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<SEC-DOCUMENT>0000788965-09-000032.txt : 20091216
<SEC-HEADER>0000788965-09-000032.hdr.sgml : 20091216
<ACCEPTANCE-DATETIME>20091215183329
ACCESSION NUMBER:		0000788965-09-000032
CONFORMED SUBMISSION TYPE:	10-Q/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20090331
FILED AS OF DATE:		20091216
DATE AS OF CHANGE:		20091215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HALLADOR PETROLEUM CO
		CENTRAL INDEX KEY:			0000788965
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				841014610
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-14731
		FILM NUMBER:		091242861

	BUSINESS ADDRESS:	
		STREET 1:		1660 LINCOLN ST STE 2700
		CITY:			DENVER
		STATE:			CO
		ZIP:			80264
		BUSINESS PHONE:		3038395505

	MAIL ADDRESS:	
		STREET 1:		1660 LINCOLN STREET
		STREET 2:		SUITE 2700
		CITY:			DENVER
		STATE:			CO
		ZIP:			80264

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KIMBARK OIL & GAS CO /CO/
		DATE OF NAME CHANGE:	19900102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KIMBARK INC
		DATE OF NAME CHANGE:	19860624
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q/A
<SEQUENCE>1
<FILENAME>amend10qmar09.htm
<DESCRIPTION>AMEND #1 - MARCH 31, 2009 FORM 10Q
<TEXT>
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<head>
    <title>amend10qmar09.htm</title>
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<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">UNITED STATES</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Washington, D. C. 20549</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">FORM 10-Q/A</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">(Amendment No. 1)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: wingdings"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">&#254;</font></font></font></font></font></font></div></td>
<td align="left" valign="top" width="98%">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr></table></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">For the quarterly period ended March 31, 2009</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">OR</font></div>
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<td align="left" valign="top" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></font></font></div></td>
<td align="left" valign="top" width="98%">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr></table></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Commission File Number 0-14731</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><img src="hpetlogo.jpg" alt="Hallador logo"></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FA
MILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 13pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 13pt; FONT-FAMILY: Arial; TEXT-DECORATION: underline">Hallador
Petroleum Company</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">(Exact Name of Registrant as Specified in Its Charter)</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div>
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="45%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial; TEXT-DECORATION: underline">Colorado</font></div></td>
<td align="left" valign="center" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="37%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial; TEXT-DECORATION: underline">84-1014610</font></div></td></tr><tr>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(State&#160;of Incorporation)</font></div></td>
<td align="left" valign="center" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="37%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(I.R.S.&#160;Employer Identification No.)</font></div></td></tr><tr>
<td align="left" valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="center" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td valign="top" width="45%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial; TEXT-DECORATION: underline">1660 Lincoln St., Suite 2700, Denver, Colorado</font></div></td>
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<td valign="top" width="37%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial; TEXT-DECORATION: underline">80264-2701</font></div></td></tr><tr>
<td valign="top" width="45%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(Address of Principal Executive Offices)</font></div></td>
<td align="left" valign="center" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="37%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(Zip Code)</font></div></td></tr></table></div></div></div></div></div></div></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-DECORATION: underline">(303) 839-5504&#160;&#160;fax: (303) 832-3013</font></font></font></font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">(Issuer&#8217;s Telephone Number, Including Area Code)</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">Indicate by check
mark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days). Yes&#160;<font style="DISPLAY: inline;" face="Wingdings">&#254;</font>&#160;No <font style="DISPLAY: inline;" face="Wingdings">o</font></font></font></font></font></font></font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.&#160;&#160;See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="57%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">Large accelerated
filer&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></font></font></font></font></font></font></div></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="37%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">Accelerated filer <font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></font></font></font></font></font></font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div></td></tr><tr>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="57%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Non-accelerated filer&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(Do not check if a smaller reporting company)</font></font></font></font></div></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="37%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Smaller reporting company&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">&#254;</font></font></div></td></tr></table></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="101%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). </font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">Yes&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font> No&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">&#254;</font></font></font></font></div></div></td></tr></table></div>
<div>&#160;</div>
<div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).&#160; </font>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">Yes&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font> No&#160;<font style="DISPLAY: inline;" face="Wingdings">o</font></font></font></font></div></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Shares outstanding as of May 7, 2009:&#160;&#160;22,446,028</font><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: arial">
<br></font></div></div></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">EXPLANATORY NOTE</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">&#160;</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: century gothic"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">This Form&#160;10-Q/A is being filed solely to amend Exhibits 31&#160;and 32 (the SOX 302 and 906 certifications) of the original filing and does not amend any other information set forth in the original filing and we have not updated disclosures contained therein to reflect
any events that occurred subsequent to the date of the original filing</font>.</font></div>
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<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">1</font></div></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">PART 1 - FINANCIAL INFORMATION</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">ITEM 1<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">. FINANCIAL STATEMENTS</font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Consolidated Balance Sheet</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">&#160;(in thousands, except share data)</font></div>
