESCRIPTION>FORM 8-K 1ST QTR 2007
<TEXT>
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<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=3>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=3>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=3>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=3>Date of Report (Date of earliest event reported) April 26, 2007</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=3>BLACK HILLS CORPORATION</font></B></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="93%" style='margin-left:23.4pt;border-collapse:collapse'>
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        <td  colspan="5" 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></p> </td> </tr>
    <tr >
        <td  colspan="5" 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></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></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>001-31303</font></b></p> </td>
        <td width="12%" 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'><font size=1>&nbsp;</font></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></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>(Commission File Number)</font></b></p> </td>
        <td width="12%" 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'><font size=1>&nbsp;</font></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></p> </td> </tr>
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        <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'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" 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'><font size=1>&nbsp;</font></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'><font size=1>&nbsp;</font></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:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>625 Ninth Street, PO Box 1400</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;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:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(Address of principal executive offices)</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="12%" 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'><font size=1>&nbsp;</font></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></p>
<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></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'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td  colspan="5" 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></p> </td> </tr>
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        <td  colspan="5" 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></p> </td> </tr>
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        <td width="27%" 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'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" 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'><font size=1>&nbsp;</font></p> </td>
        <td width="31%" 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'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td  colspan="5" 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></p> </td> </tr>
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        <td  colspan="5" 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></p> </td> </tr>
    <tr>
        <td width="190" ></td>

        <td width="119" ></td>

        <td width="84" ></td>

        <td width="84" ></td>

        <td width="218" ></td> </tr> </table>
            </div>

<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:7.69%;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-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2><img src="ballot.jpg"></font></b></p> </td>
        <td width="97%" 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>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<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>
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        <td width="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><img src="ballot.jpg"></font></b></p> </td>
        <td width="97%" 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>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<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>
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        <td width="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><img src="ballot.jpg"></font></b></p> </td>
        <td width="97%" 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>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<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>
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        <td width="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><img src="ballot.jpg"></font></b></p> </td>
        <td width="97%" 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>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>______________________________________________________________________________</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;'><font size=2>1</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
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<table border="0" cellspacing=0 cellpadding=0 width="70%" style='border-collapse:collapse'>
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        <td width="21%" nowrap 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 2.02</font></b></p> </td>
        <td width="78%" nowrap 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>Results of Operations and Financial Condition.</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>On April 26, 2007, the Registrant issued a press release announcing net income of $32.5 million, or $0.91 per share, for the three-month period ended March 31, 2007, compared to $26.2 million, or $0.78 per share, for the three months ended March 31, 2006.  Income from continuing operations was $32.5 million, or $0.91 per share, for the three-month period ended March 31, 2007, compared to $18.6 million, or $0.55 per share, for the same period ended March 31, 2006.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;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 "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>

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


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            <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="74%" nowrap 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>
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        <td width="3%" 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="3%" 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="94%" 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>
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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>&nbsp;</font></p>


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        <td width="9%" 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="3%" 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="88%" 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 April 26, 2007. </font></p> </td> </tr></table>
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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;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2</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: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:8.31%;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>


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            <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="50%" 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>
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        <td width="50%" 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="50%" 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>
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        <td width="50%" 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="50%" 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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:&nbsp;</font><u><font size=2>  /s/ Mark T. Thies            </font></u>                                   </p> </td> </tr>
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            <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>
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            <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>
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            <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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:&nbsp;&nbsp;April 26, 2007</font></p> </td>
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            <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>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:16pt;text-align:center;line-height:90%;'><b><small>BLACK</small> <small>HILLS</small> <small>CORPORATION</small> <small>REPORTS</small> <small>STRONG</small> <small>FIRST</small> <small>QUARTER</small> 2007 <small>RESULTS,</small> </b></p>

<p style=' margin-bottom:8pt; margin-top:0pt;text-align:center;line-height:90%;'><b><small>RAISES</small> 2007 <small>EARNINGS</small> <small>GUIDANCE</small> <small>AND</small> <small>ANNOUNCES</small> <small>QUARTERLY</small> <small>DIVIDEND</small></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>RAPID CITY, SD&#151;April 26, 2007&#151;Black Hills Corporation (NYSE: BKH) today announced financial results for the first quarter of 2007. </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:7.91%;text-align:left;'><font size=2>For the three months ended March 31, 2007, net income was $32.5 million, or $0.91 per share, compared to $26.2 million, or $0.78 per share for the same period ended March 31, 2006. Net income for the first quarter of 2006 reflected $7.6 million, or $0.23 per share, from discontinued operations. Income from continuing operations for the three months ended March 31, 2007 was $32.5 million, or $0.91 per share, compared to $18.6 million, or $0.55 per share, reported for the same period in 2006. Compared to the first quarter of 2006, income from continuing operations in the first quarter of 2007 was affected primarily by the following factors: </font></p>

