Exhibit B

NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET

	AT DECEMBER 31,
	2003			2002
ASSETS
Current Assets:
Cash and Temporary
Cash Investments	$	(754,407	)	$	(1,167,875	)
Accounts Receivable - Net		13,540,363			13,411,149
Accounts Receivable - Interco		1,847,600			691,176
Notes Receivable - Intercompany		23,700,000			27,000,000
Reserve for Bad Debts		(1,696,704	)		(1,992,093	)
Gas Stored Underground		22,215,000			13,208,938
Other Current Assets		179,748			382,157
		59,031,600			51,533,452
Property, Plant, and Equipment
Furniture and Fixtures		1,160,489			1,004,713
Less - Accumulated DD&A		(1,016,531	)		(895,565	)
		143,958			109,148
Fair Market Value of Derivative
Financial Instruments-Asset		3,897,430			2,745,769
Other Assets		232,968			73,329
	$	63,305,956		$	54,461,698
LIABILITIES
Current Liabilities:
Accounts Payable	$	7,929,926		$	4,895,380
Accrued Liabilities		9,860,695			2,844,529
Current Income Taxes - Federal		1,531,915			467,019
Accounts Payable - Intercompany		652,331			71,590
Notes Payable - Intercompany		--			--
Dividend Payable		200,000			100,000
		20,174,867			8,378,518
Long Term Liabilities:
Deferred Income Taxes		(2,740,527	)		(3,236,365	)
Fair Market Value of Derivative
Financial Instruments-Liability		--			--
Miscellaneous Deferred Credits		1,755,937			10,643,905
		(984,590	)		7,407,540
Stockholder's Equity:
Common Stock		10,000			10,000
Capital Paid in Excess of Par		33,490,000			33,490,000
Retained Earnings		11,717,028			7,429,198
Unrealized Gain/Loss		(1,101,349	)		(2,253,558	)
Total Equity		44,115,679			38,675,640
	$	63,305,956		$	54,461,698