Exhibit B

NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET

	AT MARCH 31,
	2004			2003
ASSETS
Current Assets:
Cash and Temporary
Cash Investments	$	5,896,439		$	3,780,400
Accounts Receivable - Net		21,133,396			32,218,357
Accounts Receivable - Interco		2,835,784			2,106,159
Notes Receivable - Intercompany		37,500,000			43,500,000
Reserve for Bad Debts		(1,441,729	)		(1,931,576	)
Gas Stored Underground		4,407,791			238,350
Other Current Assets		202,109			301,308
		70,533,790			80,212,998
Property, Plant, and Equipment
Furniture and Fixtures		1,180,447			1,087,125
Less - Accumulated DD&A		(1,043,282	)		(924,545	)
		137,165			162,580
Fair Market Value of Derivative
Financial Instruments-Asset		1,457,474			778,410
Other Assets		442,410			56,252
	$	72,570,839		$	81,210,240
LIABILITIES
Current Liabilities:
Accounts Payable	$	8,569,122		$	16,083,042
Accrued Liabilities		8,379,777			4,992,733
Current Income Taxes - Federal		930,415			1,932,475
Accounts Payable - Intercompany		6,100,078			4,365,594
Notes Payable - Intercompany		--			--
Dividend Payable		200,000			200,000
		24,179,392			27,573,844
Long Term Liabilities:
Deferred Income Taxes		(1,977,628	)		(3,331,332	)
Fair Market Value of Derivative
Financial Instruments-Liability		--			--
Miscellaneous Deferred Credits		1,946,477			13,127,026
		(31,151	)		9,795,694
Stockholder's Equity:
Common Stock		10,000			10,000
Capital Paid in Excess of Par		33,490,000			33,490,000
Retained Earnings		15,058,213			11,841,420
Unrealized Gain/Loss		(135,615	)		(1,500,718	)
Total Equity		48,422,598			43,840,702
	$	72,570,839		$	81,210,240