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<table cellpadding="0" cellspacing="0" width="98%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="72%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td colspan="2" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;March 31,</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2009</font></div></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">December 31,</font></font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2008 *&#160;</font></div></td></tr><tr>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: arial">ASSETS</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Current assets:</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Cash and cash equivalents</font></div></td>
<td align="right" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></div></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;19,764</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></div></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">21,013</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="MARGIN-LEFT: 9pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">Certificates of deposit</font></div></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2,838</font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Federal income tax receivable</font></div></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">417</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">1,531</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Accounts receivable</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;&#160;6,732</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">6,113</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Coal inventory</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">71</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">776</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Other</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 1,814</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">1,928</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Total current assets</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 31,636</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">31,361</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Coal properties, at cost:</font></div></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Land, buildings and equipment</font></div></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 64,489</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">55,027</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Mine development</font></div></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;&#160;&#160;48,426</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">45,289</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;&#160;&#160;112,915</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">100,316</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Less - accumulated depreciation, depletion, and amortization</font></div></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;&#160;&#160;(9,890</font></div></td>
<td align="left" valign="top" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(7,233</font></div></td>
<td align="left" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)</font></div></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 103,025</font></div></td>
<td align="left" valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">93,083</font></div></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Investment in Savoy</font></div></td>
<td align="right" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 7,652</font></div></td>
<td align="left" valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">7,911</font></div></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Other assets</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 2,505</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">3,710</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></div></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 144,818</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></div></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">136,065</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: arial">LIABILITIES AND STOCKHOLDERS' EQUITY</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Current liabilities:</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Current portion of bank debt</font></div></td>
<td align="right" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;$</font></div></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 5,000</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;$</font></div></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2,500</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Accounts payable and accrued liabilities</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 10,210</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">11,563</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">State income tax payable</font></div></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 1,173</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">605</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Other</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 18</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">310</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Total current liabilities</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 16,401</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">14,978</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Long-term liabilities:</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Bank debt, net of current portion</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 35,000</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">37,500</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Interest rate swaps, at estimated fair value</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 2,133</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2,290</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Deferred income taxes</font></div></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 3,681</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">1,700</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Asset retirement obligations</font></div></td>
<td align="left" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 696</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">686</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Other</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 4,345</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">4,345</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Total long-term liabilities</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 45,855</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">46,521</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Total liabilities</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 62,256</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">61,499</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Equity:</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Hallador stockholders' equity</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Preferred stock, $.10 par value, 10,000,000 shares authorized; none issued</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Common stock, $.01 par value, 100,000,000 shares authorized; 22,446,028 outstanding</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;224</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;224</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Additional paid-in capital</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 69,800</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">69,739</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Retained earnings</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 9,969</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2,920</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Total Hallador stockholders' equity</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160; 79,993</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">72,883</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Noncontrolling interest</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;&#160;&#160; 2,569</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">1,683</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%" style="PADDING-LEFT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Total&#160;equity</font></div></td>
