NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
 
NOTE 2 – BUSINESS COMBINATIONS continued 
 
Since the acquisition date of 8 March 2013 through 31 December 2013, the Company has  earned revenue of $42.3 
million and generated net income of $12.6 million. The following reflects the acquisition’s contribution to the Group 
as if the merger had occurred on 1 January 2013 instead of the closing date of 8 March 2013 (in thousands, except  
per share information): 
 
 
The Company incurred $ 0.2 and $0.5 million for the year s ended 31 December 201 4 and  2013, respectively, for 
professional fees and services  related to the Texon acquisition .  These amounts are included in general and 
administrative expense in the consolidated statements of profit or loss , and other comprehensive income and 
financing activities in the consolidated statement of cash flows, respectively. 
 
NOTE 3 – REVENUE                                                                                        
 2014 2013 
Year ended 31 December US$’000 US$’000 
   
Oil revenue  144,994   79,365 
Natural gas revenue 6,161      2,774 
Natural gas liquid (NGL) revenue        8,638       3,206 
Total revenue (net of royalties and transportation costs)   159,793    85,345 
 
NOTE 4 – LEASE OPERATING AND PRODUCTION TAX EXPENSE 
                                                                                                                  
 2014 2013 
Year ended 31 December US$’000 US$’000 
   
Lease operating expense   (12,466)   (11,378) 
Workover expense (1,058) (743) 
Production tax expense      (6,965)      (6,262) 
Total lease operating and production tax expense    (20,489)      (18,383) 
  
 Year ended  
31 December 2013 
  
Oil and natural gas revenue $                     5,163 
Lease operating and production expenses (1,150) 
Depreciation and amortization expense  (1,882) 
General and administrative expense  (667) 
Finance costs                           (35) 
Profit before income tax 1,429 
Income tax expense                         (542) 
Proforma profit attributable to the period 1 January to 7 March 2013  887 
Profit attributable to owners of the Company for the year                        15,942 
Adjusted profit attributable to the owners of the Company for the year  $                   16,829 
Adjusted basic earnings per ordinary share                         4.1 ₵ 
Adjusted diluted earnings per ordinary share                         4.0 ₵ 
  
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