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


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            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $6.5 million, or $0.18 per share, increase in energy marketing earnings; </font></p> </td> </tr>
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            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $2.9 million, or $0.08 per share, increase in power generation earnings; </font></p> </td> </tr>
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            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $1.8 million, or $0.05 per share, increase in electric utility earnings;</font></p> </td> </tr>
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            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $1.7 million, or $0.05 per share, increase in electric and gas utility earnings; and</font></p> </td> </tr>
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            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $2.8 million, or $0.08 per share, decrease in unallocated corporate costs; offset partially by</font></p> </td> </tr>
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            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom: 7.0pt;line-height:129.6%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a $(1.8) million, or $(0.05) per share, decrease in oil and gas earnings.</font></p> </td> </tr></table>
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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-indent:7.46%;text-align:left;'><font size=2>David R. Emery, Chairman and CEO of Black Hills Corporation, said, &#147;The year 2007 is off to a great start. Income from continuing operations on a per-share basis was up 65 percent, led by excellent results from our energy marketing operations. Energy marketing benefited from higher volumes marketed and increased margins from storage, transportation and other marketing strategies. Our ability to capitalize on continued natural gas volatility, including basis differentials between Rocky Mountain prices and other regions, contributed to our strong performance. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:9.55%;text-align:left;'><font size=2> &#147;Our wholesale power generation segment produced both higher earnings and high availability for our power plant fleet,&#148; Emery said. &#147;Overall for the first quarter 2007, our availability was 96.1 percent, which included planned maintenance outages during periods of lower demand.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:8.36%;text-align:left;'><font size=2> &#147;Increased retail services earnings resulted from overall steady operations at both of our utilities,&#148; Emery stated. &#147;Earnings benefited from a rate increase at Black Hills Power and the earnings effect of the allowance for funds used during construction (AFUDC) related to the construction of the Wygen II power plant for Cheyenne Light, Fuel &amp; Power. This 90 megawatt coal-fired power plant is on schedule to be in service January 1, 2008. In the first quarter of 2007, we filed rate increase requests with the Wyoming Public Service Commission to include Wygen II in rate base, and to accommodate infrastructure expansions and upgrades on both the electric and natural gas distribution systems to meet the growing demands of our customers. We also received an air permit for Wygen III, our next expansion of mine-mouth power generation. We are proceeding with the remaining
regulatory and commercial steps as we work to commence construction on the 100 megawatt plant in late 2007 or early 2008.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:8.36%;text-align:left;'><font size=2> &#147;Earnings from our oil and gas operations were down compared to the first quarter of 2006,&#148; Emery continued, &#147;primarily due to a 6 percent decrease in production on an Mcf-equivalent basis and cost increases which continue to affect the entire oil and gas industry. The production decrease was driven by lower natural gas production in the Denver-Julesburg (DJ) Basin due to well performance that peaked in the first quarter of 2006, and severe winter weather conditions. Hedged natural gas and crude oil prices received increased compared to the first quarter of 2006.</font></p>

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

<p style=' margin-bottom:7pt; margin-top:0pt;text-align:center;line-height:115%;'><font size=1>&#150; Page 1 of 6 &#150;</font></p>

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<font size=2>&#147;Drilling and related field service costs have continued to increase,&#148; said Emery. &#147;In addition, drilling permit delays have become more prevalent in each of the Company&#146;s core operating areas. These factors have resulted in a downward revision to our expected capital deployment, and consequently, a reduction in our production and reserve growth targets. We now expect our 2007 annual production growth rate and long-term average annual production and reserve growth rates to be in the range of 4 to 6 percent. While we remain confident that we have sufficient undeveloped reserves to provide for several years of production and reserve growth, we are revising our goals downward primarily due to factors that are in large part beyond our ability to control &#150; rising field service costs, oil and gas prices, permitting delays and other considerations.&#148;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:8.06%;text-align:left;'><font size=2>Emery stated, &#147;The February 2007 equity infusion of approximately $145 million in net proceeds from a private placement further strengthened our balance sheet. We continue to prepare for our pending purchase of five utility properties from Aquila, Inc. Earlier this month, we jointly filed, with Aquila, regulatory applications in the states of Colorado, Kansas, Nebraska and Iowa. We are very pleased with the progress we are making on transition and integration issues related to the transaction. In addition, we seek to increase shareholder value through our ongoing focus on strong operational performance, power plant construction and coal mine expansion.&#148;</font></p>

