Item 1. Business................................................ 3 Item 2.
Item 2. Properties.............................................. 3 Item 3.
Item 3. LEGAL PROCEEDINGS 	The following judgments are taken against the company as of this filing:
	Judgment Creditors	Judgment Amount
D. W. Campbell, T. J. Fouts, Jr., George Bristol, Charles Kuhn, A. Gary Muir, and Larvena Investments, Inc.	571,362 Rocanville Corp. (formerly held by Halliburton )	247,631 Rocanville	147,321 Hudson trust (formerly held by Aetna)	207,800 Total Judgment Creditors	$1,174,114
No bonds have been filed by the Company to preclude judgment creditors from exercising their rights to writs of execution, garnishment, etc.
Item 4.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	The Company did not submit any matter during the fiscal year covered by this report to a vote of security holders, through solicitation of proxies or otherwise.
	Executive Officers of the Registrant
	The following is a list of the Company's executive officers, their ages, and their positions and offices as of March 31, 2004.
	Name of Officer		Age		Position
	W. H. Hudson		74		Chairman of the Board of Directors 							President and Chief Executive 							Officer
	Andrew C. Hudson	43		Secretary
	The following is a summary of the business background of the executive officers of the Company for the past several years:
	Mr. W. H. Hudson was elected Chairman of the Board, President and Chief Executive Officer of the Company in March 1979. During the past twenty-five years, in addition to his activities with the Company, his principal business has been the management of his personal investments in real estate and oil and gas properties.
	Mr. Andrew Hudson was elected Secretary of the Company in 1988. Since that time he has devoted part of his business time to the activities of the Company.
PART II
Item 5.
Item 5. MARKET FOR THE REGISTRANT'S SECURITIES AND RELATED STOCKHOLDER MATTERS
	(a) Principal Market
	The Company's common stock was listed and began trading on the American Stock Exchange during September, 1981. Effective December 3, 1985, the Company's common stock was delisted from the American Stock Exchange and since such date has been trading in the over-the-counter market.
	(b) Stock Price and Dividend Information
	The table below presents the range of high and low prices on the over-the-counter market as quoted in the "pink sheets" from April 1, 1991, through March 31, 1993.
	Quarter Ended		Fiscal 1992			Fiscal 1993 					High Low			High Low
	June 30			$1/16 $ 1/32			$ 1/4 $ 1/32 	September 30		 1/16 1/32			 1/4 1/32 	December 31		 1/16 1/32			 1/4 1/32 	March 31			 1/16 1/32			 1/4 1/32
	The Company has not and does not contemplate the payment of cash dividends with respect to its common stock. The Company intends to utilize any profits it might generate in its business operations.
	(c) Approximate Number of Holders of Common Stock
	The approximate number of holders of record of the Company's common stock as of March 31, 2004, is 3,861.
Item 6.
Item 6. SELECTED FINANCIAL DATA
	The following table presents a five-year summary of selected financial data for the years ended March 31: 	2004	2003	2002	2001	2000 (in thousands except per share amounts)
Revenues	$ 0	$ 0	$ 6	$ 18	$ 15 Income (Loss) from operations	0	 0	 2	9	0 Extraordinary Income (Loss)	 0	 339	50 	 20	 16
Interest Expense	126	126	141	 141	 141 Net Income (Loss)	 (142)	199	 (102)	(128)	(139) Weighted average number of common shares outstanding	5,204	5,204	5,204	5,204	5,204 Earnings (Loss) per common share	(.03)	 .04 (.02)	 (.02)	 (.03)
Working capital (deficit)	 (7,262)	 (7,120)	 (7,319)	 (7,217)	 (7,090) Long-term debt	-	-	-	-	 - Stockholders' equity (deficit)	 (7,262) 	(7,120)	 (7,319)	 (7,217)	 (7,090) Total Assets	-	-	-	-	-
Item 7.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
	At March 31, 2004, the Company had a working capital deficit of $7,262,120 and no long-term obligations.
	No new oil and gas wells were drilled in fiscal 2004. There were no capital expenditures.
