a sustainable cost advantage and grow ing drilling inventory w hile prices are low , w e 
anticipate generating strong shareholder returns through this cycle. 
F inally , our C om pany rem ains w ell positioned because of the hard and creative w ork put 
forth by our em ployees, board of directors, partners, contractors, and consultants. W ith 
prices low  w e have a new  set of circum stances w e can capitalize on to strengthen our 
business. Thanks to each and every one of you for your continued focus and passion to 
take the calculated risks needed for generating superior shareholder returns and building 
a stable, flourishing enterprise. 
Sincerely , 
ERIC M CCRAD Y 
M anaging D irector &  C EO 
5
O ur shareholders w ill 
benefit from  our exposure 
to som e of the highest 
quality U S shale acreage 
and production in the 
Eagle Ford along w ith 
our leading cost structure 
and strong balance sheet.