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

<p style=' margin-bottom:4pt; margin-top:0pt;text-align:left;line-height:125%;'><small>CONSOLIDATED</small> <small>FINANCIAL</small> <small>RESULTS</small></p>


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            <p style='margin-left:0pt;text-indent:0in;text-align: center;margin-top:0pt;margin-bottom:4.0pt;line-height:normal'><b><small>BLACK</small> <small>HILLS</small> <small>CORPORATION</small></b><br> <small>(</small><font size=2>In thousands, except per share amounts</font><small>)</small></p> </td> </tr>
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            <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>
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            <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 March 31,</font></p> </td>
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            <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>
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            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:30.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">2007 </FONT></p> </td>
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<p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:27.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">2006 </FONT></p> </td>
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<p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p> </td>
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<p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p> </td>
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<p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2"><B>Revenues:</B> </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
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<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 </FONT></p> </td>
        <td width="15%" 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;$ 83,719 </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">&nbsp;&nbsp;$ 87,503 </FONT></p> </td>
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<p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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 </FONT></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">102,813 </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">84,371 </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:45.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">1 </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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">16 </FONT></p> </td>
        <td width="1%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" valign=top style='border-bottom: double black 2.25pt;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">$186,533 </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">$171,890 </FONT></p> </td>
        <td width="1%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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"><B>Net income (loss) available </B><br> <B>for common stock:</B><br> Continuing operations &#150; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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 </FONT></p> </td>
        <td width="15%" 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">&nbsp;&nbsp;$ 9,771 </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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;$ 6,296 </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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 </FONT></p> </td>
        <td width="15%" 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">22,844 </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">15,144 </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" 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">(115) </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:21.0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">(2,879) </FONT></p> </td>
        <td width="1%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:.2in;text-indent:4.5pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><FONT SIZE="2">Income from <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;continuing operations </FONT></p> </td>
        <td width="15%" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:48.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p>
<p style='margin-left:0pt;text-indent:21.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">32,500 </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:46.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">&nbsp; </FONT></p>
<p style='margin-left:0pt;text-indent:19.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">18,561 </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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 (a) </FONT></p> </td>
        <td width="15%" 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">(47) </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:24.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">7,590 </FONT></p> </td>
        <td width="1%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="2">Net income </FONT></p> </td>
        <td width="15%" valign=top style='border-bottom: double black 2.25pt;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">$ 32,453 </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;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">$ 26,151 </FONT></p> </td>
        <td width="1%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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:32.4%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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:32.4%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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:32.4%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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:32.4%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="1%" 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:32.4%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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:32.4%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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:32.4%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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:32.4%'><FONT SIZE="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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"><B>Weighted average common shares</B><br> <B>outstanding:</B> </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" valign=top style='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">35,173 </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='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">33,120 </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" valign=top style='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">35,577 </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='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">33,460 </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="1%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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"><B>Earnings per share:</B> </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" 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">$ 0.92 </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">$ 0.56 </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" 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">- </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:20.25pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">0.23 </FONT></p> </td>
        <td width="1%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" valign=top style='border-bottom: double black 2.25pt;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">$ 0.92 </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;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">$ 0.79 </FONT></p> </td>
        <td width="1%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" 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">$ 0.91 </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">$ 0.55 </FONT></p> </td>
        <td width="1%" 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">&nbsp; </FONT></p> </td>
        <td width="15%" 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">&nbsp; </FONT></p> </td>
        <td width="0%" 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">&nbsp; </FONT></p> </td>
        <td width="14%" 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">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" 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">- </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:22.00pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><FONT SIZE="2">0.23 </FONT></p> </td>
        <td width="1%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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="15%" valign=top style='border-bottom: double black 2.25pt;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">$ 0.91 </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" valign=top style='border-bottom: double black 2.25pt;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">$ 0.78 </FONT></p> </td>
        <td width="1%" 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="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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="2">&nbsp; </FONT></p> </td> </tr>
    <tr >
        <td width="36%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="1%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="15%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="0%" 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:43.2%'><FONT SIZE="2">&nbsp; </FONT></p> </td>
        <td width="14%" 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:43.2%'><FONT SIZE="2">&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;2007 and 2006 discontinued operations reflect the after-tax results of operations at the Company&#146;s oil marketing and transportation business. </FONT> </p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:4pt;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:center;'><font size=1>&#150; Page 2 of 6 &#150;</font></p>
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<p style=' margin-bottom:0pt; margin-top:4pt;text-align:left;line-height:125%;'>
