DIRECTORS’ REPORT 
Your Directors present this report on the Company and its consolidated entities (“Group,” the “Company” or “Consolidated 
Group”) for the financial year ended 31 December 2014. 
 
Directors  
The names of Directors in office at any time during or since the end of the year are: 
• Michael D Hannell 
• Damien A Hannes 
• Neville W Martin 
• Eric P McCrady  
• H. Weldon Holcombe  
 
These Directors have been in office since the start of the financial period to the date of this report. 
 
Company Secretary 
At the end of the financial period,  Mr Damien Connor  held the position of Company Secretary and has served as Company 
Secretary since August 2013. Mr. Connor has been a member of the Institute of Chartered Accountants of Australia since 2002 
and is a member of the Governance Institute of Australia and a graduate of the Australian Institute of Company Directors.  He 
is also Chief Financial Officer and Company Secretary of ASX-listed UraniumSA Limited and Archer Exploration Limited. 
 
Principal Activities 
The principal activities of the Group during the financial year were: 
• the exploration for and development and production of oil and natural gas in the United States of America; and, 
• the continued expansion of its portfolio of oil and gas leases in the United States of America. 
 
No significant changes in the nature of the activities of the Group occurred during the year. 
 
Highlights and Significant Changes in State of Affairs 
Following is a summary of  highlights and significant changes in the state of a ffairs of the Group during the year ended 31 
December 2014: 
 
• Acquired approximately 4,800 net acres in the Eagle Ford for an initial purchase price of approximately $10.5 million. 
• Completed the acquisition of approximately 5,700 net Eagle Ford acres for approximately $36 million. 
• Divested the Company’s remaining Denver -Julesburg and Bakken assets for approximately $1 08.8 million and $14.0 
million in net proceeds, respectively. 
• Completed a successful capital raise of approximately A$80 million during the year with proceeds being used primarily 
to accelerate pace of the Company’s drilling program in the Eagle Ford. 
• Achieved record production in December 2014 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.   
• Net revenue increased to $159.8 million, or 87% over the prior year. 
• EBITDAX increased to $126.4 milli on, or 140% over the prior year, and EBITDAX margin increased to 79%, a 17  
percentage point increase over the prior year. 
• Due to our successful drilling program, brought 75 gross (42.7 net) wells into production and saw a significant increase 
across 1P, 2P and 3P Reserves from prior year bringing total Constant Case 3P Reserves to 147,723 MBoe and PV10 of 
3P Reserves to $1.5 billion. 
• Ended the year with $69.2 million of cash, total debt outstanding of $130 million and $15 million of unused borrowing 
capacity under the Company’s credit facilities. 
 
There were no other material changes in the state of affairs of the Company.  
- 15 -