<td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;82,562</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">74,566</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="2%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></div></td>
<td align="right" valign="top" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160; 144,818</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></div></td>
<td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">136,065</font></div></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr></table></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">*Derived from the Form 10-K</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">See accompanying notes.</font></div>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial">&#160; </font></div></div>
<div id="PN" style="PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">2</font></div>
<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2"></div></div>
<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial">&#160; </font></div></div></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Consolidated Statement of Operations</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">(in thousands, except per share data)</font></div>
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<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="8" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Three months ended March 31,</font></div></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2009</font></div></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2008</font></div></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Revenue:</font></div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%">
<div style="MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Coal Sales<font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-
SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></font></div></td>
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<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></div></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">29,811</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">9,681</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
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<div style="MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Equity (loss) - Savoy</font></div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">(259</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(31</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Other</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">458</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">561</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">30,010</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">10,211</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Costs and expenses:</font></div></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Cost of coal sales</font></div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">15,321</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">7,585</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">DD&amp;A</font></div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">1,769</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">905</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">G&amp;A</font></div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">940</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">600</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Interest</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">382</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">1,532</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">*&#160;</font></div></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">18,412</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">10,622</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">Income (loss) before income taxes<font id="TAB2" style="FONT-SIZE: 11pt; FONT-FAMILY: arial; LETTER-SPACING: 9pt">&#160;&#160;</font></font></font></font></font></font></font></font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">11,598</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(411</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Income taxes:</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%">
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">1,682</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Deferred</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">1,981</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">3,663</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
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<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">7,935</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(411</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 2px">
<div style="MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Less: net (income) loss &#160;attributable to the noncontrolling interest</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(886</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;74</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Net income&#160;(loss) attributable to Hallador</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">7,049</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(337</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Net income (loss) per share:</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%">
<div style="MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Basic and diluted</font></div></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">.31</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$ </font></div></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;(.02</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)</font></td></tr><tr>
<td align="left" valign="bottom" width="77%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Weighted average shares outstanding:</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="77%" style="PADDING-BOTTOM: 4px">
<div style="MARGIN-LEFT: 18pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Basic and diluted</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;22,446</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">16,363</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr></table></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">--------------------------------------------</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">*Includes $885&#160;relating to our interest rate swaps.</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">See accompanying notes.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
<br>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial">&#160; </font></div></div>
<div id="PN" style="PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">3</font></div>
<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2"></div></div>
<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial">&#160; </font></div></div></div>
<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Condensed Consolidated Statement of Cash Flows</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">(in thousands)</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div align="left">
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="6" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;Three months ended March 31, </font></div></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td valign="bottom" width="76%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2009</font></div></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2008</font></div></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Operating activities:</font></div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Cash provided by&#160;operating activities</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;$</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">13,391</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;$</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">730</font></div></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Investing activities:</font></div></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Capital expenditures for coal properties</font></div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">(12,802</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">)&#160;</font></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(2,941</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)</font></td></tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Other</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">(1,838</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">604</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">
