<SEC-DOCUMENT>0000788965-18-000009.txt : 20180409
<SEC-HEADER>0000788965-18-000009.hdr.sgml : 20180409
<ACCEPTANCE-DATETIME>20180409152007
ACCESSION NUMBER:		0000788965-18-000009
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20180523
FILED AS OF DATE:		20180409
DATE AS OF CHANGE:		20180409
EFFECTIVENESS DATE:		20180409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HALLADOR ENERGY CO
		CENTRAL INDEX KEY:			0000788965
		STANDARD INDUSTRIAL CLASSIFICATION:	BITUMINOUS COAL & LIGNITE MINING [1220]
		IRS NUMBER:				841014610
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34743
		FILM NUMBER:		18745451

	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:	HALLADOR PETROLEUM CO
		DATE OF NAME CHANGE:	19920703

	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>DEF 14A
<SEQUENCE>1
<FILENAME>hnrg-20180523xdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
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			hnrg_2018_def14a
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			<a name="_GoBack"></a><font style="display: inline;font-family:Arial;font-size:10pt;">UNITED STATES</font><br /><font style="display: inline;font-family:Arial;font-size:10pt;">SECURITIES AND EXCHANGE COMMISSION</font><br /><font style="display: inline;font-family:Arial;font-size:10pt;">Washington, D.C. 20549 </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">SCHEDULE 14A </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">Proxy Statement </font><font style="display: inline;font-family:Arial;font-size:10pt;">Pursuant to</font><font style="display: inline;font-family:Arial;font-size:10pt;"> Section 14(a) of the </font><br /><font style="display: inline;font-family:Arial;font-size:10pt;">Securities Exchange Act of 1934 (Amendment No. )</font>
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						<font style="display: inline;font-family:Arial;font-size:10pt;">Filed by the Registrant</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;">Filed by a Party other than the Registrant</font></p>
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						&nbsp;</p>
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						<font style="display: inline;">f</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;">CHECK THE APPROPRIATE BOX:</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;">Preliminary Proxy Statement</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">Definitive Proxy Statement</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;">Definitive Additional Materials</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;">Soliciting Material Under Rule 14a-12</font></p>
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			<font style="display: inline;font-family:Arial;font-size:10pt;"><img src="hnrg-20180523xdef14ag001.jpg" style="width: 0.8333333in; height: 0.7in" alt="double logo"></font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;">HALLADOR ENERGY COMPANY</font>
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			<font style="display: inline;font-family:Arial;font-size:7.5pt;">(N</font><font style="display: inline;font-family:Arial;font-size:7.5pt;">ame of Registrant as Specified i</font><font style="display: inline;font-family:Arial;font-size:7.5pt;">n Its Charter)</font><br /><font style="display: inline;font-family:Arial;font-size:7.5pt;">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font>
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						<font style="display: inline;font-family:Arial;font-size:10pt;">PAYMENT OF FILING FEE (CHECK THE APPROPRIATE BOX):</font></p>
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						<font style="display: inline;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">No fee required.</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></p>
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						<font style="display: inline;">&#xFEFF;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;font-size:9pt;">1) Title of each class of securities to which transaction applies:</font></p>
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						<font style="display: inline;">&#xFEFF;</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;font-size:9pt;">2) Aggregate number of securities to which transaction applies:</font></p>
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						<font style="display: inline;">&#xFEFF;</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0pt 8.1pt;text-indent: -8.1pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;font-size:9pt;">3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</font></p>
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						<font style="display: inline;">&#xFEFF;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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				<td valign="top" style="width:96.00%;background-color: #F2F2F2;padding:0pt 4.8pt 0pt 4.8pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;font-size:9pt;">4) Proposed maximum aggregate value of transaction:</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;font-size:9pt;">5) Total fee paid:</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
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				<td valign="top" style="width:01.00%;border-bottom:1pt solid #000000 ;background-color: #F2F2F2;padding:0pt 4.8pt 0pt 4.8pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">Fee paid previously with preliminary materials:</font></p>
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
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					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee </font><font style="display: inline;font-family:Arial;font-size:10pt;">was paid</font><font style="display: inline;font-family:Arial;font-size:10pt;"> previously.</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;"> Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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				<td valign="top" style="width:96.00%;background-color: #F2F2F2;padding:0pt 4.8pt 0pt 4.8pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;font-size:9pt;">1) Amount Previously P</font><font style="display: inline;font-family:Arial;font-size:9pt;">aid:</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;font-size:9pt;">2) Form, Schedule or Registration Statement No.:</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;font-size:9pt;">3) Filing Party:</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;font-size:9pt;">4) Date Filed:</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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						&nbsp;</p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;">April 9</font><font style="display: inline;font-family:Arial;">, 2018</font>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</font><font style="display: inline;font-family:Arial;font-weight:bold;"> TO </font><font style="display: inline;font-family:Arial;font-weight:bold;">BE HELD</font><font style="display: inline;font-family:Arial;font-weight:bold;"> MAY 23, 201</font><font style="display: inline;font-family:Arial;font-weight:bold;">8</font></p>
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			<font style="display: inline;font-family:Arial;">As a </font><font style="display: inline;font-family:Arial;">shareholder</font><font style="display: inline;font-family:Arial;"> of Hallador Energy Company, you are </font><font style="display: inline;font-family:Arial;">hereby</font><font style="display: inline;font-family:Arial;"> given notice of, and invited to attend in person or by proxy, Hallador Energy Company&#x2019;s 2018 Annual Meeting of </font><font style="display: inline;font-family:Arial;">Shareholder</font><font style="display: inline;font-family:Arial;">s (the &#x201C;2018 Annual Meeting&#x201D;). The 2018 Annual Meeting will </font><font style="display: inline;font-family:Arial;">be held</font><font style="display: inline;font-family:Arial;"> at the offices of </font><font style="display: inline;font-family:Arial;font-weight:bold;">Yorktown Partners, LLC, 410 Park Avenue, 19</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:6pt;vertical-align:super;line-height:100%">th</font><font style="display: inline;font-family:Arial;font-weight:bold;"> Floor, New York City, New York 10022 on</font><font style="display: inline;font-family:Arial;font-weight:bold;"> Wednesday, May&nbsp;23</font><font style="display: inline;font-family:Arial;font-weight:bold;">, 20</font><font style="display: inline;font-family:Arial;font-weight:bold;">18 at 10:30 </font><font style="display: inline;font-family:Arial;font-weight:bold;">a.m.&nbsp;</font><font style="display: inline;font-family:Arial;font-weight:bold;">Eastern </font><font style="display: inline;font-family:Arial;font-weight:bold;">Time</font><font style="display: inline;font-family:Arial;font-weight:bold;">,</font><font style="display: inline;font-family:Arial;"> for the following purposes:</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;">1.</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;">To elect five directors to the Board of Directors to serve for a one-year term;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;">2.</font></p>
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				<td valign="top" style="width:95.80%;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;">To approve, on an advisory basis, Hallador Energy&#x2019;s executive compensation of Named Executive Officers;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;">3.</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;">To consider and act upon such other matters as may properly come before the Meeting and any adjournments thereof.</font></p>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;">&#xFEFF;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;">The Board has fixed the close of business </font><font style="display: inline;font-family:Arial;">on March&nbsp;29, 2018 </font><font style="display: inline;font-family:Arial;">as the record date for the determination of </font><font style="display: inline;font-family:Arial;">shareholder</font><font style="display: inline;font-family:Arial;">s entitled to no</font><font style="display: inline;font-family:Arial;">tice of and to vote at the 2018 </font><font style="display: inline;font-family:Arial;">Annual Meeting and any adjournment or postponement thereof.</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;">Pursuant to</font><font style="display: inline;font-family:Arial;"> rules&nbsp;adopted by the SEC, we are providing access to our proxy materials primarily via the Internet, rather than mailing paper copies of these materials to each </font><font style="display: inline;font-family:Arial;">shareholder</font><font style="display: inline;font-family:Arial;">. On or about </font><font style="display: inline;font-family:Arial;">April 9, 2018</font><font style="display: inline;font-family:Arial;">, we began mailing a Notice of Internet Availability of Proxy Materials, which contains instructions on how to access the proxy materials, submit your proxy, and request paper copies of the proxy materials. </font><font style="display: inline;font-family:Arial;">&nbsp;</font><font style="display: inline;font-family:Arial;">We believe this process expedites </font><font style="display: inline;font-family:Arial;">shareholder</font><font style="display: inline;font-family:Arial;">s&#x2019; receipt of the proxy materi</font><font style="display: inline;font-family:Arial;">als, lowers the cost of our 2018</font><font style="display: inline;font-family:Arial;"> Annual Meeting through lower printing and distribution costs, and reduces the environmental impact associated with printing a large volume of proxy materials. Your vote is important. </font><font style="display: inline;font-family:Arial;">&nbsp;</font><font style="display: inline;font-family:Arial;">We urge you to review the Proxy Statement carefully and to submit your proxy or voting instructions as soon as possible so that your shares will </font><font style="display: inline;font-family:Arial;">be represented</font><font style="display: inline;font-family:Arial;"> at the meeting.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;">Thank you for your continued interest and support.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
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						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;">By Order of the Board of Directors,</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;"><img src="hnrg-20180523xdef14ag003.jpg" style="width: 2.893055in; height: 0.6847222in" alt="Picture 3"></font><font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;">Brent K. Bilsland</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;">Chairman of the Board, President and CEO</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt -4.5pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 11pt">
			<font style="display: inline;font-family:Arial;color:#0000FF;font-size:11pt;">1660 Lincoln Street, Suite 2700, Denver, Colorado 80264</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">1</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="middle" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font></p>
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				<td valign="middle" style="border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:100.00%;height:45.40pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS</font><br /><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">FOR THE 2018 ANNUAL MEETING OF </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">SHAREHOLDER</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">S TO BE HELD ON MAY&nbsp;23, 2018</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2.25pt solid #000000 ;width:100.00%;height:53.95pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 11pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">This Notice of Annual Meeting, the Proxy Statement and our annual report on Form&nbsp;10-K for the year ended December&nbsp;31, 2017 (the &#x201C;Form&nbsp;10-K&#x201D;) (which we are distributing in lieu of a separate annual report to shareholders), are available on our website at </font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;">www.halladorenergy.com</font><font style="display: inline;font-family:Arial;font-size:10pt;"> in the &#x201C;Annual Meeting Materials&#x201D; subsection of the &#x201C;News and Events&#x201D; section.</font><font style="display: inline;font-family:Arial;font-size:10pt;"> Additionally, you may access the Notice of Annual Meeting, the Proxy Statement and the Form&nbsp;10-K at </font><font style="display: inline;font-family:wf_segoe-ui_normal;color:#0000FF;font-size:11.5pt;text-decoration:underline;">http://materials.proxyvote.com/</font><font style="display: inline;font-family:wf_segoe-ui_normal;font-weight:bold;color:#0000FF;font-size:11.5pt;text-decoration:underline;">40609P.</font></p>
				</td>
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		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;margin-left:0pt;font-family:Calibri;font-size:11pt;">
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:04.34%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="3" valign="top" style="width:99.94%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">TABLE OF CONTENTS </font></p>
