Natural gas liquids sales (NGL).  NGL sales increased by $5.4 million (169.5%) to $8.6 million for the year ended 31 December 
2014 from $3.2 million for the same period in prior year. The increase in NGL revenues was primarily the result of increased 
production volumes in the Eagle Ford and Anardarko Basins. NGL production volumes increased 172,131 Bbls (179.6%) to 
267,952 Bbls for the year ended 31 December 2014 compared to 95,821 Bbls for the prior year. The average price we realised 
on the sale of our natural gas liquids decreased by 3.6% to $32.24 per Bbl for the year ended 31 December 2014 from $33.45 
per Bbl for the prior year. 
 
 Year ended 31 December   
Selected per Boe metrics (US$) 2014 2013 
Change in 
$ 
Change as 
% 
Total oil, natural gas and NGL revenue ...................................  71.22 79.10 (7.88) (10.0) 
Lease operating expense .........................................................  (6.03) (11.23) (5.21) (46.4) 
Production tax expense ...........................................................  (3.10) (5.80) (2.70) (46.5) 
Depreciation and amortisation expense .................................  (38.15) (33.57) 4.58 13.6 
General and administrative expense .......................................  (6.92) (14.18) (7.26) (51.2) 
Total Profit Margin ..................................................................  17.02 14.32 2.70 18.9 
 
Lease operating expenses.  Our lease operating expenses (LOE) increased by $1.4 million (11.6%) to $13.5 million for the year 
ended 31 December 2014 from $12.1 million for the same period in prior year but decreased $ 5.21 per Boe to $6.03 per Boe 
from $11.23 per Boe. The decrease in LOE per Boe is primarily due to the implementation of several cost saving initiatives in 
our field operations such as replacing contract lease operators with Company employees and reducing total field head count 
per well. 
Production taxes.  Our producti on taxes increased by $ 0.7 million (11.2%) to $ 7.0 million for the year  ended 31 December 
2014 from $6.3  million for the prior year but as a percent of revenue decreased 290 basis points to 4.4% from 7.3%. The 
decrease in production taxes as a percent of revenue is the result of exiting North Dakota and Colorado, both higher production 
tax rate jurisdictions, and  increasing our investment in Texas and Oklahoma, which are lower production tax rate jurisdictions, 
as well as an adjustment for lower than anticipated ad valorem taxes. 
Depreciation and amortisation expense, including depletion.   Our depreciation and amortisation expense increased by 
$49.4 million ( 136.3%) to $ 85.6 million for the year ended 31  December 2014 from $36.2 million for the prior year  and 
increased $4.58 per Boe to $38.15 per Boe from $33.57 per Boe. The increase reflects our increase in production (107.9%), an 
increase in our asset base subject to amortisation as a result of our acqui sition and development activity , and increased 
completion costs caused by high -demand for completion services and a shortage of trucks able to transport frac sand and 
resultant higher trucking rates. 
 
General and administrative expenses.  General and administrative expenses per Boe decreased by 51.2% to $6.92 for the year 
ended 31 December 2014 as compared to $14.18 per Boe for the prior year. The decrease in general and administrative 
expenses per Boe is driven by increased production levels diluting fixed general and administrative costs. 
Impairment expense.  The Company recorded impairment expense of $71.2 million for the year ended 31 December 2014 on 
the Company’s development and production assets that are located in Greater Anadarko and the Eagle Ford as the recoverable 
amount was less than the carrying value  primarily as a result of lower commodity pricing .  No impairment was necessary on 
the Company’s exploration and evaluation assets.  See Note 17 of the Notes to the Consolidated Financial Statements for 
further discussion.