UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION		
		
______________________________________________________________

In the Matter of		

NATIONAL FUEL GAS COMPANY
NATIONAL FUEL RESOURCES, INC.	FORTY-EIGHTH
CERTIFICATE
 PURSUANT TO
   RULE 24	
File No. 70-7833		

(Public Utility Holding Company Act of 1935)
______________________________________________________________

        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 December 31, 2003. Also attached as Exhibit “B” is the Balance sheet of NFR as of December 31, 2003.
        IN WITNESS WHEREOF, the undersigned companies have duly caused this Certificate to be signed this 13th day of February 2004.

	NATIONAL FUEL RESOURCES, INC.

By: /s/ Donna L. DeCarolis
      _________________________________
      Donna L. DeCarolis, Vice President

	
	NATIONAL FUEL GAS COMPANY

By: /s/ James R. Peterson
      _________________________________
      James R. Peterson, Assistant Secretary	

Exhibit A
NATIONAL FUEL RESOURCES, INC.
INCOME STATEMENT

	Three
Months Ended
December 31, 2003
	Twelve
Months Ended
December 31, 2003
	
	Actual
	Actual
	
Operating Revenues	 	 	$	56,952,753	 	$	318,936,197	 	
					
Operating Expenses:	 	 		
Purchased Gas	 	 	 	54,846,666	 	 	308,823,286	 	
Purchased Electric	 	 	 	--	 	 	(3,328	)	
Operation	 	 	 	753,321	 	 	2,826,157	 	
Depreciation, Depletion	 	 		
   & Amortization	 	 	 	28,648	 	 	120,966	 	
Franchise & Other Taxes	 	 	 	105,461	 	 	59,145	 	
					
 	 	 	 	55,734,096	 	 	311,826,226	 	
					
Operating Income	 	 	 	1,218,657	 	 	7,109,971	 	
					
Interest Income	 	 	 	160,074	 	 	885,740	 	
Interest Expense	 	 	 	6,096	 	 	31,256	 	
					
Net Income Before Taxes	 	 	 	1,372,635	 	 	7,964,455	 	
					
Income Taxes:	 	 		
Federal	 	 	 	449,001	 	 	3,064,896	 	
State	 	 	 	109,833	 	 	82,875	 	
Deferred	 	 	 	8,220	 	 	(271,144	)	
					
 	 	 	 	567,054	 	 	2,876,627	 	
					
Net Income	 	 	$	805,581	 	$	5,087,828	 	

Exhibit B
NATIONAL FUEL RESOURCES, INC.
BALANCE SHEET

	AT DECEMBER 31,
	
	2003
	2002
	
ASSETS	 	 	 		 	 		 	
Current Assets:	 	 		
  Cash and Temporary	 	 		
    Cash Investments	 	 	$	(754,407	)	$	(1,167,875	)	
  Accounts Receivable - Net	 	 	 	13,540,363	 	 	13,411,149	 	
  Accounts Receivable - Interco	 	 	 	1,847,600	 	 	691,176	 	
  Notes Receivable - Intercompany	 	 	 	23,700,000	 	 	27,000,000	 	
  Reserve for Bad Debts	 	 	 	(1,696,704	)	 	(1,992,093	)	
  Gas Stored Underground	 	 	 	22,215,000	 	 	13,208,938	 	
  Other Current Assets	 	 	 	179,748	 	 	382,157	 	
					
 	 	 	 	59,031,600	 	 	51,533,452	 	
					
Property, Plant, and Equipment	 	 		
  Furniture and Fixtures	 	 	 	1,160,489	 	 	1,004,713	 	
Less - Accumulated DD&A	 	 	 	(1,016,531	)	 	(895,565	)	
					
 	 	 	 	143,958	 	 	109,148	 	
					
Fair Market Value of Derivative	 	 		
Financial Instruments-Asset	 	 	 	3,897,430	 	 	2,745,769	 	
Other Assets	 	 	 	232,968	 	 	73,329	 	
					
 	 	 	$	63,305,956	 	$	54,461,698	 	
					
LIABILITIES	 	 		
Current Liabilities:	 	 		
  Accounts Payable	 	 	$	7,929,926	 	$	4,895,380	 	
  Accrued Liabilities	 	 	 	9,860,695	 	 	2,844,529	 	
  Current Income Taxes - Federal	 	 	 	1,531,915	 	 	467,019	 	
  Accounts Payable - Intercompany	 	 	 	652,331	 	 	71,590	 	
  Notes Payable - Intercompany	 	 	 	--	 	 	--	 	
  Dividend Payable	 	 	 	200,000	 	 	100,000	 	
					
 	 	 	 	20,174,867	 	 	8,378,518	 	
					
Long Term Liabilities:	 	 		
Deferred Income Taxes	 	 	 	(2,740,527	)	 	(3,236,365	)	
Fair Market Value of Derivative	 	 		
Financial Instruments-Liability	 	 	 	--	 	 	--	 	
Miscellaneous Deferred Credits	 	 	 	1,755,937	 	 	10,643,905	 	
					
 	 	 	 	(984,590	)	 	7,407,540	 	
					
Stockholder's Equity:	 	 		
  Common Stock	 	 	 	10,000	 	 	10,000	 	
  Capital Paid in Excess of Par	 	 	 	33,490,000	 	 	33,490,000	 	
  Retained Earnings	 	 	 	11,717,028	 	 	7,429,198	 	
  Unrealized Gain/Loss	 	 	 	(1,101,349	)	 	(2,253,558	)	
					
Total Equity	 	 	 	44,115,679	 	 	38,675,640	 	
					
 	 	 	$	63,305,956	 	$	54,461,698