text:  Q1-13  Q2-13  Q3-13 
  
  Q1-14 
  n REVENUE —— Boe/d 
  
  Q4-13  Q2-14  Q3-14  Q4-14 
  
  This topline growth resulted in Adjusted EBIDTAX increase of $73.8 million to $126.4 
  million (79 percent of revenue); a 140 percent increase compared to $52.6 million 
  (62 percent of revenue) in 2013. In other words, for every $1.00 of revenue growth 
  compared to 2013, the Company added $0.99 of 2014 Adjusted EBITDAX growth. 
  
  This Adjusted EBITDAX (generally a good proxy for our 
  operating cash flow) increase was primarily the result of 
  increased revenue and the following cost controlled 
  operating expenses: 
  
  ADJUSTED EBITDAX AND MARGIN 
  
  $40,000  100% 
  
  $35,000 
  80% 
  $30,000 
  
  •*Lease operating expenses*increased only slightly (12 percent), 
  despite significant production increases (108 percent). 
  As a result of several changes in its field operations and 
  economies of scale, the Company has realized improvement 
  in its lease operating costs per barrel. 
  
  $25,000 
  60% 
  $20,000 
  40% 
  $15,000 
  
  $10,000 