<div style="TEXT-ALIGN: left">&#160;</div></td></tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Cash used in investing activities</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">(14,640</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">)&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(2,337</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)</font></td></tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Financing activities:</font></div></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Proceeds from bank debt</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">1,698</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Cash provided by financing activities</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">1,698</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Increase (decrease) in cash and cash equivalents</font></div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">(1,249</font></td>
<td align="left" nowrap valign="bottom" width="1%">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">)</font></div></td>
<td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">91</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Cash and cash equivalents, beginning of period</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">21,013</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">6,978</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Cash and cash equivalents, end of period</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">19,764</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></td>
<td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">7,069</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr><tr>
<td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 4px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Cash paid for interest (net of amount capitalized &#8211; $300 and $100)</font></div></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></td>
<td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">963</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$</font></td>
<td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">672</font></td>
<td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;</font></td></tr></table></div></div></div></div></div></div></div></div>
<br><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">&#160;&#160;</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">See accompanying notes.</font></div>
<br>
<div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial">&#160; </font></div></div>
<div id="PN" style="PAGE-BREAK-AFTER: always">
<div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">4</font></div>
<div style="WIDTH: 100%; TEXT-ALIGN: center">
<hr style="COLOR: black" noshade size="2"></div></div>
<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Arial">&#160; </font></div></div></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Notes to Consolidated Financial Statements</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">1.</font></div></td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">General Business</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">The interim financial data is unaudited; however, in our opinion, it includes all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the results for the interim periods. The financial statements included herein have been prepared pursuant to the SEC&#8217;s rules and regulations; accordingly, certain information
and footnote disclosures normally included in GAAP financial statements have been condensed or omitted.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="3" style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">On January 1, 2009, we adopted SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements.</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Our organization and business, the accounting policies we follow and other information, are contained in the notes to our financial statements filed as part of our 2008 Form 10-K. This quarterly report should be read in conjunction with such&#160;10-K.</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">The accompanying consolidated financial statements include the accounts of Hallador Petroleum Company and its subsidiaries.&#160; All significant intercompany accounts and transactions have been eliminated.&#160; We are engaged in the production of coal from a shallow underground mine located in western Indiana.&#160;&#160;We also own a 45% equity
interest in Savoy Energy L.P., a private oil and gas company which has operations primarily in Michigan.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">As discussed in prior filings, we have entered into significant equity transactions with Yorktown and other entities that invest with Yorktown.&#160; Yorktown currently owns about 55% of our common stock and represents one of the five seats on our board.</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">2.</font></div></td>
<td>
<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Equity Investment in Savoy</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 12pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">We
account for our&#160; 45% interest in Savoy using the equity method of accounting.</font></font></font></font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Below (in thousands) are:&#160;&#160; (i) a condensed balance sheet at March 31, 2009 and (ii) a condensed statement of operations for the quarters&#160;ended March 31, 2009 and 2008.</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<br>&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-DECORATION: underline">Condensed
Balance Sheet</font></font></font></font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div>
<div align="left">
<div align="left">
<div align="left">
<div align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="22%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Current assets</font></div></td>
<td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$ &#160;8,501</font></div></td>
<td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="top" width="16%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="22%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">PP&amp;E</font></div></td>
<td align="left" valign="top" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 11,357</font></div></td>
<td align="left" valign="top" width="25%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$19,858</font></div></td>
<td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="22%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Total liabilities</font></div></td>
<td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="9%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$&#160;&#160;2,893</font></div></td>
<td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="top" width="16%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="22%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Partners' capital</font></div></td>
<td align="left" valign="top" width="6%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; 16,965</font></div></td>
<td align="left" valign="top" width="25%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$19,858</font></div></td>
<td align="left" valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr></table></div></div></div></div></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-DECORATION: underline">Condensed
Statement of Operations</font></font></font></font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div>
