Exhibit B

NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET

	AT SEPTEMBER 30,
	2004			2003
ASSETS
Current Assets:
Cash and Temporary
Cash Investments	$	9,266,960		$	1,879,960
Accounts Receivable - Net		9,436,688			8,084,668
Accounts Receivable - Interco		3,294,229			154,755
Notes Receivable - Intercompany		22,800,000			28,100,000
Reserve for Bad Debts		(1,224,635	)		(1,700,106	)
Gas Stored Underground		21,924,513			14,481,613
Other Current Assets		279,709			286,028
		65,777,464			51,286,918
Property, Plant, and Equipment
Furniture and Fixtures		1,169,524			1,159,318
Less - Accumulated DD&A		(1,089,651	)		(987,883	)
		79,873			171,435
Fair Market Value of Derivative
Financial Instruments-Asset		--			348,743
Other Assets		113,460			2,326,524
	$	65,970,797		$	54,133,620
LIABILITIES
Current Liabilities:
Accounts Payable	$	5,218,409		$	6,115,130
Accrued Liabilities		10,402,413			3,668,546
Current Income Taxes - Federal		(73,632	)		1,082,914
Accounts Payable - Intercompany		4,774,411			(932,582	)
Notes Payable - Intercompany		--			--
Dividend Payable		1,950,000			200,000
		22,271,601			10,134,008
Long Term Liabilities:
Deferred Income Taxes		(3,148,139	)		(2,073,878	)
Fair Market Value of Derivative
Financial Instruments-Liability		3,646,837			--
Miscellaneous Deferred Credits		401,888			1,565,600
		900,586			(508,278	)
Stockholder's Equity:
Common Stock		10,000			10,000
Capital Paid in Excess of Par		33,490,000			33,490,000
Retained Earnings		12,346,741			11,111,448
Unrealized Gain/Loss		(3,048,131	)		(103,558	)
Total Equity		42,798,610			44,507,890
	$	65,970,797		$	54,133,620