EXHIBIT B

SENECA ENERGY CANADA INC.
BALANCE SHEET
AT MARCH 31, 2004
(Unaudited)

Assets
Property Plant & Equipment
Gas Utilities		--
Non-Utilities	$	315,856,426
Total Accumulated D, D & A	$	(183,290,573	)
Net Property, Plant & Equipment	$	132,565,853
Current Assets:
Cash		--
Temporary Cash Investments	$	9,919,233
Notes Receivables - Intercompany		--
Accts Receivable - Intercompany	$	0
Notes Receivable		--
Accts Receivable - Customer		--
Reserve for Doubtful Acct	$	(4,277	)
Other Accounts Receivable	$	8,932,661
Unbilled Utility Revenue		--
Gas Stored Underground		--
Materials/Supplies - Average Cost	$	521,538
Dividends Receivable - Intercompany		--
Unrecovered Purch Gas Cost		--
Prepayments	$	523,444
Current Assets	$	19,892,598
Other Assets:
Stock of Subsidiaries - Intercompany		--
Notes of Subsidiaries - Intercompany		--
Investments in Associated Companies		--
Recoverable Future Taxes		--
Unamortized Debt Expense		--
Other Regulatory Assets		--
Liab. for Deriv. Fin. Instr. - Asset		--
Deferred Charges	$	133,569
Other Investments		--
Investment in Unconsolidated Subsid		--
Goodwill		--
Long Term Notes Receivable		--
Other Assets		--
Other Assets	$	133,569
Total Assets	$	152,592,021
Capitalization & Liabilities
Capitalization:
Common Stock $1 Par Value		--
Capital Stock of Subsidiaries		--
Paid in Capital	$	111,075,663
Earnings Reinvested in Business	$	(169,640,990	)
Cumulative Translation Adjustment	$	12,555,260
Unrealized Gain/Loss		--
Total Common Stock Equity	$	(46,010,066	)
Long-Term Debt Net of Current Portion		--
Notes Payable - Intercompany - Long Term	$	146,797,277
Total Capitalization	$	100,787,211
Minority Interest in Foreign Subs		--
Liabilities:
Notes Payable - Intercompany		--
Notes Payable - Bank & Commercial Paper	$	1
Current Portion - Long Term Debt		--
ACCT_PAY Accounts Payable - Other	$	12,060,536
Amounts Payable to Customers		--
Estimated Revenue Refunds		--
Customer Deposits		--
Federal Income Tax	$	22,913
Other Taxes		--
Dividends Payable		--
Other Accruals		--
Accr Pension Contribution		--
Reserves for Gas Replacement		--
Accounts Payable - Intercompany	$	25,747,829
Dividends Payable - Intercompany		--
Total Current Liabilities	$	37,831,279
Deferred Credits:
Accumulated Deferred Income Tax	$	11,609,028
Taxes Refundable to Customer		--
Unamortized Investment Tax Credit		--
Liab. for Deriv. Financial Instruments		--
Other Regulatory Liabilities		--
Asset Retirement Obligation	$	2,364,503
Other Deferred Credit		--
Total Deferred Credits	$	13,973,531
Total Capitalization & Liabilities	$	152,592,021

See Notes to Consolidated Financial Statements included in Item 8 of National Fuel Gas Company’s Form 10-K for the fiscal year ended September 30, 2003 and in Item 1 of Part I of National Fuel Gas Company’s Form 10-Q for the quarters ended December 31, 2003 and March 31, 2004.