Exhibit B

NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET

	AT DECEMBER 31,
	2004			2003
ASSETS
Current Assets:
Cash and Temporary
Cash Investments	$	6,881,126		$	(754,407	)
Accounts Receivable - Net		13,644,643			13,540,363
Accounts Receivable - Interco		196,462			1,847,600
Notes Receivable - Intercompany		12,600,000			23,700,000
Reserve for Bad Debts		(1,089,905	)		(1,696,704	)
Gas Stored Underground		30,800,678			22,215,000
Other Current Assets		236,085			179,748
		63,269,089			59,031,600
Property, Plant, and Equipment
Furniture and Fixtures		1,180,571			1,160,489
Less - Accumulated DD&A		(1,110,723	)		(1,016,531	)
		69,848			143,958
Fair Market Value of Derivative
Financial Instruments-Asset		--			3,897,430
Other Assets		572,495			232,968
	$	63,911,432		$	63,305,956
LIABILITIES
Current Liabilities:
Accounts Payable	$	7,502,554		$	7,929,926
Accrued Liabilities		4,081,961			9,860,695
Current Income Taxes - Federal		260,728			1,531,915
Accounts Payable - Intercompany		3,450,029			652,331
Notes Payable - Intercompany		--			--
Dividend Payable		2,200,000			200,000
		17,495,272			20,174,867
Long Term Liabilities:
Deferred Income Taxes		(1,131,323	)		(2,740,527	)
Fair Market Value of Derivative
Financial Instruments-Liability		2,615,148			--
Miscellaneous Deferred Credits		732,139			1,755,937
		2,215,964			(984,590	)
Stockholder's Equity:
Common Stock		10,000			10,000
Capital Paid in Excess of Par		33,490,000			33,490,000
Retained Earnings		10,896,619			11,717,028
Unrealized Gain/Loss		(196,423	)		(1,101,349	)
Total Equity		44,200,196			44,115,679
	$	63,911,432		$	63,305,956