	The Company does not have sufficient liquid resources to meet the present judgment creditor claims against the Company.
Results of Operations
	Declining demand seriously impacted the supply business in 1987, resulting in a sale of the division. Plateau Supply Company filed for reorganization under Chapter 11 of the Bankruptcy Act. No recovery was made on the $3,479,580 note receivable resulting from the sale of that company.
	Coal mining operations ceased in 1985 and were sold in September 1987.
	The remaining oil and gas properties were not profitable.
Item 8.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
	The response to this item is submitted as a separate section of this report (page 11).
Item 9.
Item 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
	An attempt was made to update and correctly record the Company's assets and liabilities during the fiscal year ended 3-31-91. This accounts for the extraordinary income and other changes to Retained Earnings that year.
PART III
Item 10.
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
	Directors
										Common 								Served As	Shares 								Director	Beneficially Percent 	Name		Age		Position		Since	Owned	 of Class
W. H. Hudson 74	Chairman of the	 1979	 576,878*	 11.09 	Board of Directors, 	President and Chief 	Executive Officer 	of the Company, 	Dallas, Texas
R. H. Rosen 65	President, Advanced 1981	 12,000		0.23 	Energy Technology, 	Inc., Cambridge, 	Massachusetts _______________________ *See "Principal Stockholders."
	Unless otherwise indicated, the nominees have sole voting and investment power with respect to their shares of the Company's Common Stock listed hereinabove.
	As of March 31, 2004, the directors and officers of the Company, as a group, (2 persons) held an aggregate of 588,878 shares of Common Stock, or 11.32% of the outstanding shares of that class.
	Mr. W. H. Hudson was elected Chairman of the Board, President and Chief Executive Officer of the Company in March, 1979. During the past twenty-five years, in addition to his activities with the Company, his principal business has been the management of his personal investments in real estate and oil and gas properties.
	Dr. Rosen has been President of Advanced Energy Technology, Inc., since 1982. He was President, Chief Executive Officer and a Director of Energy Resources Co., Inc., from 1974 to 1982. He has also been President and Chairman of the Board of Texas Resources, Inc., since 1980.
Executive Officers
	The listing of executive officers included in this report is shown at Part I, Item 4.
Item 11.
Item 11. MANAGEMENT REMUNERATION
	There was no remuneration accrued by the Company and its subsidiaries to individual executive officers of the Company for fiscal year ended 3-31-04.
Profit-Sharing Plan
	At March 31, 2004, there were no outstanding stock options, under the Company's 1974 Qualified Stock Option Plan.
Item 12.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
	The listing of security ownership of certain beneficial owners and management in this Report is shown at Part III, Item 10.
Item 13.
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
	The Company reimburses W. H. Hudson, Chairman of the Board, President and Chief Executive Officer of the Company a portion of certain overhead expenses incurred in its day-to-day operations. The Company paid Mr. Hudson a total of approximately $4,575 during the year ended March 31, 2004, for these services. The Board of Directors believes that this billing arrangement is advantageous to the Company and offers an economical office operation.
PART IV
Item 14.
Item 14. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 8-K
Financial Statements and Financial Statement Schedules
	The Consolidated Financial Statements and Financial Statement Schedules of the Company included in this Report are listed at Part II, Item 8.
Exhibits
	The listing of previously filed exhibits has been excluded from this annual report to stockholders. Such listing will be furnished upon request and payment of the Company's reasonable copying and mailing expenses.
Reports on Form 8-K
	There were no reports filed on Form 8K for the fiscal year ended March 31, 2004.
SIGNATURES
	Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Registrant has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.
						GNC ENERGY CORPORATION
Date: ______________ 2004
						W. H. Hudson, Chairman of the Board 						President and Chief Executive Officer
	Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons, on behalf of the Registrant and in the capacities and on the dates indicated.
