FOURTH QUARTER AND YEAR END REPORT 2014

FOURTH QUARTER

  • Total revenues of $9,025’ (545’)
  • EBITDA of $7,356’ (-399’)
  • Net result of $2,120’ (-3,643’)
  • Earnings per share $0.07 (-0.25)

TWELVE MONTHS

  • Total revenues of $16,200’ (2,315’)
  • EBITDA of $10,054’ (-681’)
  • Net result of $4,476’ (-3,828’)
  • Earnings per share $0.19 (-0.30)

SIGNIFICANT EVENTS DURING THE QUARTER

  • Finalized and integrated the acquisition of Gas Ventures LLC.
  • Development program for KYTX and acquisition of neighbouring field.
  • Divestment of non core asset Delano.
  • Drilled and polymer treated Zimmerman Butte, Wyoming.
  • Fracking of Pieda Negra.
  • Drilling program commenced at Orange with GLHF #37 as the first well.
  • Average daily gross production of 1,204 barrels of oil equivalent (81).
  • OPEX (excl. production taxes and workovers) per barrel of oil equivalent amounted to $18.2.
  • Hedge portfolio valued to $5,659’ as per 31 December, 2014.

SUBSEQUENT EVENTS

  • Divested non core assets Gernt.
  • Successful drilling of GLHF #37 with an initial daily production of 240 boe.
  • Successful drilling GLHF #38 and with an initial daily production of 300 boe.
  • Re-fracked Pieda Negra with unsuccessful result.
  • Signed a Heads of Agreement with US-listed Pedevco for the sale of the US Operations.