Exhibit B

NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET

	AT JUNE 30,
	2005			2004
ASSETS
Current Assets:
Cash and Temporary
Cash Investments	$	7,953,732		$	8,541,177
Accounts Receivable - Net		14,990,421			11,950,038
Accounts Receivable - Interco		2,714,137			398,082
Notes Receivable - Intercompany		23,600,000			41,900,000
Reserve for Bad Debts		(1,020,674	)		(1,247,033	)
Gas Stored Underground		15,390,320			9,455,622
Other Current Assets		309,292			373,208
		63,937,228			71,371,094
Property, Plant, and Equipment
Furniture and Fixtures		1,192,504			1,169,524
Less - Accumulated DD&A		(1,131,439	)		(1,066,719	)
		61,065			102,805
Fair Market Value of Derivative
Financial Instruments-Asset		--			--
Other Assets		303,788			462,440
	$	64,302,081		$	71,936,339
LIABILITIES
Current Liabilities:
Accounts Payable	$	5,681,777		$	6,757,777
Accrued Liabilities		7,648,425			8,430,438
Current Income Taxes - Federal		691,394			842,515
Accounts Payable - Intercompany		2,852,846			6,608,278
Notes Payable - Intercompany		--			--
Dividend Payable		2,200,000			1,950,000
		19,074,442			24,589,008
Long Term Liabilities:
Deferred Income Taxes		(2,252,675	)		(1,809,266	)
Fair Market Value of Derivative
Financial Instruments-Liability		4,631,731			957,377
Miscellaneous Deferred Credits		668,526			712,739
		3,047,582			(139,150	)
Stockholder's Equity:
Common Stock		10,000			10,000
Capital Paid in Excess of Par		33,490,000			33,490,000
Retained Earnings		10,655,707			14,348,992
Unrealized Gain/Loss		(1,975,650	)		(362,511	)
Total Equity		42,180,057			47,486,481
	$	64,302,081		$	71,936,339