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="bottom" style="width:92.72%;font-weight:bold;height:16.64pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 0.25pt;line-height:106.67%;text-indent: -0.5pt;font-family:Cambria;font-weight:bold;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:16.64pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:16.64pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:92.72%;font-weight:bold;height:16.64pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 0.25pt;line-height:106.67%;text-indent: -0.5pt;font-family:Cambria;font-weight:bold;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">GENERAL MEETING INFORMATION</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:16.64pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:16.64pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">4&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">DELIVERY OF PROXY MATERIALS</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">4&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">VOTING INFORMATION</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">5&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 0.25pt;line-height:106.67%;text-indent: -0.5pt;font-family:Cambria;font-weight:bold;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">PROPOSAL NO.</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">1: ELECTION OF DIRECTORS</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">7&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Information about the Director Nominees</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">7&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">CORPORATE GOVERNANCE</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">9&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Board of Directors and its Committees</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">9&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Code of Conduct</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">10&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Criteria for Director Nominations</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">10&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Shareholder-Recommended Director Candidates</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">11&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Board Leadership Structure</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">11&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Director Independence</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">11&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Director Compensation</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">12&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Audit Committee Report</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 8.25pt;text-indent:1.7pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Board Risk Oversight</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">13&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 8.25pt;text-indent:1.7pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Compensation Committee Risk Assessment</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">13&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 8.25pt;text-indent:1.7pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Policy for Approval of Related Person Transactions</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">13&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 8.25pt;text-indent:1.7pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Shareholder Communications with our Board </font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">13&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">INFORMATION ABOUT OUR NON-DIRECTOR NEO</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">14&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 0.25pt;line-height:106.67%;text-indent: -0.5pt;font-family:Cambria;font-weight:bold;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;">PROPOSAL NO. 2: ADVISORY VOTE APPROVING NAMED EXECUTIVE OFFICERS&#x2019; COMPENSATION.</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">14&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">2017 CEO Pay Ratio</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">15&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Compensation Discussion and Analysis</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">15&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Compensation Committee Report</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">16&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Compensation Committee Interlocks and Insider Participation</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">16&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">NAMED EXECUTIVE OFFICERS (NEOS) COMPENSATION</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">17&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Summary Compensation Table </font><font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Under</font><font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;"> Item 402 of Regulation S-K </font><font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">17&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Realized Compensation per W-2s and &#x201C;At Risk&#x201D; Compensation Table</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">17&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Outstanding Equity Awards at December 31, 2017 </font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">17&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Restricted Stock Unit Plan and Stock Bonus Plan</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-indent:10pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">18&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">2018 COMPENSATION TO BE PAID TO NEOs</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">18&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT </font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">19&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">SECTION 16 (A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">20&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">INDEPENDENT AUDITORS&#x2019; FEES AND SERVICES</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">20&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D9E2F3;">
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">PROPOSALS BY SECURITY HOLDERS </font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">20&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:92.72%;font-weight:bold;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">CONTACT INFORMATION</font></p>
				</td>
				<td valign="top" style="width:02.94%;height:7.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:04.34%;height:7.20pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">20&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">3</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">&#xFEFF;</font>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden">
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			<tr>
				<td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;height:44.50pt;padding:0pt 6.5pt">
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						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">HALLADOR ENERGY COMPANY</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">PROXY STATEMENT</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">FOR THE ANNUAL MEETING OF </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">SHAREHOLDER</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">S</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">TO BE HELD MAY 23, 2018</font></p>
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		</table></div>
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		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">This Proxy Statement is being furnished by the Board of Directors (the &#x201C;Board&#x201D;) of Hallador Energy Company (the &#x201C;Company&#x201D;, "Hallador", "we" or "us") to holders of our common stock in connection with the solicitation by the Board of proxies to be voted at the 201</font><font style="display: inline;font-family:Arial;font-size:10pt;">8</font><font style="display: inline;font-family:Arial;font-size:10pt;"> Annual Meeting of </font><font style="display: inline;font-family:Arial;font-size:10pt;">Shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;"> (the &#x201C;Meeting&#x201D;.)</font><font style="display: inline;font-family:Arial;font-size:10pt;"> &nbsp; &nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;line-height:106.67%;text-indent: -0.5pt;font-family:Cambria;font-weight:bold;font-size: 12pt">
			<font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">GENERAL </font><font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">MEETING </font><font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">INFORMATION</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:106.67%;font-family:Cambria;font-weight:bold;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#0036A2;font-size:10pt;">Date and L</font><font style="display: inline;font-family:Arial;color:#0036A2;font-size:10pt;">ocation of Meeting</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Our Meeting will be held on Wednesday, May 23, 2018</font><font style="display: inline;font-family:Arial;font-size:10pt;"> at </font><font style="display: inline;font-family:Arial;font-size:10pt;">10:30 a.m. </font><font style="display: inline;font-family:Arial;font-size:10pt;">Eastern Time, </font><font style="display: inline;font-family:Arial;font-size:10pt;">a</font><font style="display: inline;font-family:Arial;font-size:10pt;">t the offices of </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;">Yorktown Partners, LLC, 410 Park Avenue, 19</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;font-size:5pt;vertical-align:super;line-height:100%">th</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;"> Floor, New York City, New York 10022, </font><font style="display: inline;font-family:Arial;font-size:10pt;">or at such other time and place </font><font style="display: inline;font-family:Arial;font-size:10pt;">in the event that </font><font style="display: inline;font-family:Arial;font-size:10pt;"> the meeting</font><font style="display: inline;font-family:Arial;font-size:10pt;"> is postponed or </font><font style="display: inline;font-family:Arial;font-size:10pt;">adjourned.</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;"> References in this Proxy Statement to the 2018 Annual Meeting also refer to any adjournments, postponements or changes in time or location of the meeting, to the extent applicable.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Who can attend the Meeting?</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">We invite all Hallador shareholders as of the Record Date or their named representatives and members of their immediate family to the Meeting.&nbsp;&nbsp;We reserve the right to limit the number of representatives who may attend.&nbsp;&nbsp;Proof of ownership and identification is required to attend the Meeting.&nbsp;&nbsp;A recent brokerage statement or a letter from your bank or broker are examples of proof of ownership.&nbsp;&nbsp;Cameras, recording devices, and other electronic devices </font><font style="display: inline;font-family:Arial;font-size:10pt;">are not allowed </font><font style="display: inline;font-family:Arial;font-size:10pt;">at the Meeting.&nbsp; </font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">We ask that you RSVP to Hallador by May 18, 2018, via email to </font><font style="display: inline;font-family:Arial;font-size:10pt;">investorrelations@halladorenergy.com</font><font style="display: inline;font-family:Arial;font-size:10pt;">, attention Rebecca Palumbo or by telephone to 1-800-839-5506, ext. 316.&nbsp; </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">What is the purpose of the Meeting?</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">At the Meeting, </font><font style="display: inline;font-family:Arial;font-size:10pt;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;"> will act upon the matters outlined in the &#x201C;Notice of Annual Meeting&#x201D;, which appears on the cover page of this Proxy Statement, including </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
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		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> 1.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The election of five</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> directors.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> 2.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Advisory vote approving named executive officers</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#x2019;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> compensation.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Times New Roman;font-size:10pt;;"> 3.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 10pt;margin:0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Any other matters that may properly come before the Meeting or any postponement or adjournment thereof. </font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">DELIVERY OF THE PROXY MATERIALS</font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Cambria;font-weight:bold;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:107.08%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Mailing Date</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;line-height:106.67%;text-indent:36.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">On or about April 9, 2018, we mailed a Notice of Internet Availability of Proxy Materials (the &#x201C;Notice of Availability&#x201D;) to our </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s containing instructions on how to access the proxy materials and submit your proxy online. We have made these proxy materials available to you over the Internet or, upon your request, have delivered paper copies of these materials to you by mail, in connection with the solicitation of proxies by the Board for the 2018 Annual Meeting.</font>
		</p>
		<p style="margin:0pt 0pt 0pt -0.25pt;line-height:106.67%;text-indent:36.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font>

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Shareholder</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">s Sharing an Address</font><a name="StockholdersSharinganAddress_113216"></a>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Registered </font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Shareholder</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#x2014;Each registered </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> (meaning you own shares in your name on the books of our transfer agent, Computershare Trust Company, N.A.) will receive one Notice of Availability, regardless of whether you have the same address as another registered </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font>
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			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Street Name </font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Shareholder</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#x2014;If your shares are held in &#x201C;street name&#x201D; (that is, in the name of a bank, broker or other holder of record), applicable rules&nbsp;permit brokerage firms and our company, under certain circumstances, to send one Notice of Availability to multiple </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s who share the same address.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> This practice is known as &#x201C;householding.&#x201D; Householding saves printing and postage costs by reducing duplicate mailings.&nbsp;&nbsp;&nbsp;If you hold your shares through a broker, you may have consented to reducing the number of copies of materials delivered to your address.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">I</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">f</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> you wish to revoke a &#x201C;householding&#x201D; consent you previously provided to a broker, you must contact that broker to revoke your consent. If your household is receiving multiple copies of the Notice of Availability and you wish to request delivery of a single copy, you should contact your broker directly.</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">VOTING INFORMATION</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Who is entitled to vote?</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Only </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> of record at the close of business on </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">March 29, 2018</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> (the &#x201C;Record Date&#x201D;), are entitled to receive notice of the Meeting and to vote the shares of common stock of the Company (&#x201C;Common Stock&#x201D;).&nbsp;&nbsp;The holders of the Common Stock may vote on all matters presented at the Meeting and will vote together as a class.&nbsp;&nbsp;Each outstanding share of Common Stock entitles the holder to one vote.&nbsp;&nbsp;As of </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Record Date, there were 29,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">955,713</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">share</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s of Common Stock outstanding.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">As of the Record Date the Company's officers and directors are the record and beneficial owners of a total of 13,502,218 shares (45.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">1</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">%) of the Company's outstanding common stock.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Management intends</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> to vote all of its shares in the manner recommended by the Board for each matter to be considered by the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font>
		</p>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">What constitutes a quorum?</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">One-third of the outstanding common shares entitled to vote, represented in person or by proxy, constitutes a quorum for the Meeting.&nbsp; </font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">How </font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">do I vote?</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;line-height:106.67%;text-indent:0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our proxy materials </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">are </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">available to </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> on the Internet and by mail.&nbsp;&nbsp;You may re</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ad, print and download our 2017 Form 10-K, 2018 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Pr</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">oxy Statement and Proxy Card at http://materials.proxyvote.com/40609P</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">On an ongoing basis, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s may request to receive proxy materials in printed form by mail or electronically by e-mail. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">You may vote your shares by the Internet, by regular mail or in person at the Meeting. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Each of these voting options </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is described</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in the Notice of Availability and the Proxy Card.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">To ensure that your vote is counted at the Meeting, regardless of whether you plan to attend, you should vote by using the Internet voting option on your Proxy Card or mailing in your Proxy Card. If you return an executed Proxy Card without marking your instructions, your executed Proxy Card will </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">be voted</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">by</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the recommendations of the Board. In connection </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">therew</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ith</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, the Board has designated B</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">rent</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> K. Bilsland, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chairman, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">President and CEO, and Lawrence D. Martin, CFO,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> as proxies. If you indicate a choice </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">concerning</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> any matter to </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">be acted</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> upon on your proxy card or voting instruction card, your shares will </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">be voted</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> per your instructions.</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent:0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">Information for Beneficial Owners</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">If you hold your </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Hallador</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> shares</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in a brokerage, bank or other institutional account, you are considered the beneficial owner of those shares, but not the record holder. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">This</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> means that you vote by providing instructions to your broker rather than directly to the Company. Unless you provide specific voting instructions, your broker is not permitted to vote your shares on your behalf.&nbsp;&nbsp;For your vote on any other matters to be counted, you will need to communicate your voting decisions to your broker, bank or other institution before the date of the Meeting using the voting instruction form that the institution provides to you. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">If you would like to vote your shares at the meeting, you must obtain a proxy from your financial institution and bring it with you to hand in with your ballot.</font>