<small>BUSINESS</small> <small>UNIT</small> <small>QUARTERLY</small> <small>PERFORMANCE</small> <small>SUMMARY</small></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:7pt; margin-top:0pt; text-indent:7.91%;text-align:left;'><font size=2>Income from continuing operations from the Retail Services business group for the three-month period ended March 31, 2007 was $9.8 million, compared to $6.3 million in 2006. Business segment results were as follows:</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income from the Electric utility business segment for the three months ended March 31, 2007 was $6.7 million, compared to $4.9 million in 2006.  The increase reflected a 9 percent increase in retail revenues due primarily to new South Dakota electric rates that began January 1, 2007; a 4 percent increase in retail MWh sold due to colder weather conditions and customer growth; and flat off-system sales margin; partially offset by a 6 percent increase in purchased power and fuel costs primarily resulting from the increase in retail MWh sold. Off-system Mwh sold decreased 26 percent compared to 2006, due primarily to less power available for off-system sales, including the effects of transmission system constraints to the east of our AC-DC transmission tie, offset by higher realized margins per Mwh on such sales.</font></p> </td> </tr></table>
</div>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="3%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income from the Electric and gas utility business segment for the three months ended March 31, 2007 was
$3.1 million, compared to $1.4 million in 2006.  The increase is primarily due to income related to AFUDC attributable to the Wygen II construction and its associated tax benefits. The utility experienced a 5 percent decrease in operating expenses due to decreased depreciation rates as a result of a depreciation study and a decrease in benefit costs.</font></p> </td> </tr></table>
</div>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="70%" style='border-collapse:collapse'>
    <tr >
        <td width="10%" nowrap valign=top style='padding:0in 0in 7.0pt 0in; '>
            <p style='margin-top:0in;margin-right:0in;margin-bottom:7.0pt;margin-left: 0in;line-height:120%'><font size=1>&nbsp;</font></p> </td>
        <td width="89%" nowrap valign=top style='padding:0in 0in 7.0pt 0in; '>
            <p style='margin:0in;margin-bottom:.0001pt;line-height:120%'><font size=2>The following tables provide certain Retail Services operating statistics:</font></p> </td> </tr></table>
</div>
<BR>
<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
    <tr >
        <td width="7%" 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="32%" valign=top style='border-top:solid black 1.5pt; 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'><br> <b><font size=2>Electric Utility </font></b><font size=2>(Black Hills Power)</font></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.5pt; 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 </font></p>
<p style='margin-left:0pt;text-indent:0in;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>March 31,</font></p> </td>
        <td width="3%" valign=top style='border-top:solid black 1.5pt; 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='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="7%" 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="32%" 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="13%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2007</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" 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>2006</font></p> </td>
        <td width="3%" 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="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="2%" 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="14%" 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="7%" 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="32%" 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="13%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>425,504</font></p> </td>
        <td width="2%" 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="13%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:14.25pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>410,473</font></p> </td>
        <td width="3%" 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="2%" 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="14%" 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="7%" 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="32%" 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&#150;MWh</font></p> </td>
        <td width="13%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>165,110</font></p> </td>
        <td width="2%" 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="13%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:14.25pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>162,251</font></p> </td>
        <td width="3%" 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="2%" 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="14%" 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="7%" 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="32%" 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=2>Off-system sales&#150;MWh</font></p> </td>
        <td width="13%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>133,849</font></p> </td>
        <td width="2%" 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="13%" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:14.25pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>180,163</font></p> </td>
        <td width="3%" 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="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="2%" 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="14%" 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="7%" 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="32%" 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="13%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height:normal'><font size=2>724,463</font></p> </td>
        <td width="2%" 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="13%" valign=top style='border-bottom: solid black 1.0pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:14.25pt;text-align:left;margin-top:0in;margin-bottom: 4.0pt;line-height:normal'><font size=2>752,887</font></p> </td>
        <td width="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:left;margin-top:0pt;margin-bottom:4.0pt;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:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 4.0pt;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" 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: 4.0pt;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" 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: 4.0pt;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="7%" 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="32%" 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:97.2%'><font size=2>Regulated power </font><br> <font size=2>plant availability</font></p> </td>
        <td width="13%" 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:97.2%'><font size=1>&nbsp;</font></p>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:4.0pt;line-height:normal'><font size=2>97.3%</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" 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:97.2%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:24.75pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><font size=2>98.1%</font></p> </td>
        <td width="3%" 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:97.2%'><font size=1>&nbsp;</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:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" 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="14%" 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:97.2%'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="7%" 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="32%" 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:97.2%'>  </p>
<p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:97.2%'><b><font size=2>Electric and Gas Utility</font></b><br> <font size=2>(Cheyenne Light, Fuel &amp; Power)</font></p> </td>
        <td width="13%" 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:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" 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:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="13%" 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:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='border-top:solid black 1.5pt; 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:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="10%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" 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="14%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:97.2%'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.95pt'>
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="32%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="13%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>241,830</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt;height:12.95pt'>
            <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="13%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>232,827</font></p> </td>
        <td width="3%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="10%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="2%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="14%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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 style='height:12.95pt'>
        <td width="7%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="32%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="13%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:10.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,969,585</font></p> </td>
        <td width="2%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="13%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <p style='margin-left:0pt;text-indent:6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,870,454</font></p> </td>
        <td width="3%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="10%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="2%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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="14%" valign=top style='padding:0in .7pt 0in .7pt; height:12.95pt'>
            <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 style='height:4.3pt'>
        <td width="7%" 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="32%" valign=top style='border-bottom: solid black 1.5pt;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="13%" valign=top style='border-bottom: solid black 1.5pt;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="2%" valign=top style='border-bottom:solid black 1.5pt; 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="13%" valign=top style='border-bottom: solid black 1.5pt;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="3%" valign=top style='border-bottom:solid black 1.5pt; 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="10%" 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="2%" 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="14%" 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> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:9pt;text-align:left;'><b><font size=2>Wholesale Energy Group</font></b></p>