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<div align="center">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2009</font></div></td>
<td align="left" valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">2008</font></div></td>
<td align="left" valign="top" width="14%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Revenue</font></div></td>
<td valign="bottom" width="11%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$ 1,981&#160;</font></div></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="10%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$1,460</font></div></td>
<td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="23%" style="PADDING-BOTTOM: 2px">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Expenses</font></div></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;(2,556)&#160;</font></div></td>
<td align="left" valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="10%" style="BORDER-BOTTOM: black 2px solid">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160;&#160;(1,289)</font></div></td>
<td align="left" valign="top" width="14%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="23%">
<div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">Net income (loss)</font></div></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$ &#160;(575)</font></div></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td valign="top" width="10%" style="BORDER-BOTTOM: black 4px double">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">$&#160;&#160;&#160;171</font></div></td>
<td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr><tr>
<td align="left" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td>
<td align="left" valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr></table></div></div></div></div></div></div></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div></div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-DECORATION: none">For
2008,</font> the difference between the purchase price and our pro rata share of the equity of Savoy was amortized based on Savoy's units of production rate using proved developed oil and gas reserves and amounted to $109,000. &#160;For 2009 there was no difference.&#160;</font></font></font></font></font></font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notes Payable</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">
<br><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">In December 2008, we entered into a new loan agreement with a bank consortium that provides for a $40 million term loan and a $30 million revolving credit facility.&#160;&#160;At March 31, 2009, we have fully drawn down the $40 million term loan.&#160;&#160;We have outstanding letters of credit in the amount of $3 million, which leaves $27 million available under the revolver.&#160;&#160;</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">In connection with the old loan agreements, we entered into two interest rate swap agreements swapping variable rates for fixed rates. The first swap agreement which&#160;covers $26 million in debt commenced&#160;on July 15, 2007 and matures on July 15, 2012. The second swap agreement which covers $10 million&#160;commenced on December
28, 2007 and matures on December 28, 2011.&#160;&#160;The two swap agreements fix our interest rate at about 8.3%.&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">At March&#160;31, 2009, our interest rates swaps resulted in&#160;a liability of about $2.1 million and at December 31, 2008 they resulted in&#160;a liability of $2.3 million.&#160;&#160;The difference of $157,000 is included as a&#160;reduction in our interest expense.&#160;&#160;The recorded value of our bank debt approximates
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income Taxes</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Arial">The effective tax rate of about 34% for the three months ended March&#160;31, 2009 was calculated using the annual effective rate projection on recurring earnings.&#160;&#160;&#160;Excess
tax depletion is the primary reason for the effective rate being less than the statutory rate</font>.</font>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">ITEM </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">2. MD&amp;A.</font></div></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">THE FOLLOWING DISCUSSION UPDATES THE MD&amp;A SECTION OF OUR 2008 FORM 10-K AND SHOULD BE READ IN CONJUNCTION THEREWITH.&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font size="3" style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">We are still on track to sell about three million tons&#160;of coal for the year.&#160;</font>Through March 31, 2009 we have sold about 662,000 tons at an average price of about
$45/ton.&#160;</font></font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-DECORATION: underline">Cap on Carbon Emissions</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Arial">On April 17, 2009 the Obama Administration declared that carbon dioxide threatened the planet.&#160; The landmark decision lays the ground work for federal efforts to cap carbon emissions.&#160;&#160; The Environmental <font>Protection Agency (EPA)&#160; officials are on record saying they would take a go-slow approach, holding two public
hearings in May before the findings are official.&#160; After that, any new regulations would go through a public comment period, more hearings and a long review.&#160; New regulations driven by the finding&#160; could be years away; but,&#160;unless superseded by congressional action, the EPA ruling eventually could lead to stricter emissions limits.&#160; </font></font></div></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font size="3" style="FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Under our current contracts, any new taxes or costs relating to these events, can be passed on to the customer.&#160; We are unable to determine what effect these events will have on future coal&#160;demand.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-DECORATION: underline">Liquidity
and Capital Resource</font></font></font></font></font></font></font></font></font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">We plan to fund future mine expansion through a combination of draws from the $30 million revolving&#160;credit&#160;facility with our banks and cash from operations.&#160; We have $27 million&#160; available under the revolver due to outstanding letters of credit of $3 million.&#160; </font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">We have no material off-balance sheet arrangements.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-DECORATION: underline">Results
of Operations&#160;</font></font></font></font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">During 2009, we sold about 662,000 tons of coal at an average selling price of about $45/ton.&#160;&#160;During 2008 we sold about 353,000 at about&#160;$27/ton.&#160; For the remainder of 2009, we expect the average price to be in the $45/ton range.</font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">The increase in cost of coal sales and DD&amp;A was due to the significant increase in our coal sales.</font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">G&amp;A increased&#160;primarily to the higher level of operations.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Included in 2008 interest expense was about $885,000&#160;relating to our&#160;interest rate swaps.&#160; The 2009 amount includes a credit of about $160,000 for the swaps.&#160; In addition, we capitalized about $300,000 in interest expense for 2009 compared to $100,000 for 2008.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">For most of our history, we operated in a loss position and had significant net operating loss carry forwards.&#160;&#160;At December 31, 2008, we have federal net operating loss carry forwards of about $2.5 million and expect to utilize them in 2009.&#160;&#160;For calendar year 2008 we had pretax income of about $11.8 million and a tax provision of
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-DECORATION: underline">New