	Signatures				Titles				Date
W. H. Hudson			Chairman of the Board,		__________ 2004 					President, Chief 					Executive Officer and 					Chief Financial Officer
R. H. Rosen			Director					__________ 2004
ITEM 8 - Financial Statements and Supplementary Data
ITEM 8(a) - Index to Financial Statements and Schedules
Page
Financial statements and supplementary information:
Consolidated balance sheets....................................13-14 Consolidated statements of operations............................ 15 Consolidated statements of changes in stockholders' 	 equity (deficit)............................................ 16 Consolidated statements of changes in financial position......... 17 Notes to consolidated financial statements....................... 18
Schedules:
Consolidated property, plant and equipment....................... 22 Consolidated accumulated depreciation, depletion and amortization of property, plant and equipment.................. 23 Valuation and qualifying accounts and reserves................... 23
	All other schedules have been omitted because they are not required under the instructions or the information requested as set forth in the consolidated financial statements or related notes thereto.
GNC ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (UNAUDITED)
ASSETS
								 March 31 March 31 								 2003 2002 Current assets: 	Cash	$ -	$ - 	Recoverable deposits	 -	 - 	Prepaid Expenses	 60	 - 	 Total current assets	 -	 -
Property, plant and equipment 	at cost, substantially pledged: 	Oil and gas	 -	 - Less accumulated depreciation, 	depletion and amortization	 -	 - 		 -	 -
Total Assets	$ 60	$ -
GNC ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
		 March 31 	 March 31 		 2004 	 2003 Current liabilities:
Accounts payable	2,879,022	2,863,044 Accrued expenses	2,011,726	 2,011,726 Accrued interest expense	 2,371,432	 2,245,271
Total current liabilities	 7,262,180	 7,120,041
Stockholders' equity (deficit): Common stock, $.40 par value Authorized - 10,000,000 shares Issued and outstanding - 5,203,706 shares in 1989 and 1988	2,081,482	2,081,482 Capital in excess of par value	17,000,421	17,000,421 Accumulated deficit	 (26,344,023)	 (26,201,944) 	 (7,262,120)	 (7,120,041) 	$ 60	 $ 0
GNC ENERGY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	 Years Ended March 31, 		 2004	2003	2002
Net Sales	 $ -	 $ -	 $ 6,292 Costs and Expenses 	Cost of sales	-	 308	 1,602 	General, administrative, other	 15,878	13,544	 15,881 	Depreciation, depletion, amort.	 -	 -	 17
	 Total Costs and Expenses	 (15,878)	(13,852)	 17,500 	 Income (loss) from 	 operations	 (15,878)	 (13,852)	 (11,208)
Other Income (Expense) 	Interest	(126,161)	(126,161)	(140,770) 	Gain (loss) on debt write-off	-	339,542	- 	Miscellaneous Income	 -	-	- 	Other 	-	-	- 	Taxes and penalties	 (40)	(107)	(62) 	Extraordinary Income	 -	 -	 50,011 	Total Other Income (Loss)	 (126,201)	 213,274	 (90,821)
	 Gain (Loss)	 (142,079)	 199,422	 (102,029) 	 Gain (Loss) per share	$ (.03)	$ (.02)	$ (.02)
GNC ENERGY CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED)
				Capital in 	 Common Stock		excess of	Accumulated 		Shares	Amount	par value	deficit
Balance at March 31, 	2000	5,203,706	$2,081,482	$17,000,421	$(26,171,669) 	Adjustments				- 	Net Gain(loss)				 (127,669)
Balance at March 31, 	2001	5,203,706	$2,081,482	$17,000,421	$(26,299,338) 	Adjustments				- 	Net Gain(Loss)				 (102,029)
Balance at March 31, 	2002	5,203,706	$2,081,482	$17,000,421	$(26,401,367) 	Adjustments				- 	Net Gain(Loss)				 199,422
Balance at March 31, 	2003	5,203,706	$2,081,482	$17,000,421	$(26,201,944) 	Adjustments				 - 	Net Gain(Loss)				 (142,078)
Balance at March 31, 	2004	5,203,706	$2,081,482	$17,000,421	$(26,344,023)
GNC ENERGY CORPORATION CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION (UNAUDITED) 	 Years Ended March 31, 	 2004		2003	2002 Financial resources were applied to: 	Net (loss) before extraordinary 	item	$ (142,078) 	(140,120)	$ (152,040) 	Fixed Assets	-	 - 	Items not affecting working 	capital: Depreciation, 	depletion, and amortization	 -	 -	 17
