text:  DEC 07 DEC 08 DEC 09 DEC 10 DEC 11 DEC 12 DEC 13 DEC 14 
  
  • ASHLAND • NIOBRARA • SOUTH ANTELOPE • PHOENIX • DJ • GOLIATH 
  
  As mentioned above, the Company’s Adjusted EBITDAX for the period ($126.4 million) 
  approximates its operating cash flow of $128.1 million. This operating cash flow, along 
  with i) net proceeds from the disposition of the DJ and Bakken basins ($118.8 million), 
  ii) net proceeds from issuance of equity ($68.7 million) and iii) net debt draws ($100.0 
  million) were the Company’s primary sources of cash (collectively $415.6 million), fund- 
  ing $437.2 million of cash uses including, i) development expenditures ($362.0 million), 
  ii) exploration expenditures ($39.6 million) and iii) an acquisition of primarily undevel- 
  oped acreage in the Eagle Ford ($35.6 million). 
  
  Despite the Company’s robust 2014 drilling and completion program, it continued to 
  preserve liquidity with $69.2 million of cash and equivalents and $15.0 million of 
  undrawn borrowing capacity at year-end. The Company also maintains a low-leverage 
  model with outstanding principal of $130.0 million at year-end, which represents 
  1.0x the Company’s 2014 Adjusted EBITDAX. The Company ranks among the lowest 
  of its peers in this leverage metric, a full 272 absolute basis points below the mean of 
  its peers (3.8x). 