On October 21, 1994 at 1330 Alaska daylight time, a wheel equipped Aeronca Sedan, AR-15 airplane, N1428H, registered to and operated by the Pilot, was forced to land on a gravel bar after a loss of power, and struck a log during the landing roll, near Nikolai, Alaska. The business flight, operating under 14 CFR Part 91, departed Willow, Alaska, and the destination was Takotna, Alaska. No flight plan was filed but the Pilot's wife was aware of the route of flight. Visual meteorological conditions prevailed. The airplane was substantially damaged and the Pilot, the sole occupant, was not injured. According to the Pilot, while he was in cruise flight the engine began to lose power. He was unable to keep the engine running and landed on a gravel bar on the South Fork of the Kuskokwim River. During the landing roll he struck a log and damaged the landing gear and the lower longerines of the fuselage. The Pilot stated he attempted to drain a fuel sample from the wing tanks and when he depressed the fuel drain, the fuel tank sucked air. He was able to hear the air gurgle in the fuel tank until the pressure equalized. The Pilot stated that the fuel tank vents are on the belly of the airplane and he had been flying through wet snow for the previous 30 minutes.