The following table presents a reconciliation of the profit (loss) attributable to owners of Sundance to Adjusted EBITDAX: 
 Year ended 31 December 
(In US$‘000s) 2014 2013 
   
IFRS Profit Loss Reconciliation to Adjusted EBITDAX:   
Profit attributable to owners of Sundance ..................................................  15,321 15,942 
Income tax (benefit)/expense ......................................................................  (841) 5,567 
Finance costs, net of amounts capitalised and interest received ................  494 (232) 
(Gain) Loss on derivative financial instruments ...........................................  (10,792) 554 
Settlement of derivative financial instruments............................................  1,150 282 
Depreciation and amortisation expense ......................................................  85,584 36,225 
Impairment of non-current assets ...............................................................  71,212 - 
Exploration expense.....................................................................................  10,934 - 
Stock compensation, value of services ........................................................  1,915 1,590 
Gain on sale of non-current assets ..............................................................  (48,604) (7,335) 
Adjusted EBITDAX .......................................................................................  126,373 52,594 
EBITDAX Margin ..........................................................................................  79% 62% 
 
Exploration and Development   
For the month of December 2014, the Company achieved record production of 9,434 Boe/d, which included 869 Boe/d of 
flared gas from wells waiting to hook -up to pipelines.  The December 2014 exit rate increased 88% over prior year’s exit rate 
of 5,028 Boe/d.  During the year ended 31 December 2014, the Company produc ed 2.4 MMBoe, which included 0.2 MMBoe 
of flared gas.  This result was more than double the production in prior year, primarily as a result of increased drilling ac tivity 
and production in the Eagle Ford Basin. 
The Company’s exploration and development act ivities are focused in the Eagle Ford and the Mississippian/Woodford 
Formations. Costs incurred for development and production expenditures for the Eagle Ford and Mississippian/Woodford 
Formations during the year ended 31  December 2014 totalled $324.0 million, which included $ 295.9 million of drilling and 
development expenditure related to our 2014 plan, $3. 8 million on infrastructure, and $ 24.3 million of drilling and 
development expenditure related to our 2015 plan.  This investment resulted in the addition of 75 gross (42.7 net) wells into 
production, including 50 gross (39.5 net)  Sundance-operated horizontal wells.  An additional 24 gross (13.7 net) wells were 
drilling, being prepared for fracture stimulation or testing as at 31 December 2014, an increase of 7 gross (3.0 net) c ompared 
to the beginning of the year. 
Acquisitions 
In April 2014, the Company  acquired approximately 4,800 net acres in the Eagle Ford for an initial purchase price of 
approximately $10.5 million and two separate earn out payments due upon commencement of drilling in each of three blocks 
of acreage (total for all three blocks of $7.7  million) and payout of the first two  wells drilled on each block of the acreage 
($7.7 million). The term of the agreement is two years and provides a one year extension for $500 per acre extended. This 
acquired acreage is adjacent to our existing acreage in McMullen County, Texas. 
In July 2014, the Company completed the acquisition of approximately 5,700 net Eagle Ford acres in Dimmit County, South 
Texas, for approximately $36 million and a commitment to drill four Eagle Ford wells.  The Company also has the option, at its 
sole discretion, to acquire the Seller’s remaining working interest for an additional $45 million for the earlier of one year from