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			<font style="display: inline;"></font><font style="display: inline;">5</font><font style="display: inline;"></font>

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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:107.08%;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">What if I do not specify how my shares are to </font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">be voted</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">?</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">For &#x201C;Proposal No. 1 &#x2013; Election of Directors,&#x201D; if you submit a proxy but do not indicate any voting instructions, your shares will be voted </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">in accordance with</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the recommendations of the Company&#x2019;s B</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">oard of Directors (the &#x201C;Board&#x201D;).</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">For &#x201C;Proposal No. 2 &#x2013;</font><font style="display: inline;font-family:Arial;color:#0033CC;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Advisory Vote Approving Named Executive Officers</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#x2019;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Compensation</font><font style="display: inline;font-family:Arial;color:#0033CC;font-size:10pt;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#x201D; if you submit a proxy but do not indicate any voting instructions, your shares will be counted as a vote approving the compensation of the Com</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">pany&#x2019;s Named Executive Officers.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">Can I change my vote after I return my proxy card?</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Yes.&nbsp;&nbsp;Even after you have submitted your Proxy Card, you may change your vote at any time before the proxy is exercised by filing with the Secretary of the Company at our address above either a notice of revocation or a duly executed proxy bearing a later date.&nbsp;&nbsp;If you attend the Meeting in person you may revoke your proxy and vote in person.&nbsp; </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;line-height:106.67%;text-indent:0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">What if other matters come up at the Meeting?</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The matters described in this Proxy Statement are the only matters we know that will be voted on at the Meeting.&nbsp;&nbsp;If other matters </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">are properly presented</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> at the Meeting, the proxy holders will vote your shares as they see fit.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;text-indent:0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Can I vote in person at the Meeting rather than by completing the Proxy Card?</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Although we encourage you to complete and return the Proxy Card to ensure that your vote </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is counted</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, you can attend the Meeting and vote your shares in person.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;text-indent:0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">How are votes counted</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;">?</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;line-height:106.67%;text-indent:36.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0033CC;font-size:10pt;"></font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We will hold the Meeting if holders of one-third of the total shares of Common Stock entitled to vote either sign and return their Proxy Cards or attend the Meeting.&nbsp;&nbsp;If you sign and return your Proxy Card, your shares will be counted to determine whether the Company has a quorum even if you abstain or fail to vote on any of the proposals listed on the Proxy Card.</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;line-height:106.67%;text-indent:36.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;text-indent:0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Where can I find the voting results of the Annual Meeting? </font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;text-indent:36.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We will announce the</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> preliminary voting results at the Meeting.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp;The final voting results will reported in </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">a</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Cur</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">rent Report on Form 8-K, which we are </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">required to file with the SEC within four business days following the Meeting. </font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;line-height:106.67%;text-indent:0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Who pays for this proxy solicitation?</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Company will pay all the costs of solicitation, including the preparation, assembly, printing and mailing of this Proxy Statement, the Proxy Card, and any additional solicitation materials furnished to </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp;&nbsp;Copies of solicitation materials will be furnished to brokerage houses, fiduciaries, and custodians holding shares in their names that are beneficially owned by others so that they may forward this solicitation material to such beneficial owners.&nbsp;&nbsp;Also, the Company may reimburse such persons for their costs in forwarding the solicitation materials to such beneficial owners.&nbsp;&nbsp;In addition to sending you these materials, some of the Company&#x2019;s employees may contact you by telephone, by mail, or in person.&nbsp;&nbsp;None of these employees will receive any extra compensation for doing this.&nbsp; </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt -0.25pt;line-height:106.67%;text-indent:0.25pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">What vote is required to approve each item?</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Tahoma;color:#000000;font-size:10pt;">&#xFEFF;</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;color:#0036A2;font-size:10pt;">Election of Directors.</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> &nbsp;At the Meeting, five director-nominees are standing for election to the Board.&nbsp;&nbsp;Each director-nominee will serve on the Board until his successor is duly elected and qualified.&nbsp;&nbsp;Director-nominees will </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">be elected</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> by majority of the votes cast by holders of the Common Stock, represented in person or by proxy at the Meeting.&nbsp;&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">This</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> means that the director-nominees will be elected if they receive more votes cast for than against his election.&nbsp;&nbsp;A properly executed proxy marked &#x201C;Withheld&#x201D; </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">with respect to</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> the election of any director-nominee will not </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">be voted</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">with respect to</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> such director-nominee indicated, although it will </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">be counted</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> for purposes of determining whether there is a quorum.&nbsp; </font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Tahoma;color:#000000;font-size:10pt;">&#xFEFF;</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;color:#0036A2;font-size:10pt;">Say-on-Pay</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">.&nbsp;&nbsp;At the Meeting, we are asking </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">shareholder</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> to vote to approve </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">on</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> advisory basis on the compensation paid to the Named Executive Officers.&nbsp; A majority of the shares of Common Stock represented at the Meeting and entitled to vote on this proposal must vote FOR the proposal to approve it. Your broker may not vote your shares on this proposal unless you give voting instructions. Broker non-votes </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">do not affect</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> the vote. Your vote will not directly affect or otherwise limit</font>
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		<p><font size="1"> </font></p><div style="width:100%">

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			<font style="display: inline;"></font><font style="display: inline;">6</font><font style="display: inline;"></font>

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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">or enhance any existing compensation or award arrangement of any of our named executive officers, but the outcome of the say-on-pay vote will be taken into account by the Compensation </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">and Nominating </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Committee when considering future compensation arrangements.</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;color:#0036A2;font-size:10pt;">Other Matters.</font><font style="display: inline;font-family:Arial;font-weight:bold;font-style:italic;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> For most other matters that properly come before the Meeting, the affirmative vote of a majority of shares of Common Stock, present in person or represented by proxy and voted at the Meeting, will be required.&nbsp; </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0051F2;">&#xFEFF;</font><a name="Proposal1"></a>
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			<font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">PROPOSAL NO.</font><font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">1: ELECTION OF DIRECTORS.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">At our 2017 Annual Meeting our shareholders elected a Board of seven directors. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp;Two of our directors </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">elected </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">at&nbsp;&nbsp;that</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> meeting have passed away; John Van H</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">euvel</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">en</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> on May 17, 2017, and Victor P. Stabio, our Chairman of the Board, on March 7, 2018.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Board has </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">decided not to fill the vacancies an</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">d reduce the board size to five</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> members. </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">current </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">directors are listed below and </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">nominated</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> for re-election at the Meeting.&nbsp;&nbsp;Each of the directors elected at the Meeting will serve a one-year term expiring at the next annual meeting of </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> or until their successors have been elected and qualified, or until he resigns or </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is removed</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Each agreed to be named in this proxy st</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">atement and to serve if elected.</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Under </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Hallador&#x2019;s B</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">y</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">laws, in an uncontested electio</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">n, directors are elected by plurality </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">of votes cast </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">with respect to</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> such director, meaning that the number of votes cast &#x201C;for&#x201D; a director must exceed the number of votes cast &#x201C;against&#x201D; that director. Your broker may not vote your shares on this proposal unless you give voting instructions. </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Abstentions and broker non-votes </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">do not affect</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> the vote. Any director who receives a greater number of votes &#x201C;against&#x201D; his or her election than votes &#x201C;for&#x201D; in an uncontested election must tender his or her resignation. </font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We have no reason to believe that any of the nominees will be unable or unwilling for good cause to serve if elected.&nbsp;&nbsp;However, if any nominee should become unable for any reason or unwilling for good cause to serve, the proxies may be voted for another person nominated as a substitute by the Board, or the Board may reduce the number of Directors. </font>
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			<a name="DIRECTORINFORMATION"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">I</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">nformation about the Director Nominees</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Below is information about each nominee, including biographical data for at least the past five years and an assessment of the skills and experience of each nominee.&nbsp; </font>
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			<font style="display: inline;font-family:Arial;color:#000000;font-size:9pt;">&#xFEFF;</font>
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		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;background-color: #002060;margin-left:0pt;">
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:00.54%;background-color: #002060;padding:6pt 0pt 6pt 0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="middle" style="width:07.98%;background-color: #002060;padding:6pt 0pt 6pt 0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Arial;color:#0033CC;font-size:9pt;"><img src="hnrg-20180523xdef14ag004.jpg" style="width: 0.2583333in; height: 0.2583333in" alt="loxyx12x1.jpg"></font></p>
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				<td valign="middle" style="width:91.48%;background-color: #002060;padding:6pt 6pt 6pt 0pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 14pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;color:#FFFFFF;font-size:14pt;">The Board recommends that you vote FOR all of the Nominees</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#FFFFFF;">.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:23.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt 0pt 20.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Name</font></p>
