HALLADOR ENERGY COMPANY

Ticker: HNRG CUSIP: 40609P105 Class: Common Stock

Minerva Advisors LLC's Holding History (CIK: 0001541536)

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

Q4 2014

Shares 16,720 Value ($000) $185 Avg Close $11.20 Range $9.04 - $12.23

Q3 2014

Shares 16,720 Value ($000) $198 Avg Close $12.82 Range $9.50 - $14.35

Q2 2014

Shares 19,420 Value ($000) $184 Avg Close $9.01 Range $8.41 - $9.96

Q1 2014

Shares 19,420 Value ($000) $165 Avg Close $8.20 Range $7.47 - $8.99

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	16,720	$185	$11.20	$9.04 - $12.23
Q3 2014	16,720	$198	$12.82	$9.50 - $14.35
Q2 2014	19,420	$184	$9.01	$8.41 - $9.96
Q1 2014	19,420	$165	$8.20	$7.47 - $8.99