For those who aren't chemists, some notes on the discussion Bob and I have been having that might make it a little more understandable.
The enthalpy of formation of a substance (formerly known as the heat of formation, but I guess that was too obvious to mere mortals) is the energy it takes to form the substance from its elements under standard pressure and temperature. By definition, the elements in their standard, stable states (e.g., N2, not N) all have zero enthalpies of formation.
If a substance has a positive enthalpy of formation, that means it takes energy to make out of its elements and it is quite likely unstable -- it wants to fall back apart into those elements (or to other less energetic materials). An example is hydrazine, N2H4, with an enthalpy of formation of +50.63 kJ/mol. (A "mol" is a specific number of molecules, currently defined as 6.02214179 x 1023, otherwise known as Avogadro's Number.)
A substance with a negative enthalpy of formation, on the other hand, is more stable. It's hard to tear apart. Common examples are water (-285.8 kJ/mol as a gas) and carbon dioxide (-393.5 kJ/mol). If there are other substances with the same elements having even more negative enthalpies of formation it could still spontaneously decompose to form them. An example is hydrogen peroxide (-187.8 kJ/mol), which spontaneously decomposes into water and oxygen. But there are no other compounds of hydrogen and oxygen or carbon and oxygen with more negative enthalpies of formation than water or carbon dioxide respectively, so those two substances are very stable by themselves.
Because hydrazine has a positive enthalpy of formation, the nitrogen and hydrogen in it would be much happier in their elemental forms, and in fact it can be decomposed with a catalyst as in most monopropellant rocket engines. Because other compounds of nitrogen and hydrogen have negative enthalpies of formation, most notably ammonia (-46 kJ/mol), decomposing hydrazine generally produces a lot of ammonia and nitrogen as opposed to just hydrogen and nitrogen.
To find the energy available from a chemical reaction you just add up the enthalpies of formation for the reactants and subtract the enthalpies of formation for the reaction products. If the result is positive, the reaction is exothermic and will tend to go by itself (and produce a lot of heat). If the result is negative, the reaction is endothermic and requires an external source of energy. Needless to say, the reaction of rocket propellants is highly exothermic, producing lots of energy per mol (and per unit mass).