				</td>
				<td valign="top" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Age</font></p>
				</td>
				<td valign="top" style="width:03.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:62.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Position(s) and year appointed</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Brent K. Bilsland</font></p>
				</td>
				<td valign="top" style="width:02.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:07.90%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">4</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">4</font></p>
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				<td valign="top" style="width:03.56%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:62.24%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chairman (2018), CEO (2014), </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">President and </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Director </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">2009)</font></p>
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				<td valign="top" style="width:23.96%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">David C. Hardie</font></p>
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				<td valign="top" style="width:02.34%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:07.90%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">6</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">7</font></p>
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				<td valign="top" style="width:03.56%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:62.24%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Director (1989)</font></p>
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			<tr>
				<td valign="top" style="width:23.96%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Steven Hardie</font></p>
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				<td valign="top" style="width:02.34%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:07.90%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">6</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">4</font></p>
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				<td valign="top" style="width:03.56%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:62.24%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Director (1994)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:23.96%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Bryan H. Lawrence</font></p>
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				<td valign="top" style="width:02.34%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:07.90%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">7</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">5</font></p>
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				<td valign="top" style="width:03.56%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:62.24%;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Director (1995)</font></p>
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			<tr>
				<td valign="top" style="width:23.96%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Sheldon B. Lubar</font></p>
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				<td valign="top" style="width:02.34%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:07.90%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">8</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">8</font></p>
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				<td valign="top" style="width:03.56%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
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				<td valign="top" style="width:62.24%;background-color: #D3DFEE;padding:0pt 6.5pt 0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Director (2008)</font></p>
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			<a name="_Hlk510178665"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">BRENT K. BILSLAND, </font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Chairman of the Board, </font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">President and CEO.</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0000FF;font-size:10pt;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">On March 9, 2018, Mr. Bilsland assumed the role of Chairman of </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Board, in addition to his role</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> as President and CEO.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Mr. Bilsland has been a director and our President since 2009 and our CEO since January 2014.&nbsp;&nbsp;He was President </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">of Sunrise Coal, LLC, our primary operating subsidiary,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> from July 2006 through November 2017.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Previously, Mr. Bilsland was Vice President of Knappe</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">r Corporation, a private corporation, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">from 1998 to 2004.&nbsp;&nbsp;Mr. Bilsland is a graduate of Butler University located in Indianapolis, Indiana.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Mr. Bilsland brings broad industry experience and significant operational capabilities to our Company. He has an intimate understanding of our business and its operations that benefits us. &nbsp;Mr. Bilsland&#x2019;s </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">personal</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> investment in Hallador stock, combined with his wife </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and children, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is 3.9% (</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">1,162,455</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp;s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">hares</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">)</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in addition to his 275,000</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> RSUs that </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">will lapse/vest equally over four years beginning </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">December</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> 2018</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Mr. Bilsland currently serves as a director of both the</font>
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		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">National Mining Association (NMA) and the Indiana Coal Council (ICC).&nbsp; In 2015 and 2016, Mr. Bilsland served as the Chairman of the ICC.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">DAVID C. HARDIE</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">, Director</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">has</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> served on our board since </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">1989.&nbsp;&nbsp;He is also the</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chair of our Audit and Compensation and Nominating committees. From July 1989 through January 2014 Mr. Hardie was our Chairman of the Board.&nbsp;&nbsp;&nbsp;He is the Chairman of the Board and Chief Executive Officer of Hallador Investment Advisors Inc., which manages Hallador Cash Fund LP, Hallador Alternative Assets Fund, and Hallador Balanced Fund. Mr. Hardie is and serves as a director and partner of other private entities that are owned by members of his family and also serves as Chairman of Parasol Tahoe Community Foundation.&nbsp; Mr. Hardie is a graduate of California Polytechnic University, San Luis Obispo.&nbsp;&nbsp;He also attended the Owner/President Management program </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">at the</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Harvard Business School.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">STEVEN HARDIE, Director,</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0000FF;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">has served on our board since 1994. He is manager of NextG LLC a family investment part</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">nership</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> formed</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in 2016. For the past 32</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> years, he has been a private investor and serves as director and partner of other private entities owned by members of his family.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Messrs. David and Steven Hardie have served as our board members for the last 29 and 24 years, respectively.&nbsp;&nbsp;Both have been private investors in many companies over their careers and served on numerous boards.&nbsp;&nbsp;At one time, the two brothers and their family owned over 50% of our </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">common </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">stock.&nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Currently, the two brothers beneficially own through various entities 11.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">4</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">% of our </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">common </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">stock giving them a vested interest in monitoring the well-being of our Company, although Messrs. &nbsp;David and Steven Hardie disclaim any beneficial ownership of any other shares held by such entities. Their significant broad experience, as well as intimate knowledge of our Company, are tremendous benefits to us in planning and executing our corporate strategy</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">BRYAN H. LAWRENCE, Director,</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0000FF;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">has served on our board since November 1995. Mr.&nbsp;Lawrence is a founder and senior manager of Yorktown Partners LLC, the manager of the Yorktown group of investment partnerships, which make investments in companies engaged in the energy industry. The Yorktown partnerships </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">were formerly affiliated</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> with the investment firm of Dillon, Read&nbsp;&amp; Co. Inc. where Mr.&nbsp;Lawrence had been employed since 1966, serving as a Managing Director until the merger of Dillon Read with SBC Warburg in September 1997. Mr.&nbsp;Lawrence also serves as a director of Carbon Natural Gas Company, Rama</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">co Resources, Inc., and Star Group</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, L.P. (each a United States publicly traded company) and certain non-public companies in the energy industry in which Yorktown partnerships hold equity interests. Mr.&nbsp;Lawrence is a graduate of Hamilton College and also has an M.B.A. from Columbia University</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0000FF;font-size:10pt;">. &nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Mr.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Lawrence, who controls 19.6</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">% of our stock, has bee</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">n a board member for the last 23</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> years. He sits on numerous boards for both private and public companies that are involved in the energy business. His experience with us and in other energy companies, gives us a significant benefit. As</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> with</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">most of our other board members, he too has a significant indirect monetary investment in our Company and accordingly has a vested interest in our success.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">SHELDON B. LUBAR, Director,</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">has served on our board since 2008. Since 1977, Mr. Lubar has been Chairman of the Board of Lubar &amp; Co. Incorporated, a private investment and venture capital firm he founded. During the past five years, he served on the board of Approach Resources, Inc., Crosstex Energy, Inc., Crosstex Energy L.P., and other private companies.&nbsp; Mr. Lubar currently serves on the board of Star Gas Partners L.P. and </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">on</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the boards of </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">a number of</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> private companies. Mr. Lubar holds a bachelor's degree in Business Administration and a law degree from the University of Wisconsin-Madison. He was awarded Honorary Doctorates degrees from the University of Wisconsin-Milwaukee, University of Wisconsin-Madison and the Medical College of Wisconsin.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Mr. Lubar, who controls 9.3</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">% of our stock,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> has been on our board for </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ten</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">years.&nbsp;&nbsp;Mr. Lubar is a very successful entrepreneur and sits on numerous boards in the energy business along with Mr. Lawrence. With his 9.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">3</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">% stake, he too has a vested interest in our success.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We believe that board members who are willing and able to have a sizable portion, or in some case a substantial portion, of their </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">personal</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> net worth invested in us tend to be conscientious directors.&nbsp;&nbsp;In other words, our directors&#x2019; interests </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">are closely aligned</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> with our </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#x2019; interests.&nbsp;&nbsp;If our stock increases, our directors&#x2019; benefit directly and so do our other </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp;&nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Officers are appointed by and serve at the discretion of the Board.</font>
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			<a name="BODandCOMMITTEES"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Board of Directors and its Committees</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Each of the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">board members up for re-election attended at least 75% of the Board and Committee meetings (in person or by telephone) which he served during the year.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We had nine </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Board meetings during 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Ot</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">her Board actions were taken by written unanimous consent</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We do not have a specific policy regarding attendance at the annual </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholders</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> meeting. All directors, however, are enc</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ouraged to attend if available.&nbsp;&nbsp;Two of our directors attended our 2017 Annual Meeting of </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Shareholders</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, one in person and one via conference call. </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Board has an Audit Committee, a Compensation and Nominating Committee</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> and an Executive Committee.&nbsp;&nbsp;The current charters for the Audit Committee and the Compensation and Nominating Committee are available on our website, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">www.halladorenergy.com</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp;&nbsp;The Board committee members, as of the date of this Proxy Statement, are identified in the following table:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:31.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Name</font></p>
				</td>
				<td valign="top" style="width:03.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:23.82%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Audit</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Committee</font></p>
				</td>
				<td valign="top" style="width:23.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Compensation</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">and</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Nominating</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Committee</font></p>
				</td>
				<td valign="top" style="width:18.04%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Executive</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Committee</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.82%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:18.04%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">David C. Hardie</font></p>
				</td>
