Exhibit B

NATIONAL FUEL RESOURCES, INC.

BALANCE SHEET

	AT MARCH 31,
	2005			2004
ASSETS
Current Assets:
Cash and Temporary
Cash Investments	$	9,613,421		$	5,896,439
Accounts Receivable - Net		20,733,828			21,133,396
Accounts Receivable - Interco		4,055,075			2,835,784
Notes Receivable - Intercompany		28,800,000			37,500,000
Reserve for Bad Debts		(972,494	)		(1,441,729	)
Gas Stored Underground		12,822,543			4,407,791
Other Current Assets		507,378			202,109
		75,559,751			70,533,790
Property, Plant, and Equipment
Furniture and Fixtures		1,203,572			1,180,447
Less - Accumulated DD&A		(1,132,892	)		(1,043,282	)
		70,680			137,165
Fair Market Value of Derivative
Financial Instruments-Asset		--			1,457,474
Other Assets		286,721			442,410
	$	75,917,152		$	72,570,839
LIABILITIES
Current Liabilities:
Accounts Payable	$	10,752,456		$	8,569,122
Accrued Liabilities		9,628,986			8,379,777
Current Income Taxes - Federal		827,669			930,415
Accounts Payable - Intercompany		6,684,178			6,100,078
Notes Payable - Intercompany		--			--
Dividend Payable		2,200,000			200,000
		30,093,289			24,179,392
Long Term Liabilities:
Deferred Income Taxes		(1,301,510	)		(1,977,628	)
Fair Market Value of Derivative
Financial Instruments-Liability		2,040,773			--
Miscellaneous Deferred Credits		892,419			1,946,477
		1,631,682			(31,151	)
Stockholder's Equity:
Common Stock		10,000			10,000
Capital Paid in Excess of Par		33,490,000			33,490,000
Retained Earnings		11,308,141			15,058,213
Unrealized Gain/Loss		(615,960	)		(135,615	)
Total Equity		44,192,181			48,422,598
	$	75,917,152		$	72,570,839