<p style=' margin-bottom:7pt; margin-top:0pt; text-indent:7.91%;text-align:left;'><font size=2>Income from continuing operations from the Wholesale Energy business group for the three-month period ended March 31, 2007 was $22.8 million, compared to $15.1 million in 2006. Business segment results were as follows: </font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Energy Marketing income from continuing operations doubled to $12.7 million, compared to $6.2 million in 2006.  Increased earnings were primary the result of a $4.0 million after-tax increase in realized margins that were driven by
a 49 percent increase in physical natural gas volumes marketed, partially offset by a lower margin per MMBtu sold; a $3.2 million after-tax increase in net unrealized margins related to the accounting mark-to-market impacts on our marketing positions; and the earnings benefit from the May 2006 addition of crude oil marketing within the Rocky Mountain region. These effects were partially offset by increased compensation cost related to higher realized margins.</font></p> </td> </tr></table>
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<p style=' margin-bottom:7pt; margin-top:0pt; margin-left:3.73%;text-align:left;'><font size=2></font></p>

<p style=' margin-bottom:7pt; margin-top:0pt; margin-left:3.73%;text-align:left;'><font size=2>Prevailing market conditions during 2007 generated opportunities to market additional volumes of natural gas compared to 2006.  Lower market prices enabled additional volumes to be purchased within our credit limits, and colder weather created additional demand from our energy marketing company&#146;s utility customers.  In addition, we continued to benefit from the volatile natural gas markets, including capitalizing on price differentials between the Rocky Mountains and other regions.</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:center;'><font size=1>&#150; Page 3 of 6 &#150;</font></p>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Power generation income from continuing operations was $5.0 million, compared to income of $2.1 million in 2006. The increase in earnings was primarily the result of strong operational performance and availability. In the first three months of 2006, the Las Vegas II power plant operated in simple-cycle mode and incurred extensive operating and maintenance costs; in addition, the Las Vegas I power plant was out of service due to a planned maintenance outage.</font></p> </td> </tr></table>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Oil and gas income from continuing operations was $3.6 million in 2007, compared to $5.4 million in 2006. Revenues increased slightly as higher hedged prices received for both natural gas and crude oil were offset by an overall production decrease of 6 percent on an equivalent basis.  Natural gas volumes sold decreased 9 percent, primarily due to weather impacts and lower well performance in the DJ Basin. Crude oil volumes sold increased 14 percent primarily due to the results of 2006 drilling activity and improved well availability. Total operating expenses increased 16 percent primarily due to industry-wide higher field service costs, increased depletion expense, and an increased number of producing wells. Depletion costs per Mcfe increased 26 percent to $2.04, due to higher capitalized costs, higher estimated future development
costs, and the addition of higher average-cost reserves from recent development and acquisitions. Results were also impacted by increased interest expense due to higher borrowings to fund acquisition and development costs. </font></p> </td> </tr></table>
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        <td width="3%" valign=top style='padding:0in 0in 7.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 7.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Coal mining income from continuing operations was $1.6 million in 2007 compared to $1.4 million in 2006. Results were affected by higher average coal prices received and lower taxes, offset partially by increased overburden removal costs, depreciation, and general and administrative costs. In 2006, mining taxes were impacted by production tax audit adjustments. </font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="72%" style='border-collapse:collapse'>
    <tr >
        <td width="10%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:6.0pt;line-height:135%'><font size=1>&nbsp;</font></p> </td>
        <td width="89%" nowrap valign=top style='padding:0in 0in 6.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:135%'><font size=2>The following tables contain certain Wholesale Energy operating statistics:</font></p> </td> </tr></table>
</div>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="99%" style='border-collapse:collapse'>
    <tr >
        <td width="7%" 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="27%" valign=top style='border-top:solid black 1.5pt; 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 1.5pt; 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 March 31,</font></p> </td>
        <td width="1%" 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="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" 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="7%" 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="27%" 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="14%" 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>2007</font></p> </td>
        <td width="2%" 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="14%" 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>2006</font></p> </td>
        <td width="1%" 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="2" 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="1%" 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="0%" 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="7%" 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="27%" 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></p> </td>
        <td width="14%" 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="2%" 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="14%" 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="1%" 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  colspan="2" 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="1%" 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="0%" 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="7%" 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="27%" 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="14%" valign=top style='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>1,212,300</font></p> </td>
        <td width="2%" 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="14%" 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>1,222,600</font></p> </td>
        <td width="1%" 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  colspan="2" 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="1%" 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="0%" 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="7%" 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="27%" 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></p> </td>
