HALLADOR ENERGY COMPANY

Ticker: HNRG CUSIP: 40609P105 Class: Common Stock

Bandera Partners LLC's Holding History (CIK: 0001399386)

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

Q4 2014

Shares 532,638 Value ($000) $5,864 Avg Close $11.20 Range $9.04 - $12.23

Q3 2014

Shares 457,638 Value ($000) $5,418 Avg Close $12.82 Range $9.50 - $14.35

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	532,638	$5,864	$11.20	$9.04 - $12.23
Q3 2014	457,638	$5,418	$12.82	$9.50 - $14.35