HALLADOR ENERGY COMPANY

Ticker: HNRG CUSIP: 40609P105 Class: Common Stock

DENALI ADVISORS LLC's Holding History (CIK: 0001142941)

Note: Option positions (PUT/CALL) are excluded.

Q1 2017

Shares 331 Value ($000) $3 Avg Close $8.82 Range $7.30 - $9.87

Q4 2016

Shares 331 Value ($000) $3 Avg Close $8.79 Range $7.16 - $10.40

Q3 2016

Shares 331 Value ($000) $3 Avg Close $5.99 Range $4.41 - $8.70

Q2 2016

Shares 331 Value ($000) $2 Avg Close $4.51 Range $3.95 - $5.25

Q1 2016

Shares 331 Value ($000) $2 Avg Close $4.82 Range $3.95 - $6.47

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	331	$3	$8.82	$7.30 - $9.87
Q4 2016	331	$3	$8.79	$7.16 - $10.40
Q3 2016	331	$3	$5.99	$4.41 - $8.70
Q2 2016	331	$2	$4.51	$3.95 - $5.25
Q1 2016	331	$2	$4.82	$3.95 - $6.47