        <td width="14%" 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="2%" 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="14%" 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="1%" 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  colspan="2" 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="1%" 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="0%" 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="7%" 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="27%" 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="14%" valign=top style='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>3,298,780</font></p> </td>
        <td width="2%" 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="14%" 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>3,501,860</font></p> </td>
        <td width="1%" 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  colspan="2" 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="1%" 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="0%" 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="7%" 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="27%" 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></p> </td>
        <td width="14%" 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="2%" 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="14%" 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="1%" 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  colspan="2" 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="1%" 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="0%" 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="7%" 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="27%" 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-MMBtus</font></p> </td>
        <td width="14%" valign=top style='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>1,898,630</font></p> </td>
        <td width="2%" 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="14%" 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>1,275,900</font></p> </td>
        <td width="1%" 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  colspan="2" 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="1%" 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="0%" 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="7%" 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="27%" 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>Crude&nbsp;oil&nbsp;physical-barrels<sup>(a)</sup></font></p> </td>
        <td width="14%" 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>6,050</font></p> </td>
        <td width="2%" 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="14%" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:43.5pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>-</font></p> </td>
        <td width="1%" 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="2" 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="1%" 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="0%" 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="7%" 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="4" valign=top style=' border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:16.55pt;text-indent:-16.55pt;text-align:left;margin-top:0in;margin-bottom: 0in;line-height:normal'><font size=2>(a)  Daily oil volumes represent the commencement of oil</font></p>
<p style='margin-left:16.55pt;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>marketing out of our Golden, Colorado energy marketing</font></p>
<p style='margin-left:16.55pt;text-indent:0in;text-align:left;margin-top:0in;margin-bottom: 0in;line-height: normal'><font size=2>operation beginning in May 2006.</font></p> </td>
        <td  colspan="6" 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="7%" 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:54%'><font size=1>&nbsp;</font></p>
<p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" valign=top style='border-bottom: solid black 1.5pt;padding: 0in .7pt 0in .7pt'>
            <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:54%'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='border-top:solid black 1.5pt; border-left:none;border-bottom:solid black 1.5pt;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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" 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:54%'><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:54%'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="7%" 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="27%" 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>Three months ended March 31,</font></p> </td>
        <td width="1%" 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="0%" valign=top style='padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" 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="7%" 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="27%" 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><font size=2>Power generation:</font></b></p> </td>
        <td width="14%" 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:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2007</font></p> </td>
        <td width="2%" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
            <p style='margin-left:0in;text-indent:0in;text-align:center;margin-top:1.0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" 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:12.0pt;text-align:center;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=2>2006</font></p> </td>
        <td width="1%" 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="2" 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="1%" 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="0%" 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="7%" 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="27%" valign=top style='border-bottom: solid black 1.5pt;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="14%" valign=top style='border-bottom: solid black 1.5pt;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>96.1%</font></p> </td>
        <td width="2%" valign=top style='border-bottom:solid black 1.5pt; 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="14%" valign=top style='border-bottom:solid black 1.5pt; 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>85.7%</font></p> </td>
        <td width="1%" 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="2" 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="1%" 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="0%" 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="7%" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="27%" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="14%" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="1%" 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:54%'><font size=1>&nbsp;</font></p> </td>
        <td width="0%" 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:54%'><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:54%'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>
        <td width="55" ></td>