	Working capital applied to 	(provided by) operations	(142,078)	 (140,120)	 (152,023)
Extraordinary items: 	Gain/Loss on disposition of assets	 -	 - 50,012 	Gain on expired debt	 - 339,542	 - 			199,422	 (102,011)
Leasehold Costs	 -	 -	 - 		 -	 199,422	 (102,011) Financial resources were provided by: 	Sales and retirements of 	property, plant and equipment, 	net of accum. depreciation, 	 depletion	 -	 -	 92 	Decrease in liabilities	 -	-	- 	Decrease in tar sands value	 -	 -	 - 	Decrease in other assets	 -	 -	 - 		 -	 -	 92 	Increase (decrease) in 	working capital	 $ (142,078) $ 199,422 	$ (101,919)
Increase (decrease) in elements of working capital: Cash	 $ -	 $ - $ - Recoverable deposits	-	-	- Prepaid Expenses	 60	-	 - Notes payable and current 	maturities on long-term debt	 - 	-	- Accounts payable and accrued 	expenses	 (15,978)	 132,139	 38,851 Accrued interest expense	 (126,160)	 67,283	 (140,770) Increase (decrease) in 	working capital	$ (142,078)	 $ 199,422	$ (101,919)
GNC ENERGY CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2004, 2003 AND 2002 (UNAUDITED)
1.	Summary of significant accounting policies
	This summary of significant accounting policies of GNC Energy Corporation (Company) is presented to assist in understanding the Company's financial statements. The financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles applied on a consistent basis.
	Principles of consolidation
	The consolidated financial statements include the accounts of GNC Energy Corporation. All significant intercompany balances and transactions have been eliminated from the consolidated financial statements.
	Property, plant and equipment
	Property, plant and equipment is carried at cost and includes expenditures for new facilities and those which substantially increase the useful lives of existing property, plant and equipment. Maintenance, repairs and minor renewals are expensed as incurred. When properties are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and any gain or loss on disposition is credited or charged to operations.
	The Company follows the full-cost method of accounting for its oil and gas operations. Under the full-cost method, all productive and nonproductive acquisition, exploration, and development costs are capitalized as incurred. Capitalized costs required to develop proved undeveloped reserves are amortized by the unit-of-production method using proved reserves (revenue method). However, reserves have not been audited currently due to the expense involved in doing so. Therefore, depletion as allowed by tax law is used, where applicable.
1.	Summary of significant accounting policies (continued)
	Income taxes
	No provision has been made for income taxes, as the Company has net operating losses to carry forward, in the amount of $2,537,817, the last of which is due to expire in 2020 if not used prior to that time.
2.	Inventories
At March 31, 2004, there were no inventories.
3.	Notes payable
	Notes payable include a secured note due on demand, which is included in accounts payable. There are no long-term debts.
4. Information regarding industry segments
		 2004 	 2003 	 2002 (000somitted) Net Sales: Oil and gas	$ 0	$ 0	$ 6 	Administrative fees on operations	 -	 -	 - 		$ 0	$ 0	$ 6 Loss (income) from operations: 	Oil and gas	$ 0	$ 0	$ 5
	Other Loss	 -	 -	 - 	Other Gains	 -	 339	 50 		 -	339	45 	General corporate expenses	 16	14	 16 	Interest expense	 126	 126	 141
	 Net (Gain) Loss	$ 142	$ (199)$ 112 Identifiable assets: 	Oil and gas	 -	-	 - 		$ -	$ -	$ - Capital expenditures: 	Oil and gas	$ -	$ -	$ -
Depreciation, depletion and 	amortization: 	Oil and gas	$ -	$ -	$ 17
5.	Leases
The final combined hydrocarbon lease, which contained tar sands, expired, and the remaining asset value in tar sands was written off.
