UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

		
In the Matter of

NATIONAL FUEL GAS COMPANY
NATIONAL FUEL RESOURCES, INC.
                                            
File No. 70-7833

(Public Utility Holding Company Act of 1935)	

FORTY-NINTH
CERTIFICATE
PURSUANT TO
  RULE 24	

        In accordance with the terms of the Order dated December 20, 1991 issued to National Fuel Gas Company (“National”) authorizing National to acquire the common stock of National Fuel Resources, Inc. (“NFR”) (File No. 70-7833, HCAR No. 35-25437), attached as Exhibit “A” is an Income Statement of NFR for the Three and Twelve Months ended March 31, 2004.   Also attached as Exhibit “B” is the Balance sheet of NFR as of March 31, 2004.
        IN WITNESS WHEREOF, the undersigned companies have duly caused this Certificate to be signed this 7th day of May 2004.

	NATIONAL FUEL RESOURCES, INC.

By:   Donna L. DeCarolis, Vice President
        Donna L. DeCarolis, Vice President

NATIONAL FUEL GAS COMPANY

By:   James R. Peterson, Assistant Secretary
        James R. Peterson, Assistant Secretary	

Exhibit A
NATIONAL FUEL RESOURCES, INC.
INCOME STATEMENT

	Three
Months Ended
March 31, 2004

Actual
	Twelve
Months Ended
March 31, 2004

Actual
	
Operating Revenues	 	 	$	116,403,435	 	$	309,439,383	 	
					
Operating Expenses:	 	 		
Purchased Gas	 	 	 	109,296,510	 	 	300,397,132	 	
Purchased Electric	 	 	 	(839	)	 	(336	)	
Operation	 	 	 	1,194,603	 	 	3,359,796	 	
Depreciation, Depletion	 	 		
   & Amortization	 	 	 	26,750	 	 	118,737	 	
Franchise & Other Taxes	 	 	 	161,882	 	 	170,209	 	
					
 	 	 	 	110,678,906	 	 	304,045,538	 	
					
Operating Income	 	 	 	5,724,529	 	 	5,393,845	 	
					
Interest Income	 	 	 	196,495	 	 	856,038	 	
Interest Expense	 	 	 	31,682	 	 	49,400	 	
					
Net Income Before Taxes	 	 	 	5,889,342	 	 	6,200,483	 	
					
Income Taxes:	 	 		
Federal	 	 	 	1,798,500	 	 	1,897,940	 	
State	 	 	 	439,943	 	 	(152,859	)	
Deferred	 	 	 	109,713	 	 	438,611	 	
					
 	 	 	 	2,348,156	 	 	2,183,692	 	
					
Net Income	 	 	$	3,541,186	 	$	4,016,791	 	

Exhibit B
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET

	AT MARCH 31,	
	2004	2003	
ASSETS	 	 	 		 	 		 	
Current Assets:	 	 		
  Cash and Temporary	 	 		
    Cash Investments	 	 	$	5,896,439	 	$	3,780,400	 	
  Accounts Receivable - Net	 	 	 	21,133,396	 	 	32,218,357	 	
  Accounts Receivable - Interco	 	 	 	2,835,784	 	 	2,106,159	 	
  Notes Receivable - Intercompany	 	 	 	37,500,000	 	 	43,500,000	 	
  Reserve for Bad Debts	 	 	 	(1,441,729	)	 	(1,931,576	)	
  Gas Stored Underground	 	 	 	4,407,791	 	 	238,350	 	
  Other Current Assets	 	 	 	202,109	 	 	301,308	 	
					
 	 	 	 	70,533,790	 	 	80,212,998	 	
					
Property, Plant, and Equipment	 	 		
  Furniture and Fixtures	 	 	 	1,180,447	 	 	1,087,125	 	
Less - Accumulated DD&A	 	 	 	(1,043,282	)	 	(924,545	)	
					
 	 	 	 	137,165	 	 	162,580	 	
					
Fair Market Value of Derivative	 	 		
Financial Instruments-Asset	 	 	 	1,457,474	 	 	778,410	 	
Other Assets	 	 	 	442,410	 	 	56,252	 	
					
 	 	 	$	72,570,839	 	$	81,210,240	 	
					
LIABILITIES	 	 		
Current Liabilities:	 	 		
  Accounts Payable	 	 	$	8,569,122	 	$	16,083,042	 	
  Accrued Liabilities	 	 	 	8,379,777	 	 	4,992,733	 	
  Current Income Taxes - Federal	 	 	 	930,415	 	 	1,932,475	 	
  Accounts Payable - Intercompany	 	 	 	6,100,078	 	 	4,365,594	 	
  Notes Payable - Intercompany	 	 	 	--	 	 	--	 	
  Dividend Payable	 	 	 	200,000	 	 	200,000	 	
					
 	 	 	 	24,179,392	 	 	27,573,844	 	
					
Long Term Liabilities:	 	 		
Deferred Income Taxes	 	 	 	(1,977,628	)	 	(3,331,332	)	
Fair Market Value of Derivative	 	 		
Financial Instruments-Liability	 	 	 	--	 	 	--	 	
Miscellaneous Deferred Credits	 	 	 	1,946,477	 	 	13,127,026	 	
					
 	 	 	 	(31,151	)	 	9,795,694	 	
					
Stockholder's Equity:	 	 		
  Common Stock	 	 	 	10,000	 	 	10,000	 	
  Capital Paid in Excess of Par	 	 	 	33,490,000	 	 	33,490,000	 	
  Retained Earnings	 	 	 	15,058,213	 	 	11,841,420	 	
  Unrealized Gain/Loss	 	 	 	(135,615	)	 	(1,500,718	)	
					
Total Equity	 	 	 	48,422,598	 	 	43,840,702	 	
					
 	 	 	$	72,570,839	 	$	81,210,240