        <td width="202" ></td>

        <td width="106" ></td>

        <td width="18" ></td>

        <td width="107" ></td>

        <td width="10" ></td>

        <td width="4" ></td>

        <td width="97" ></td>

        <td width="14" ></td>

        <td width="4" ></td>

        <td width="126" ></td> </tr> </table>
            </div>

<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>Corporate</font></b></p>

<p style=' margin-bottom:7pt; margin-top:0pt; text-indent:8.06%;text-align:left;'><font size=2>Corporate loss for the three-month period ended March 31, 2007 was $0.1 million, compared to $2.9 million for the same period in 2006. The decrease was primarily due to lower interest expense and lower administrative expenses due to the capitalization of certain incremental acquisition costs in the current period related to the pending purchase of certain Aquila assets, and the expensing of certain incremental development costs in 2006 associated with our activities related to NorthWestern 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-align:center;'><font size=1>&#150; Page 4 of 6 &#150;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<font SIZE=2>EARNINGS GUIDANCE UPDATE </font></p>

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

<p style=' margin-bottom:8pt; margin-top:0pt; text-indent:7.46%;text-align:left;'><font size=2>The Company has revised its guidance for 2007 net income to a range from $2.20 to $2.40 per share, reflecting an increase of $0.10 at both ends of the range. This estimate is predicated on a number of considerations, including the following factors:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:20.15pt;border-collapse:collapse'>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net dilutive effect of the issuance of 4.17 million shares of common stock on February 22, 2007 through a private placement; this effect, as a result of the use of a weighted average methodology to calculate number of shares outstanding, will increase as the year progresses;</font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An improved outlook for annual earnings from our energy marketing operations; </font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and gas production growth approximating 4 to 6 percent on an Mcf-equivalent basis, as compared to production of approximately 14.4 Bcfe in 2006, based on expected 2007 capital deployment of approximately $70 million to $75 million;</font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil and gas anticipated production-weighted average NYMEX prices of $8.41 per MMBtu of natural gas and $67.42 per barrel of oil, average well-head prices for the remainder of 2007 of $6.30 per Mcf and $58.29 per barrel of oil, all based on recent forward strips, and average hedged prices for the remainder of 2007 of $6.60 per Mcf and $55.83  per barrel;</font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increased earnings at our electric utility, Black Hills Power, through the successful completion of a rate settlement resulting in a $7.9 million rate increase effective January 1, 2007;</font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No significant unplanned outages at our regulated power plants;</font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-regulated power plant operations with fleet availability at contracted levels approximating 98 percent;</font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slightly higher production and earnings from our coal mining operations, assuming no significant unplanned coal-fired power plant outages;</font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of Wygen II for January 1, 2008 commercial operation; </font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continued progress toward successful completion of the acquisition of the Aquila assets in 2008; and</font></p> </td> </tr>
    <tr >
        <td width="100%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:20.15pt;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:0in;line-height:129.599992275238%'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No material change in the Company&#146;s current business mix.</font>  </p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.45%;text-align:left;'><font size=2>&nbsp;</font></p>

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

<p style=' margin-bottom:16.8pt; margin-top:0pt; text-indent:7.91%;text-align:left;'><font size=2>At a meeting held April 24, 2007, our Board of Directors declared quarterly dividends on the common stock. Common shareholders will receive 34 cents per share, equivalent to an annual dividend rate of $1.36. Dividends will be payable June 1, 2007, to all shareholders of record at the close of business on May 18, 2007.</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:16.8pt; margin-top:0pt; text-indent:7.91%;text-align:left;'><font size=2>The Company will conduct a conference call on  Friday, April 27, 2007 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) 762-6568. 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 May 4, 2007 by dialing (800) 475-6701 (USA) or (320) 365-3844 (international). The access code is 871680.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><small>ABOUT</small> <small>BLACK</small> <small>HILLS</small> <small>CORPORATION</small> </p>