6.	Commitments and contingencies
	Continuation of the Company as a going concern is dependent upon the Company obtaining additional capital or its ability to attain profitable operations adequate to meet its financial obligations. The Company's consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and liquidation of liabilities in the ordinary course of business and do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.
7.	Profit-sharing plan
The Company's profit-sharing plan ceased with the sale of Plateau Supply, Inc., in 1987.
8.	Transactions with affiliated parties
	During the year ended March 31, 2004, the Company incurred overhead allocation fees of approximately $ 10,436 to a corporation controlled by a major stockholder of the Company for the use of office space.
	Additionally, the Company incurred debt to an entity controlled by major stockholders for approximately $5,542 during the year ended March 31, 2004, for working capital advances to the Company.
	During 1985, a director of the Company purchased unregistered, restricted stock from the Company. 57,000 and 7,000 shares of the Company's common stock were purchased for $3.50 and $3.00 per share respectively, with the market value on those dates being $5.625 and $4.125 per share, respectively.
9.	Income taxes 	The Company has federal income tax loss carryforwards of approximately $2,537,817 which will expire through 2020.
10.	Gain/Loss per share
	Gain/loss per share has been computed by dividing the net gain/loss for the years ended March 31, 2004, 2003, and 2002, by the weighted average number of shares outstanding of 5,203,706 shares. Shares issuable in connection with employee stock options and convertible debt have not been included in the computation of earnings per share, as their effect is antidilutive.
11.	Interest
	Net interest consists of the following:
		 2004	 2003	 2002
Total interest	$ 126,161	$ 126,161	$ 140,770 Interest income	 -	 -	 -
		$ 126,161	$ 126,161	$ 140,770
GNC ENERGY CORPORATION SUPPLEMENTARY INFORMATION ON RESERVES OF OIL AND GAS Years Ended March 31, 2004, 2003 and 2002 (UNAUDITED)
Reserves of Oil and Gas
	The Company's oil and gas interests have been sold in satisfaction of debt.
GNC ENERGY CORPORATION SCHEDULE V - CONSOLIDATED PROPERTY, PLANT AND EQUIPMENT
Balance at Other Balance at beginning Additions Retire- changes end of Classification of period at cost ments add(deduct) period
Year ended March 31, 2004:
Oil and gas leasehold & equipment 	- full cost $ -	$ - 	$ - 	$ -$ - 	Tar Sands	 -	 -	 	 -	 - 	 	$ - $ -	 $ - 	$ -	$ -
Year ended 	March 31, 2003: 	Oil and gas leasehold & equipment 	- full cost $ -$	 -$ -	 - $ - 	Tar Sands	 -	 - -	 - - 	$ -$ - $ -	 $ $ -
Year ended 	March 31, 2002:
	Oil and gas leasehold & equipment 	- full cost	$ 72,575	$ - $(72,575)$ -	 $ - 	Tar Sands	 -	 - -	 - - 		$ 72,575	$ - $(72,575) $ - $ -
GNC ENERGY CORPORATION SCHEDULE VI - CONSOLIDATED ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION OF PROPERTY, PLANT AND EQUIPMENT
		Additions Balance at	Charged to		 Other	Balance at Beginning	Costs and	 Retire-	 Changes	 end of Classification of Period	 Expenses	 ments	Add(Deduct) Period
Year ended 	March 31, 2004: 	Oil and gas 	- full cost	 -	 -	 -	 -	 -
		$ -	$ -	$ -	$ -	$ -
Year ended 	March 31, 2003: 	Oil and gas 	- full cost	 -	 -	 -	 -	 -
		$ -	$ -	$ -	$ -	$ -
Year ended 	March 31, 2002: 	Oil and gas 	- full cost	$ 72,466	$ -	$ ( 72,466)	$ -	$ -
		$ 72,466 $ - 	$ ( 72,466)$ -	 $ -
SCHEDULE VIII - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
There are no receivables and therefore no allowance for doubtful accounts.