In addition to the significantly im proved operating profitability , the C om pany exited tw o 
non-core basins w hich resulted in a gain on sales of non-current assets of $50 .3 m illion. 
The D J and B akken dispositions that occurred in 20 14 are further proving the C om pany’s 
track-record of large opportunistic dispositions that result in a high internal rate of 
return; allow ing the C om pany to reinvest proceeds in basins w ith higher risk-adjusted 
returns. Since 20 0 7 , the C om pany disposed of six 
prospects or basins w ith an aggregate transaction 
value of nearly $40 0  m illion. These dispositions had a 
transaction value w eighted return of 83 percent. The 
20 14 D J disposition (transaction value of $113 m illion) 
yielded the C om pany’s highest internal rate of return 
to date of 10 4 percent. 
A s a result of the increased revenue, cost controlled 
operating and G & A  expenses and gain on sales, offset 
by the C om pany’s non-cash im pairm ent of $7 1.2 
m illion (due to the depressed oil com m odity pricing 
at year-end), the C om pany reported profits before 
incom e tax for the year of $14.5 m illion. 
A s m entioned above, the C om pany’s A djusted E B ITD A X for the period ($126.4 m illion) 
approxim ates its operating cash flow  of $128 .1 m illion. This operating cash flow , along 
w ith i) net proceeds from  the disposition of the D J and B akken basins ($118.8 m illion), 
ii) net proceeds from  issuance of equity ($68.7 m illion) and iii) net debt draw s ($10 0 .0 
m illion) w ere the C om pany’s prim ary sources of cash (collectively $415.6 m illion), fund -
ing $437.2 m illion of cash uses including,  i) developm ent expenditures ($362.0  m illion), 
ii) exploration expenditures ($39.6 m illion) and iii) an acquisition of prim arily undevel -
oped acreage in the E agle F ord ($35.6 m illion). 
D espite the C om pany’s robust 20 14 drilling and com pletion program , it continued to 
preserve liquidity w ith $69.2 m illion of cash and equivalents and $15.0  m illion of 
undraw n borrow ing capacity at year-end. The C om pany also m aintains a low -leverage 
m odel w ith outstanding principal of $130 .0  m illion at year-end, w hich represents 
1.0 x the C om pany’s 20 14 A djusted E B ITD A X . The C om pany ranks am ong the low est 
of its peers in this leverage m etric, a full 272 absolute basis points below  the m ean of 
its peers (3.8x). 
$5 
$10 
$15 
$20
$25
$30
$35
$40 $39.26
$33.41 $34.66
$29.70
$25.20
$19.87 
$18.27 
$1 1.03 
 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 
COSTS PER BARREL OF OIL EQUIVALENT 
I LOE/BOE    I PRODUCTION TAXES/BOE     I CASH G&A/BOE 
140% 
120% 
100% 
80%
60%
40%
20%
INTERNAL RATE OF RETURN AND TRANSACTION VALUES 
(in millions)
• ASHLAND    • NIOBRARA    • SOUTH ANTELOPE    • PHOENIX    • DJ    • GOLIATH     
 DEC 07 DEC 08 DEC 09 DEC 10 DEC 11 DEC 12 DEC 13 DEC 14 
$46.4
$10.5 
$172.0 $39.5 $14.0 
$1 13.0 
7