Stock 3.8 liter V6 Mustang (I don't have the 3.9 like a lot of the 2004s do) has 193 HP.
Not sure what HP you get at the wheels, though. 193 HP is just at the crank.
With the mods I mentioned in the first post of this thread, I will have 230 - 240 HP at the wheels. Not sure the horsepower at the crank. What really matters is the HP at the wheels because that is how much you actually get to use.