text: **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
  
  **NOTE 6 – GAIN ON SALE OF NON-CURRENT ASSETS continued**
  
  **Disposals in 2013**
  In the fourth quarter of 2013, the Company sold all of its interests in the Phoenix prospect, located in the Williston 
  Basin, for gross proceeds of $39.8 million. It was determined that approximately $26.0 million of the Company’s 
  carrying costs related to its Phoenix development and production properties at the time of the disposal. The sale 
  resulted in a pre-tax gain of $8.2 million, which is included in the gain on sale of non-current assets in the 
  consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2013. 
  During 2014, the Company finalized adjustments to the purchase price for the Phoenix sale, which resulted in a net 
  reduction of $0.9 million, which is included in the gain on sale of non-current assets in the consolidated statement 
  of profit or loss and other comprehensive income for the year ended 31 December 2014. 
  
  The Company deferred majority of the taxable gain on the sale of the Phoenix development by acquiring qualified 
  replacement properties or utilizing IDCs from its development program. 