<p style=' margin-bottom:8pt; margin-top:0pt; text-indent:7.91%;text-align:left;'><font size=2>Black Hills Corporation is a diversified energy company. 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. Black Hills Energy, the wholesale energy business unit, generates electricity, produces natural gas, oil and coal, and markets energy. More information is available at our Internet web site: www.blackhillscorp.com.</font></p>

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


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&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,</font></p> </td> </tr></table>
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<p style=' margin-bottom:3pt; margin-top:0pt;text-align:left;'><font size=2>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 </font></p>

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<font size=2>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 Item 1A of Part I of our 2006 Annual Report on Form 10-K filed with the SEC, and the following: </font></p>


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            <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;Obtaining adequate cost recovery for our retail utility operations through regulatory proceedings, and receiving unfavorable rulings in the periodic applications to recover costs for fuel and purchased power in our regulated utilities;</font></p> </td> </tr>
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        <td width="100%" 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;The amount and timing of capital deployment in new investment opportunities or for the repurchase of debt or stock;</font></p> </td> </tr>
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        <td width="100%" 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;Our ability to successfully maintain or improve our corporate credit rating;</font></p> </td> </tr>
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            <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;The permitting, construction, startup and operation of power generating facilities may involve unanticipated charges or delays that could negatively impact the Company&#146;s business and its results of operations;</font></p> </td> </tr>
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            <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;The completion of acquisitions for which definitive agreements have been executed could be delayed or may not occur;</font></p> </td> </tr>
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            <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;Regulatory approval of acquisitions could impose financial and operating conditions or restrictions that could impact our results; </font></p> </td> </tr>
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            <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;Our ability to meet production targets for our oil and gas 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>
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            <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;The extent of our success in connecting natural gas supplies to gathering, processing and pipeline systems;</font></p> </td> </tr>
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            <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;The timing and extent of scheduled and unscheduled outages of power generation facilities;</font></p> </td> </tr>
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            <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;Our ability to successfully integrate with and profitably operate any future acquisitions;</font></p> </td> </tr>
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            <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;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 emerge;</font></p> </td> </tr>
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            <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;Numerous uncertainties inherent in estimating quantities of proved oil and gas reserves and actual future production rates and associated costs;</font></p> </td> </tr>
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        <td width="100%" 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;Changes in business and financial reporting practices arising from the enactment of The Energy Policy Act of 2005;</font></p> </td> </tr>
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        <td width="100%" 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;Our ability to remedy any deficiencies that may be identified in the review of our internal controls;</font></p> </td> </tr>
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            <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;The timing, volatility and extent of changes in energy-related and commodity prices, interest rates, energy and commodity supply or volume, the cost and availability 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>
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            <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;Our effective use of derivative financial instruments to hedge commodity, currency exchange rate and interest rate risks;</font></p> </td> </tr>
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            <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;The creditworthiness of counterparties to trading and other transactions, and defaults on amounts due from counterparties;</font></p> </td> </tr>
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            <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;The amount of collateral required to be posted from time to time in our transactions;</font></p> </td> </tr>
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            <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;Changes in or compliance with laws and regulations, particularly those relating to taxation, safety and protection of the environment;</font></p> </td> </tr>
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            <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;Changes in state laws or regulations that could cause us to curtail our independent power production;</font></p> </td> </tr>
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            <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;Weather and other natural phenomena;</font></p> </td> </tr>
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            <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;Industry and market changes, including the impact of consolidations and changes in competition;</font></p> </td> </tr>
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            <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;The effect of accounting policies issued periodically by accounting standard-setting bodies;</font></p> </td> </tr>
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        <td width="100%" 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 and natural disasters or responses to such actions and events;</font></p> </td> </tr>
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            <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 outcome of any ongoing or future litigation or similar disputes and the impact on any such outcome or related settlements; </font></p> </td> </tr>
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            <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;Capital market conditions, which may affect our ability to raise capital on favorable terms;</font></p> </td> </tr>
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            <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;Price risk due to marketable securities held as investments in benefit plans; </font></p> </td> </tr>
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            <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;General economic and political conditions, including tax rates or policies and inflation rates; and</font></p> </td> </tr>
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            <p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0in;margin-bottom:7.0pt'><font size=4><b>&#149;</b></font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other factors discussed from time to time in our other filings with the SEC.</font></p> </td> </tr></table>
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<p style=' margin-bottom:5pt; margin-top:0pt; text-indent:7.46%;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>

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