				<td valign="top" style="width:03.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.82%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chairman and</font><br /><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Financial Expert</font></p>
				</td>
				<td valign="top" style="width:23.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chairman</font></p>
				</td>
				<td valign="top" style="width:18.04%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">X</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Steven Hardie</font></p>
				</td>
				<td valign="top" style="width:03.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.82%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">X</font></p>
				</td>
				<td valign="top" style="width:18.04%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Bryan H. Lawrence</font></p>
				</td>
				<td valign="top" style="width:03.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.82%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">X</font></p>
				</td>
				<td valign="top" style="width:23.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">X</font></p>
				</td>
				<td valign="top" style="width:18.04%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">X</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Sheldon B. Lubar</font></p>
				</td>
				<td valign="top" style="width:03.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:23.82%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">X</font></p>
				</td>
				<td valign="top" style="width:23.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">X</font></p>
				</td>
				<td valign="top" style="width:18.04%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:31.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Brent K. Bilsland</font></p>
				</td>
				<td valign="top" style="width:03.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:23.82%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:23.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:18.04%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chairman</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<a name="AUDITCOMMITTEE"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Audit Committee and Financial Expert</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Audit Comm</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ittee met four times during 201</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">7</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. The Audit Committee assists the Board in fulfilling its oversight responsibilities </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">with respect to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">:</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:490.10pt;margin-left:0pt;font-family:Calibri;font-size:11pt;">
			<tr>
				<td valign="top" style="width:14.40pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:24.70pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(i)</font></p>
				</td>
				<td valign="top" style="width:11.80pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:439.20pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The integrity of the financial reports and other financial information provided by us to the public or any governmental body;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:14.40pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:24.70pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(ii)</font></p>
				</td>
				<td valign="top" style="width:11.80pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:439.20pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our compliance with legal and regulatory requirements</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:14.40pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:24.70pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(iii)</font></p>
				</td>
				<td valign="top" style="width:11.80pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our systems of internal controls over financial reporting;</font></p>
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					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt 0pt 12pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(iv)</font></p>
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					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="top" style="width:439.20pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The qualifications and independence of our independent auditors;</font></p>
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					<p style="margin:0pt 0pt 12pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(v)</font></p>
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					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our auditing, accounting, and financial reporting processes generally; and</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt 0pt 12pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(vi)</font></p>
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					<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The performance of such other functions as the Board may assign from time to time. To this end, the Audit Committee will maintain free and open communication with the Board, the independent auditors, and any other person responsible for our financial management.</font></p>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">All Audit Committee members are &#x201C;independent&#x201D; as defined by the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Nasdaq </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">listing standards, including those standards </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">applicable</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> specifically to audit committee members.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In addition</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, no member of the Audit Committee has served as one of our officers or employees at any time. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">All members of the Audit Committee are &#x201C;non-employee directors&#x201D; as defined in SEC rules.</font>
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		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">9</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 10pt"><a name="COMPCOMMITTEE"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Compensation and Nominating Committee</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our Compensation and Nomin</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ating Committee consists of four</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> memb</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ers. It held four </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">meeting</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s in 201</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">7</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, and </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">actions were taken by unanimous written consent</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. The purpose of our Compensation and Nominating Committee is to:</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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						<font style="display: inline;font-size:1pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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				<td valign="top" style="width:24.70pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(i)</font></p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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				<td valign="top" style="width:457.60pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Oversee our executive and director compensation;</font></p>
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				<td valign="top" style="width:14.40pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(ii)</font></p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Oversee and administer our stock incentive plans;</font></p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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				<td valign="top" style="width:24.70pt;height:1.00pt;padding:0pt">
					<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(iii)</font></p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Assist our Board by </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">identifying individuals qualified for election and re-election as Board members and to recommend</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> to our Board the director nominees for each annual meeting of shareholders, subject to the provisions of any shareholder or similar agreement binding on us;</font></p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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				<td valign="top" style="width:24.70pt;height:34.20pt;padding:0pt">
					<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(iv)</font></p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Recommend to the Board director nominees for each committee of the Board, subject to the provisions of any shareholder or similar agreement binding on us; and Act on specific matters within its delegated authority, as determined by the Board from time to time.</font></p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">All Compensation </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and Nominating </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Committee members are &#x201C;independent&#x201D; as defined by the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Nasdaq </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">listing standards, including those standards </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">applicable</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> specifically to compensation committee members. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In addition</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, no member of the Compensation Committee has served as one of our officers or employees at any time. All members of the Compensation </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and Nominating </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Committee are &#x201C;non-employee directors&#x201D; as defined in SEC rules.</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font><a name="EXECUTIVECOMMITTEE"></a>
		</p>
		<p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Executive Committee</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our Executive Co</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">mmittee did not meet during 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. When the Board is not in session, the Executive Committee has all of the power and authority as delegated by the Board, except </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">with respect to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">: &nbsp;</font>
		</p>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(i)</font></p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Amending our Articles of Incorporation and B</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ylaws;</font></p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(ii)</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">A</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">dopting an agreement of merger or consolidation; </font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(iii)</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">R</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ecommending to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> shareholders</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the sale, lease or exchange of all or substantially all of our property and assets;</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(iv)</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">R</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ecommending to </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s our dissolution or revocation of any dissolution;</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(v)</font></p>
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					<p style="margin:0pt 0pt 8pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Declaring a dividend;</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt 0pt 8pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(vi)</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Issuing stock:</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(vii)</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Appointing member of the Board committees; and</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
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						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">(viii)</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt 0pt 6pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Changing major lines of business.</font></p>
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			<font style="display: inline;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Code of Conduct</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our Board adopted the Company&#x2019;s Code of Conduct, which provides general statements of our expectations regarding ethical standards that we expect our directors, officers and employees to adhere to while acting on our behalf. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Code of Conduct provides, among other things, that our directors, officers, and employees will: (i) comply with all laws, rules, and regulations applicable to us; (ii) avoid conflicts of interest; (iii) protect our assets and maintain our confidentiality; (iv) honestly and accurately maintain records and make required disclosures; and (v) promote ethical behavior and report violations of law, rules, regulations or the Code of Conduct.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Code of Conduct is available on our website, </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">www.halladorenergy.com</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Criteria for Director Nominations</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">General criteria for the nomination of director candidates include experience and successful track record, integrity, skills, ability to make analytical inquiries, understanding of our business environment, and willingness to devote adequate time to director duties, and diversity (although no formal policy exists, considered along with the aforementioned factors), all in the context of the perceived needs of the Board at that time.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Stock ownership could also be a consideration.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">10</font><font style="display: inline;"></font>

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 10pt"><a name="SHAREHOLDER_nominees"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Shareholder-Recommended Director Candidates</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our Board is responsible for identifying individuals qualified to become </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">board members and nominees for directorship are selected by the Board</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. Although the Board is willing to consider candidates recommended by our </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, it has not adopted a formal policy </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">with regard to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the consideration of any director candidates recommended by our </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. The Board believes that a formal policy is not necessary or appropriate because of the small size of the Board and because the current Board already has a diversity of business background and industry experience.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Our Board will consider director candidates recommended by </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> who are highly qualified </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">in terms of</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> business experience and be both willing and expressly interested in serving on the Board. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> recommending candidates for consideration should send their recommendations, including the candidate&#x2019;s name, address, principal occupation, number of shares of </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">C</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ommon </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">S</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">tock held by the proposed director candidate, and the recommending shareholder&#x2019;s name, address and number of shares of common stock held, and any other information about the candidate&#x2019;s qualifications to Hallador Energy Company, Attn: President, 1660 Lincoln Street, Suite 2700, Denver, Colorado 80264.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Submissions must include sufficient biographical information concerning the recommended individual, including age, educational background, employment history for at least the past five years indicating employer&#x2019;s name and description of the employer&#x2019;s business, and any other biographical information that would assist the Board in determining the qualifications of the individual.&nbsp;The Board will consider all candidates, whether recommended by </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> or members of management.