HALLADOR ENERGY COMPANY

Ticker: HNRG CUSIP: 40609P105 Class: Common Stock

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

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

Q2 2016

Shares 22,379 Value ($000) $103 Avg Close $4.51 Range $3.95 - $5.25

Q2 2014

Shares 147,203 Value ($000) $1,397 Avg Close $9.01 Range $8.41 - $9.96

Q1 2014

Shares 147,203 Value ($000) $1,259 Avg Close $8.20 Range $7.47 - $8.99

Q4 2013

Shares 136,443 Value ($000) $1,100 Avg Close $7.44 Range $6.58 - $8.55

Q3 2013

Shares 162,378 Value ($000) $1,185 Avg Close $7.62 Range $6.75 - $8.46

Q2 2013

Shares 82,633 Value ($000) $669 Avg Close $7.40 Range $6.38 - $8.49

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	22,379	$103	$4.51	$3.95 - $5.25
Q2 2014	147,203	$1,397	$9.01	$8.41 - $9.96
Q1 2014	147,203	$1,259	$8.20	$7.47 - $8.99
Q4 2013	136,443	$1,100	$7.44	$6.58 - $8.55
Q3 2013	162,378	$1,185	$7.62	$6.75 - $8.46
Q2 2013	82,633	$669	$7.40	$6.38 - $8.49