text: The Company’s development program also generated significant growth in Constant Case 
  reserves during the year. More details are contained elsewhere in this Annual Report, 
  but in summary our 1P Reserves at the end of 2014 were 26.0 MBOE, 2P Reserves 54.1 
  MBOE, and 3P Reserves 147.7 MBOE. This compares with Reserves of 20.7 MBOE, 34.6 
  MBOE, and 92.8 MBOE, respectively, at the end of 2013. 
  
  In the current price environment, we have elected to scale back our drilling program to 
  mainly concentrate on limited drilling obligations to hold Eagle Ford acreage. This will 
  enable us to maintain our low leverage profile, which was approximately 1.03x debt to 
  Adjusted EBITDAX at year end, and focus on growing our drilling inventory in an environ- 
  ment with less competition for leases and small acquisitions. Liquidity was $84 million at 
  year end, with a borrowing base redetermination in 2015 expected to materially increase 
  debt availability if the use of such funds is justified in line with our strategy. 
  
  The Eagle Ford – driving value and production growth 
  Sundance has grown its Eagle Ford acreage position from ~7,200 acres upon entering the 
  basin to approximately 26,160 net mineral acres in the Eagle Ford at the end of 2014 
  which includes the acquisition of approximately 18,000 net acreage in 2014. By the end of 
  the first quarter 2015 this had grown to 38,701 net mineral acres. Our growing presence 
  in this prolific oil and gas region has been driving significant value for the Company and 
  our shareholders, and continues to form our priority focus for development and acreage 
  growth in the coming years. 