&nbsp;The Board will consider recommendations received by a date not later than 120 calendar days before the date our proxy statement </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">was released</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> to </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in connection with the prior year&#x2019;s annual meeting for nomination at that annual meeting. The Board will consider nominations received beyond that date at the annual meeting </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">subsequent to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the next annual meeting.</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<a name="_Hlk510011248"></a><a name="_Hlk510015690"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Board Leadership Structure</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#0033CC;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt;background-color: #FFFFFF;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Board does not have a policy regarding the separation of the roles of CEO and Chairman of the Board, as our Board believes it is in our best interests to make</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> that determination based on</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> position and direction, and membership of the Board. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Prior to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the passing of our Chairman, Victor Stabio, on March 7, 2018, the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">p</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">osition of CEO and Chairman were </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">separate.&nbsp;&nbsp;Due to the unexpected passing of Mr. Stabio,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">our Board appointed Brent</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> K.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Bilsland to a combined role as Chairman, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">President and </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">CE</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">O on March 9, 2018</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">W</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">e have a small</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">B</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">oard; therefore, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">its members </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">concluded</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> that </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Mr. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Bilsland is </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">best suited to serve as Chairman and </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">CEO.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp;T</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">he other directors have a </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">signicant</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> monetary stake in the Company</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> which </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">incentivizes them to prov</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ide </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">oversight of Mr. Bilsland&#x2019;s combined role.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Director Independence</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">As required by </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Nasdaq</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> rules, the Board will evaluate the independence of its members at least </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">annually</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, and at other appropriate times when a change in circumstances could potentially impact a director&#x2019;s independence or effectiveness (e.g., in connection with a change in employment status or other significant events). This process is administered by our Audit Committee, which consists entirely of directors who are independent under applicable </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Nasdaq</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> and SEC rules.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> After considering all relevant relationships with us, the Audit Committee submits its recommendations regarding independence to the full Board, which then </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">makes a determination</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">with respect to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> each director.</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In making independence determinations, our Audit Committee and Board consider relevant facts and circumstances, including</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> (i) </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the nature of any relationships with us, either directly or as a partner, shareholder or officer of an organization </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">that has a relationship with us, (ii) </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the significance of the relationship to us, the other organization and the individual director,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> (iii) </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">whether or not the relationship is solely a business relationship in the ordinary course for us and the other organization and does not afford the director any special benefits, and</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> (iv) </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">any commercial, industrial, banking, consulting, legal, accounting, charitable and familial relationships.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> For purposes of this determination, the Board deems any relationships that have expired more than three years ago to be immaterial.</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">After considering the standards for independence adopted by </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Nasdaq</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> and various other factors as described herein, the Board has determined that all directors other than </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Mr. Bilsland</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">are</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> independent. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Mr.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">David C. Hardie</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is the only non-employee director that receives compensation from us</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, which compensation is solely for his role as Chairman of our Audit Committee.</font>
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			<font style="display: inline;"></font><font style="display: inline;">11</font><font style="display: inline;"></font>

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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Director Compensation </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Other than the Chairman of the Board and the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Audit Committee Chairman, our directors </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">are not compensated</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> for their services.&nbsp;&nbsp;During </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">2017, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">we paid Mr. Stabio $3</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">50,000 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">for </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">his services</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, and </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">he </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">had </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">180,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">000 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">RSUs </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">vest for a gross amount of $1,248,400</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Mr. Stabio </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">had </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">220,000 RSUs</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">vest </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">upon his death</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> on March 7, 2018</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> at a gross value $</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">1,463,000.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We paid Mr. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">David C. Hardie</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> $7,000 for his service as Au</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">dit Committee Chairman</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp;&nbsp;Beginning 2018, Mr. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">David C. Hardie</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> will receive</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">$20,000 per year for his services as Audit Committee Chairman. </font>
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			<a name="ACREPORT"></a><a name="_Hlk510019773"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Audit Committee Report</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Audit Committee evaluates the performance of EKS</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&amp;H, L</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">L</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">L</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">P</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> (EKSH)</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, including the senior audit engagement team, each year and determines whether to re-engage EKSH or consider other audit firms. In doing so, the Audit Committee considers the quality and efficiency of the services provided by EKSH and their technical expertise, tenure as our independent auditors and knowledge of our operations and industry. Based on this evaluation, the Audit Committee decided to engage EKSH&nbsp;as our independent auditors for the year ended Decem</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ber 31, 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. The Audit Committee reviewed with senior members of our financial management team and EKSH the overall audit scope and plans,&nbsp;and the quality of our financial reporting. The Audit Committee has the sole authority to appoint the independent auditors.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Management has reviewed and discussed the audited financial statements in our Annual Report on Form 10-K</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> for the year ended December 31, 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> with the Audit Committee including a discussion of the quality, not just the acceptability, of the accounting principles, the reasonableness of significant accounting judgments and estimates, and the clarity of disclosures in the financial statements.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In addressing the quality of management&#x2019;s accounting judgments, members of the Audit Committee asked for management&#x2019;s representations and reviewed certifications prepared by the&nbsp;CEO and the CFO&nbsp;that our unaudited quarterly and audited consolidated financial statements fairly present in all material respects, our financial condition, results of operations and cash flows, and have expressed to both management and EKSH their general preference for conservative policies when a range of accounting options is available.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Audit Committee believes that, by thus focusing its discussions with EKSH, it can promote a more meaningful dialogue that provides a basis for its oversight judgments.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Audit Committee also discussed with&nbsp;EKSH those matters required to be discussed by the auditors with the Audit Committee under the rules adopted by the Public Company Accounting Oversight Board (PCAOB). The Audit Committee received the written disclosures and the letter from&nbsp;EKSH required by applicable requirements of the PCAOB regarding&nbsp;EKSH's communication with the Audit Committee concerning independence, and has discussed with&nbsp;EKSH their independence.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In performing all of these functions, the Audit Committee acts in an oversight capacity. The Audit Committee reviews our quarterly and annual reports on Form 10-Q and Form 10-K </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">prior to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> filing with the SEC. In its oversight role, the Audit Committee relies on the work and assurances of management, which has the primary responsibility for establishing and maintaining adequate internal control over financial reporting and for preparing the financial statements, and other reports, and of EKSH, who are engaged to audit and report on our consolidated financial statements.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In reliance on these reviews and discussions, and the reports of EKSH, the Audit Committee has recommended to the Board of Directors, and the Board has approved, that the audited financial statements </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">be included</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in our Annual Report on Form 10-K for </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the year ended December 31, 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, for filing with the SEC</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font>
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			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">MEMBERS OF THE AUDIT COMMITTEE:</font>
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			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">David C. Hardie</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;"> &#x2013; Chairman of the Committee</font>
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			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Bryan H. Lawrence</font>
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			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Sheldon B. Lubar</font>
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			<font style="display: inline;"></font><font style="display: inline;">12</font><font style="display: inline;"></font>

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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Board Risk Oversight</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our Board has ultimate responsibility for general oversight of risk management processes.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> The Board receives regular reports from Mr. Bilsland on areas of risk we face. Our risk management processes</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> are intended to identify,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> manage and control risks so that they are appropriate considering our scope, operations and business objectives. The full Board engages with the appropriate members of management to enable its members to understand and provide input and oversight of our risk identification, risk management and risk mitigation strategies. The Audit Committee also meets without management present to, among other things, discuss our risk management culture and processes.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp;In the event a </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">committee receives a report from a member of management regarding areas of risk, the Chairman of the relevant committee will report on the discussion to the full Board to the extent necessary or appropriate. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">This</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> enables the Board to coordinate risk oversight, particularly </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">concerning</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> interrelated or cumulative risks that may involve multiple areas for which more than one committee has responsibility.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Compensation Committee Risk Assessment</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Compensation Committee reviewed and discussed an internal risk assessment of our executive and non-executive compensation programs and the outcomes of such assessment. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Based on such review, the Compensation Committee believes that our compensation programs (i) do not motivate our executives or our non-executive employees to take excessive risks, (ii) are aligned with </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#x2019; best interests, and (iii) are not reasonably likely to have a material adverse effect on us. Our compensation programs are designed to support, reward appropriate </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">risk</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">-</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">taking</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, and include the following:</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Long-term performance periods; and</font></p></td></tr></table></div>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Multi-year vesting schedules for RSUs</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Policy for Approval of Related Person Transactions</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Audit Committee is responsible for reviewing and approving all related person transactions </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">by</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> our written policy. Such transactions </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">are generally reviewed</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> before entry into the related person transaction. