Forty-Eighth Rule 24

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