Financial Position  
In May 2014, the borrowing capacity under our credit facilities increased from an aggregate of $63 million to $135 million.  The 
increase in the borrowing capacity was driven by the significant uplift of the Company’s proved oil and gas reserves as at 31  
December 2013.  In conjunction with the increase in the Company’s borrowing capacity, the Company expanded the syndicate 
of banks under the Senior Credit Facility.  Bank of America Merrill Lynch and the Bank of Nova Scotia have now joined the bank 
group which is led by Wells Fargo. 
In July 2014, the borrowing capacity increased an additional net $10 million, to $145 million, after taking into consideration 
the removal of proved oil and gas reserves associated with the DJ and Williston Basin dispositions and the development of 
proved oil and gas reserves in the Eagle Ford Formation.   
 
At 31 December 2014, the Company had $130 million outstanding under our credit facilities and $15 million available under 
our borrowing capacity.  Ending cash at 31 December 2014 was $69.2 million. 
 
Cashflow 
Cash provided by operating activities for the year ended 31 December 2014 increased 104.5% to $128.1 million compared to 
the prior year.  This increase was primarily due to receipts from sales increasing $85.7 million, or 101.2%, to $170.4 millio n, 
while keeping payments to suppliers and employees relatively stable with an increase of $8.2 million, or 37.7%, to $30.0 million.  
See Review of Operations for more information. 
 
Cash used in investing activities for the year ended 31 December 2014 increased $15 8.9 million, or 96.7%, to $323.2 million.  
This increase is due to successful implementation of the Company’s strategy to develop and grow the reserves from our high 
working interest, repeatable resource plays, primarily in the Eagle Ford.  Due to funding available to the Company through 
asset sales, capital raises and credit facilities, the Company was able to accelerate its 2015 drilling program into 2014.  However, 
due to the reduction in crude oil prices in the fourth quarter of  2014 and continuing into  early 2015, the Company will scale 
back its drilling program to concentrate on limited drilling obligations to hold Eagle Ford acreage during the 2015 year.  
Cash provided by financing activities for the year ended 31 December 2014 increased $123.1 millio n, or 277.0%, to $167.6 
million.  This increase is a result of the increased availability and draws under the Company’s credit facilities  and proceeds 
received in a private placement of shares.  In February 2014, the Company completed a private placement in which we sold 
84.2 million ordinary shares at A$0.95 per share, resulting in net proceeds of approximately $68.4 million.  The first tranche of 
63.7 million shares was issued in March 2014 and the second tranche of 20.5 million shares was issued in April 2014. 
Matters Subsequent to the End of the Financial Year 
Subsequent to 31 December 2014, an additional $13.9 million was drawn-down the credit facilities, bringing total outstanding 
debt to $143.9 million, with undrawn funds of $1.1 million.   
 
In Janua ry 2015, the company acquired three leases totalling approximately 14,180 net acres in the Eagle Ford for 
approximately $13.4 million. 
Future Developments, Prospects and Business Strategies 
The Group’s business strategies and prospects for growth in future financial years are presently concentrated on growing the 
value of the Group’s current resource plays through direct leasing from mineral owners, small acquisitions of producing 
properties, drilling inventory within the Group’s current balance sheet capabilities, and development of the Group’s current 
acreage. Further information on likely development in the operations of the Group and expected results of operations has not 
been included because the Directors believe it would result in unreasonable prejudice to the Group. 
  
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