text: In addition to the significantly improved operating profitability, the Company exited two 
  non-core basins which resulted in a gain on sales of non-current assets of $50.3 million. 
  The DJ and Bakken dispositions that occurred in 2014 are further proving the Company’s 
  track-record of large opportunistic dispositions that result in a high internal rate of 
  return; allowing the Company to reinvest proceeds in basins with higher risk-adjusted 
  returns. Since 2007, the Company disposed of six 
  prospects or basins with an aggregate transaction 
  value of nearly $400 million. These dispositions had a 
  transaction value weighted return of 83 percent. The 
  2014 DJ disposition (transaction value of $113 million) 
  yielded the Company’s highest internal rate of return 
  to date of 104 percent. 
  
  INTERNAL RATE OF RETURN AND TRANSACTION VALUES 
  (in millions) 
  140% 
  $113.0 
  120% 
  
  100% 
  $10.5 
  80% 
  $46.4 
  60% 
  $14.0  $39.5 
  
  As a result of the increased revenue, cost controlled 
  operating and G&A expenses and gain on sales, offset 
  by the Company’s non-cash impairment of $71.2 
  million (due to the depressed oil commodity pricing 
  at year-end), the Company reported profits before 
  income tax for the year of $14.5 million. 
  
  $172.0 
  40% 
  
  20% 