Accounting Pronouncements</font></font></font></font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">None of the recent FASB pronouncements had, or will have any material effect on us.&#160;&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">ITEM 3.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">&#160;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</font></font> </font>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Arial">Smaller reporting companies are not required to provide the information required by this item.</font></div></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">ITEM 4(T). CONTROLS AND PROCEDURES.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial; TEXT-DECORATION: underline">Disclosure
Controls</font></font></font></font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">We maintain a system of disclosure controls and procedures that are designed for the purposes of ensuring that information required to be disclosed in our SEC reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our CEO as
appropriate to allow timely decisions regarding required disclosure.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our CEO of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, our CEO, who is also our CFO, concluded that our disclosure controls and procedures are effective
for the purposes discussed above.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Arial">There has been no change in our internal control over financial reporting during the quarter ended March 31, 2009 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: arial">PART II&#8212;OTHER INFORMATION</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: arial">ITEM 6. </font></div></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: arial">EXHIBITS</font></div></td></tr><tr>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">(a)</font></div></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">31.1&#160;&#160;&#160;&#160;-- SOX 302 Certification - CEO</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 11pt; FONT-FAMILY: arial">31.2&#160; &#160;&#160;--&#160;<font size="3" style="FONT-SIZE: 11pt; FONT-FAMILY: arial">SOX 302 Certification - CFO</font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">32&#160;&#160;&#160;&#160;&#160; &#160;-- SOX 906 Certification - CEO and CFO</font></div></td></tr><tr>
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<td valign="bottom" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: arial">&#160; </font></td></tr></table></div>
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<br>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">SIGNATURE</font>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">HALLADOR PETROLEUM COMPANY</font></div></td></tr><tr>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">December 15, 2009</font></div></td>
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<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">&#160; </font></td>
<td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">&#160; </font></td>
<td align="left" valign="top" width="57%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic; TEXT-DECORATION: underline"><font style="DISPLAY: inline">/S/ W. ANDERSON BISHOP</font></font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">W. Anderson Bishop, CFO</font></div></td></tr></table></div></div></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>exh31vps.htm
<DESCRIPTION>VPS SOX 302 CERTIFICATION
<TEXT>
<html>
<head>
    <title>exh31vps.htm</title>
<!-- Licensed to: Hallador Petroleum Company-->
<!-- Document Created using EDGARizer 5.1.2.0 -->
<!-- Copyright 1995 - 2009 Thomson Reuters. All rights reserved. -->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Exhibit&#160;31.1</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">CERTIFICATION </font>
<br></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">I, Victor P. Stabio,&#160;certify that:</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">1.&#160;&#160;</font></div></td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">I have reviewed this quarterly report on Form&#160;10-Q/A of Hallador Petroleum Company;</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">2.&#160;&#160;</font></div></td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">3.&#160;&#160;</font></div></td>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">4.&#160;&#160;</font></div></td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&#160;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules&#160;13a-15(f) and 15d-15(f)) for the registrant and have:</font></div></td></tr></table></div>
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<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">a)&#160;&#160;</font></div></td>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">b)&#160;&#160;</font></div></td>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">c)&#160;&#160;</font></div></td>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div></td></tr></table></div>
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<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
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<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">d)&#160;&#160;</font></div></td>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial
reporting; and</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">5.&#160;&#160;</font></div></td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">The registrant&#8217;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
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<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">a)&#160;&#160;</font></div></td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr valign="top">
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<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">b)&#160;&#160;</font></div></td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</font></div>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div></td></tr></table></div>
<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">&#160; </font></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">&#160; </font></td>
<td align="left" valign="bottom" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic; TEXT-DECORATION: underline"><font style="DISPLAY: inline">/S/VICTOR P. STABIO</font></font></div></td></tr><tr>
<td align="left" valign="top" width="37%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">&#160;&#160;December 15, 2009</font></div></td>
<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">&#160; </font></td>
<td align="left" valign="top" width="52%">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: century gothic">Victor P. Stabio, CEO</font></div></td></tr></table></div>
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</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>exh31wab.htm
<DESCRIPTION>WAB SOX 302 CERTIFICATION
<TEXT>
<html>
<head>
    <title>exh31wab.htm</title>
<!-- Licensed to: Hallador Petroleum Company-->
<!-- Document Created using EDGARizer 5.1.2.0 -->
<!-- Copyright 1995 - 2009 Thomson Reuters. All rights reserved. -->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Exhibit&#160;31.2</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">CERTIFICATION </font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
<br>&#160;</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">I, W. Anderson Bishop, certify that:</font></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">1.&#160;&#160;</font></div></td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">I have reviewed this quarterly report on Form&#160;10-Q/A of Hallador Petroleum Company;</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">2.&#160;&#160;</font></div></td>
<td>
<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div></td></tr></table></div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<br></div>
<div>
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<TYPE>EX-32
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<DESCRIPTION>SOX 906 CERTICATION
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<br></div>
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<br></div>
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<br></div>
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<br></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Century Gothic">(1)</font></div></td>
<td>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
