HALLADOR ENERGY COMPANY

Ticker: HNRG CUSIP: 40609P105 Class: Common Stock

MAGNOLIA GROUP, LLC's Holding History (CIK: 0001618376)

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

Q1 2016

Shares 397,605 Value ($000) $1,817 Avg Close $4.82 Range $3.95 - $6.47

Q4 2015

Shares 1,196,955 Value ($000) $5,458 Avg Close $6.24 Range $4.44 - $7.94

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	397,605	$1,817	$4.82	$3.95 - $6.47
Q4 2015	1,196,955	$5,458	$6.24	$4.44 - $7.94