Exhibit B

NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET

	(Unaudited) AT SEPTEMBER 30,
	2005			2004
ASSETS
Current Assets:
Cash and Temporary
Cash Investments	$	31,488,245		$	9,266,960
Accounts Receivable - Net		21,000,159			9,436,688
Accounts Receivable - Interco		2,690,039			3,294,229
Notes Receivable - Intercompany		--			22,800,000
Reserve for Bad Debts		(841,282	)		(1,224,635	)
Gas Stored Underground		28,642,242			21,924,513
Other Current Assets		234,385			279,709
		83,213,788			65,777,464
Property, Plant, and Equipment
Furniture and Fixtures		1,107,888			1,169,524
Less - Accumulated DD&A		(1,011,268	)		(1,089,651	)
		96,620			79,873
Fair Market Value of Derivative
Financial Instruments-Asset		--			--
Other Assets		238,890			113,460
	$	83,549,298		$	65,970,797
LIABILITIES
Current Liabilities:
Accounts Payable	$	6,263,106		$	5,218,409
Accrued Liabilities		21,432,394			10,402,413
Current Income Taxes - Federal		136,455			(73,632	)
Accounts Payable - Intercompany		4,750,128			4,774,411
Notes Payable - Intercompany		3,600,000			--
Dividend Payable		2,200,000			1,950,000
		38,382,083			22,271,601
Long Term Liabilities:
Deferred Income Taxes		(9,555,270	)		(3,148,139	)
Fair Market Value of Derivative
Financial Instruments-Liability		23,965,197			3,646,837
Miscellaneous Deferred Credits		1,511,139			401,888
		15,921,066			900,586
Stockholder's Equity:
Common Stock		10,000			10,000
Capital Paid in Excess of Par		33,490,000			33,490,000
Retained Earnings		8,623,861			12,346,741
Unrealized Gain/Loss		(12,877,712	)		(3,048,131	)
Total Equity		29,246,149			42,798,610
	$	83,549,298		$	65,970,797