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In addition</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, if any of our specified officers or directors becomes aware of a related party transaction that has not been previously approved or ratified, such related person transaction will be promptly submitted </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">thereafter</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> to the Audit Committee for its review. In reviewing a transaction, the Audit Committee considers the relevant facts and circumstances, including the benefits to us, any impact on director independence and whether the terms are consistent with a transaction available on an arms-length basis. Only those related person transactions that are determined to be in (or not inconsistent with) our best interests are permitted to be approved. No member of the Audit Committee may participate in any review of a transaction in which the member or any of his or her family members is the related person.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Good corporate governance is a priority to us.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Our key governance practices </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">are outlined</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in our committee charters, and Code of Conduct.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> These documents can be found on our website, </font><font style="display: inline;font-family:Arial;color:#0000FF;font-size:10pt;">www.halladorenergy.com</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> by clicking on &#x201C;Corporate Governance,&#x201D; and are available in print to any </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">hareholder, without charge, upon request. Information on our website </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is not considered</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> part of this Proxy Statement.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> The Code of Conduct applies to our directors, executive officers and our other personnel. Any updates or amendments to the Code of Conduct will </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">be posted</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> on the website.</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Audit Committee and Compensation and Nominating&nbsp;Committee of the Board are responsible for reviewing the Corporate Governance Guidelines annually and reporting and making recommendations to the Board concerning corporate governance matters.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Shareholder</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Communications with our Board </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We invite </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> to send written communications to the entire Board or </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> individual Board members.&nbsp;&nbsp;Please send your letter in care of the Chairman at the address shown on the front page of this Proxy Statement.&nbsp;&nbsp; </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">If a shareholder communication raises concerns about management or our ethical conduct, you can report it confidentially by e-mail at </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">http://www.openboard.info/hpco/</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">or by telephone to 866-229-6923.&nbsp;&nbsp;The communications submitted through this hotline </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">are forwarded</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> to the Chairman of our Audit Committee and, if appropriate, the Audit Committee will take such actions as it authorizes to ensure that the subject matter </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is addressed</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> by the appropriate Board committee, management </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> by the full Board.</font>
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			<font style="display: inline;"></font><font style="display: inline;">13</font><font style="display: inline;"></font>

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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">I</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">f a </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">or other interested person seeks to communicate exclusively with our non-management directors, such shareholder communication should be sent directly to </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Mr. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">David C. Hardie</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chair of the Audit Committee</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> at the Company&#x2019;s address.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp; &nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">At the direction of the Board, we reserve the right to screen all materials sent to the directors for potential security risks, harassment purposes or routine solicitations.&nbsp; </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">have an opportunity to communicate with the Board at our Annual Meeting of Shareholders. </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Chairman shall be the spokesperson for the Board except in circumstances where the inquiry or comment is about the Chairman.&nbsp;&nbsp;In such instances, the Chairman of the Audit Committee shall become the spokesperson.</font>
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			<a name="INFOnondirectorNEO"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">INFORMATION ABOUT OUR NON-DIRECTOR NEO</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">LAWRENCE D. MARTIN</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">age </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">52</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, CPA, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is our </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chief Financial Officer and Chief Accounting Officer</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In 2017 he was </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">promoted to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> President of Sunrise Coal, LLC.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Prior to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> his promotion he was Chief Fin</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ancial Officer of Sunrise Coal</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, a position </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">he</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> held for </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">10</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> years.&nbsp;&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Before joining</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Sunrise Coal in 2007, he worked 19 years for CliftonLarsonAllen, LLP (CLA). &nbsp;Mr. Martin was a Senior Manager at CLA </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">prior to</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> his employment with Sunrise Coal.&nbsp; Mr. Martin is a graduate from Indiana State University and received his Bachelor of Science degree in Accounting in 1988.</font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">PROPOSAL NO. 2</font><font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">:</font><font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;"> ADVISORY VOTE APPROVING NAMED EXECUTIVE OFFICERS&#x2019; COMPENSATION.</font>
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			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">In accordance with</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> Section 14A of the </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Securities </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Exchange Act</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> of 1934</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">, we are asking our </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">shareholder</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">s &nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">for an advisory vote to approve the compensation of our named executive officers as disclosed in this Proxy Statement as </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">set forth in</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> the &#x201C;Summary Compensation Table&#x201D; </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">in accordance with</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> the compensation disclosure rules of the SEC. </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">With regard to</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> the issuance of the RSU awards, </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">such RSUs will lapse/vest based on achieving the </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">adjusted </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">EBITDA</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> threshold</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">, &nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">which </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">is defined</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> as EBITDA plus stock compensation, plus ARO accretion</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">.</font>
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			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">The Board recommends that </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">shareholder</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">s &nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">support the following resolution for the reasons described in the Compensation Discussion and Analysis and the other tables in this Proxy Statement.</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;font-size:10pt;">RESOLVED,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">that the </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">shareholder</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">s &nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">approve, on an advisory basis, Hallador&#x2019;s compensation of its named executive officers, as disclosed in Hallador&#x2019;s Proxy Statement for the </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">2018 </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Meeting of Shareholders, pursuant to the compensation disclosure rules of the SEC, including the Compensation Discussion and Analysis section, the Summary Compensation Table and all other table</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> and narrative disclosures regarding named executive officer compensation.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;font-size:10pt;">This advisory proposal is not binding.</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">A majority of the shares of </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">C</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">ommon </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">S</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">tock represented at the Meeting and entitled to vote on this proposal must vote FOR the proposal to approve it. Your broker may not vote your shares on this proposal unless you give voting instructions. Broker non-votes </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">have no effect on</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> the vote. Your vote will not directly affect or otherwise limit or enhance any existing compensation or award arrangement of any of our named executive officers, but the outcome of the say-on-pay vote will be taken into account by the Compensation Committee when considering future compensation arrangements.</font>
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			<font style="display: inline;"></font><font style="display: inline;">14</font><font style="display: inline;"></font>

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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						<font style="display: inline;font-family:Arial;color:#002060;font-size:9pt;"><img src="hnrg-20180523xdef14ag004.jpg" style="width: 0.2583333in; height: 0.2583333in" alt="loxyx12x1.jpg"></font></p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;color:#FFFFFF;">The Board recommends that you vote FOR Hallador&#x2019;s named executive officer</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#FFFFFF;">s</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#FFFFFF;"> compensation.</font></p>
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			<a name="sbpa025"></a><a name="_Hlk510015771"></a><a name="_Hlk510007060"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">2017 CEO Pay Ratio</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">For 2017,</font><font style="display: inline;font-family:Arial;font-size:10pt;"> the median of the </font><font style="display: inline;font-family:Arial;font-size:10pt;">total annual </font><font style="display: inline;font-family:Arial;font-size:10pt;">compensation of all our </font><font style="display: inline;font-family:Arial;font-size:10pt;">employees (other than </font><font style="display: inline;font-family:Arial;font-size:10pt;">Mr. Bilsland, our Chairman, </font><font style="display: inline;font-family:Arial;font-size:10pt;">President and CEO), was $</font><font style="display: inline;font-family:Arial;font-size:10pt;">79,000</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">and the annual total compensation of </font><font style="display: inline;font-family:Arial;font-size:10pt;">Mr. Bilsland</font><font style="display: inline;font-family:Arial;font-size:10pt;"> was $</font><font style="display: inline;font-family:Arial;font-size:10pt;">4,44</font><font style="display: inline;font-family:Arial;font-size:10pt;">4,000</font><font style="display: inline;font-family:Arial;font-size:10pt;">. &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">Based on this information the ratio of th</font><font style="display: inline;font-family:Arial;font-size:10pt;">e annual total compensation of Mr. Bilsland</font><font style="display: inline;font-family:Arial;font-size:10pt;"> to the median of the annual total compensation of all </font><font style="display: inline;font-family:Arial;font-size:10pt;">our employees was</font><font style="display: inline;font-family:Arial;font-size:10pt;"> &nbsp;5</font><font style="display: inline;font-family:Arial;font-size:10pt;">6</font><font style="display: inline;font-family:Arial;font-size:10pt;">:</font><font style="display: inline;font-family:Arial;font-size:10pt;">1.</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#000000;font-size:10pt;">When comparing Mr. Bilsland&#x2019;s and our median employee&#x2019;s 2017 wages on Form W-2, the pay ratio is 36:1</font>
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					<p style="margin:0pt 27pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">CEO Pay Ratio Summary Compensation Table</font></p>
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						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;">Under</font><font style="display: inline;font-family:Arial;font-weight:normal;font-size:10pt;"> Item 402 of Regulation S-K</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:8pt;">Name and Principal</font><br /><font style="display: inline;font-family:Arial;font-weight:normal;font-size:8pt;"></font><font style="display: inline;font-family:Arial;font-weight:normal;font-size:8pt;">Position</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Arial;font-size:8pt;">Base Pay</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Arial;font-size:8pt;">Over</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">time</font></p>
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					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">Bonus</font></p>
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				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 0.2pt;text-indent:0.2pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
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						<font style="display: inline;font-family:Arial;font-size:8pt;">Stock </font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">Awards</font></p>
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						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.36%;padding:0pt 6.5pt">
					<p style="margin:0pt 1.75pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">Dividends on</font><br /><font style="display: inline;font-family:Arial;font-size:8pt;"></font><font style="display: inline;font-family:Arial;font-size:8pt;">outstanding</font><br /><font style="display: inline;font-family:Arial;font-size:8pt;"></font><font style="display: inline;font-family:Arial;font-size:8pt;">RSUs</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.04%;padding:0pt 6.5pt">
					<p style="margin:0pt 4pt 0pt 2.5pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">Other </font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.18%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:09.04%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">Total</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:06.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">Ratio</font></p>
				</td>
			</tr>
			<tr style=";">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:17.60%;font-family:Calibri Light;font-weight:bold;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">Median Employee (underground miner)</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:09.58%;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$57,122&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.74%;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$17,798&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.74%;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$1,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:09.90%;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.36%;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt 1.75pt 0pt 0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.04%;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$3,037&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.18%;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:09.04%;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$78,957&nbsp;
				</td>
				<td rowspan="2" valign="middle" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:06.02%;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">5</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">6</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;">:1</font></p>
				</td>
			</tr>
			<tr style="background-color: #D0DBF0;">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:17.60%;font-family:Calibri Light;font-weight:bold;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">Brent K. Bilsland</font></p>
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;">Chairman, President and CEO</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:09.58%;height:1.00pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">350,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.74%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 4.5pt 0pt 0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.74%;height:1.00pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$40,385&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:09.90%;height:1.00pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$4,004,750&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.36%;height:1.00pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$38,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.16%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.04%;height:1.00pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$10,800&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:02.18%;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:09.04%;height:1.00pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">4,443,935&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0.25pt;text-indent:0pt;border-bottom:1pt none #D9D9D9 ;line-height:103.33%;font-family:Arial;color:#000000;font-size: 10pt">
			<font style="display: inline;">In d</font><font style="display: inline;">etermining the median employee </font><font style="display: inline;">our calculation includes all employees as of December 31, 2017. All our employees are U.S. based. </font><font style="display: inline;"> To determine the t</font><font style="display: inline;">ota</font><font style="display: inline;">l compensation to identify the median employee we u</font><font style="display: inline;">sed gross</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">wages paid to all full time and part time permanent employees, as of December 31, 2017</font><font style="display: inline;">, and the e</font><font style="display: inline;">mployer contribution to the 401(k) Plan</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp;We did not include medical benefits in determining total compensation.</font>
		</p>
		<p style="margin:0pt 0pt 0.25pt;text-indent:0pt;border-top:1pt none #D9D9D9 ;line-height:103.33%;font-family:Arial;color:#000000;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">We calculated </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">the annual total compensation for each of our em</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">ployees using the above</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> criteria</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> and identified the median empl</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">oyee</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> by ranking the annual total compensation of all employees, except Mr. Bilsland, </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">from lowest to highest</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Once the median employee was determined, we calculated the median employee&#x2019;s </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">2017 </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">compensation </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">in accordance with</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> the requirements of Item 402(c)(2)(x) of Regulation S-K as prescribed for inclusion in the Summary Compensation Table included in this Proxy Statement.</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">With respect to</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> the a</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">nnual total compensation of Mr. Bilsland</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">, we used the amount reported in the &#x201C;Total&#x201D; column of our 2017 Summary Compensation Table included in this Proxy Statement.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<a name="CDA"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Compensation Discussion and Analysis</font>
		</p>
		<p style="margin:0pt;text-indent:36pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">Our program regarding compensation of our executive officers is different from many public company programs.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">For 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;">, we had two named executive officers, our CEO and CFO</font><font style="display: inline;font-family:Arial;font-size:10pt;"> (collectively called the </font><font style="display: inline;font-family:Arial;font-size:10pt;">&#x201C;NEOs&#x201D;)</font><font style="display: inline;font-family:Arial;font-size:10pt;">.</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">Our Board </font><font style="display: inline;font-family:Arial;font-size:10pt;">control</font><font style="display: inline;font-family:Arial;font-size:10pt;">s</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">44.2</font><font style="display: inline;font-family:Arial;font-size:10pt;">%</font><font style="display: inline;font-family:Arial;font-size:10pt;"> of Common Stock and o</font><font style="display: inline;font-family:Arial;font-size:10pt;">ur Compensatio</font><font style="display: inline;font-family:Arial;font-size:10pt;">n Committee </font><font style="display: inline;font-family:Arial;font-size:10pt;">is comprised</font><font style="display: inline;font-family:Arial;font-size:10pt;"> of four</font><font style="display: inline;font-family:Arial;font-size:10pt;"> directors: who collectively control 4</font><font style="display: inline;font-family:Arial;font-size:10pt;">0.3</font><font style="display: inline;font-family:Arial;font-size:10pt;">% &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">of our shares outstanding. The Compensation </font><font style="display: inline;font-family:Arial;font-size:10pt;">and Nominating </font><font style="display: inline;font-family:Arial;font-size:10pt;">Committee determines </font><font style="display: inline;font-family:Arial;font-size:10pt;">how the </font><font style="display: inline;font-family:Arial;font-size:10pt;">NEOs</font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">should </font><font style="display: inline;font-family:Arial;font-size:10pt;">be compensated</font><font style="display: inline;font-family:Arial;font-size:10pt;">. &nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">Our NEOs do not have employment agreements. There are no excessive perquisites such as company aircraft, car leases, or country club</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> memberships</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">. We do not have stock options. We offer no post-employment benefits other than our 401-K plan, which is available to all employees. They also participate in the same health benefit programs that </font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;">are offered</font><font style="display: inline;font-family:Arial;color:#000000;font-size:10pt;"> to all of the employees and their families.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">We do not use outside consultants to determine executive compensation. We are of the opinion that our Compensation </font><font style="display: inline;font-family:Arial;font-size:10pt;">and Nominating </font><font style="display: inline;font-family:Arial;font-size:10pt;">Committee, based on their many years of business experience, has the requisite </font><font style="display: inline;font-family:Arial;font-size:10pt;">knowledge to determine our NEOs</font><font style="display: inline;font-family:Arial;font-size:10pt;"> compensation. </font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">Our compensat</font><font style="display: inline;font-family:Arial;font-size:10pt;">ion philosophy is quite simple; the NEOs&#x2019; base salary is set </font><font style="display: inline;font-family:Arial;font-size:10pt;">to provide a degree of f</font><font style="display: inline;font-family:Arial;font-size:10pt;">inancial certainty and stability.&nbsp;&nbsp;We believe if </font><font style="display: inline;font-family:Arial;font-size:10pt;">our </font><font style="display: inline;font-family:Arial;font-size:10pt;">NEOs</font><font style="display: inline;font-family:Arial;font-size:10pt;"> become wealthy, it will be primarily through their ownership in our stock, not through salaries. </font><font style="display: inline;font-family:Arial;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;">We believe these RSU awards </font><font style="display: inline;font-family:Arial;font-size:10pt;">that vest over time </font><font style="display: inline;font-family:Arial;font-size:10pt;">help ensure that they have a stake in the </font>
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			<font style="display: inline;"></font><font style="display: inline;">15</font><font style="display: inline;"></font>

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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-size:10pt;">Company&#x2019;s long-term success by providing an incentive to improve the overall growth, profitab</font><font style="display: inline;font-family:Arial;font-size:10pt;">i</font><font style="display: inline;font-family:Arial;font-size:10pt;">lity, and value of our Company while align</font><font style="display: inline;font-family:Arial;font-size:10pt;">ing</font><font style="display: inline;font-family:Arial;font-size:10pt;"> their interests with those of our shareholders.</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">As evidence of this philosophy, for the past three years between </font><font style="display: inline;font-family:Arial;font-size:10pt;">42%-8</font><font style="display: inline;font-family:Arial;font-size:10pt;">7</font><font style="display: inline;font-family:Arial;font-size:10pt;">% of our </font><font style="display: inline;font-family:Arial;font-size:10pt;">NEO&#x2019;s </font><font style="display: inline;font-family:Arial;font-size:10pt;">compensation (using the W-2 Compensation) was attributable to the vesting of RSUs each year.</font><font style="display: inline;font-family:Arial;font-size:10pt;"> &nbsp; &nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;">In June 2017, our Board approved a new Four-Year Compensation Plan (The Four-Year Plan)</font><font style="display: inline;font-family:Arial;font-size:10pt;"> for our NEOs</font><font style="display: inline;font-family:Arial;font-size:10pt;">.&nbsp; </font><font style="display: inline;font-family:Arial;font-size:10pt;">The</font><font style="display: inline;font-family:Arial;font-size:10pt;"> Four-Year Plan </font><font style="display: inline;font-family:Arial;font-size:10pt;">consists of three components in order of importance:</font>
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		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
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				<font style="margin:4.5pt 0pt 0pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;color:#000000;">RSUs </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">that vest/lapse </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">equally over four years </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">beginning December 16, 2018.&nbsp;&nbsp;Such RSUs were issued </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">under the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">-approved Amended and Restated Restricted Stock Unit Plan.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
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			<font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;color:#000000;">Annual Base Salary</font><font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;color:#000000;"> (not attached to performance goals)</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
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				<font style="margin:4.5pt 0pt 0pt;font-family:Symbol;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
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		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:4.5pt 0pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;color:#000000;">Retention Bonus</font><font style="display: inline;font-family:Arial;font-size:10pt;text-decoration:underline;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">in the event of a change of control</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> due to (1) </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">the acquisition by any person or group of related persons (as determined pursuant to section 13(d)(3) of the</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Securities Exchange Act of</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> 1934) of beneficial ownership of securities of the Corporation representing fifty percent (50%) or more of the total number of votes that may be cast for the election of Board members, or (ii) </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> approval of (A) any agreement for a merger or consolidation in which the Corporation will not survive as an independent corporation or other entity, or (B) any sale, exchange or other disposition of all or substantially all of the Corporation&#x2019;s assets, including, without limitation, the sale, exchange or other disposition of the equity securities or assets of Sunrise Coal, LLC</font></p></td></tr></table></div>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">In </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">December 2018, we expect 106,250 RSUs to vest that </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">were issued</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> to our NEOs</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in June 2017.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;text-decoration:underline;">&#xFEFF;</font><a name="COMPCOMMITTEEREPORT"></a>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Compensation Committee Report</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;text-decoration:underline;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our Compensation</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> and Nominating</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Committee has reviewed and discussed the &#x201C;Compensation Discussion and Analysis&#x201D; with management. Based on these reviews and discussions, the Compensation </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and Nominating </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Committee recommended to the Board of Directors that the &#x201C;Compensation Discussion and Analysis&#x201D; be included in this Proxy Statement.</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Compensation</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;"> and Nominating</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;"> Committee Members:</font>
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			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">David </font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">C. </font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Hardie-Chairman</font>
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		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Steven Hardie</font>
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		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Bryan</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;"> H.</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;"> Lawrence</font>
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		<p style="margin:0pt 0pt 0pt 36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Sheldon </font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">B.</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-style:italic;font-size:10pt;color:#000000;">Lubar</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Compensation Committee Interlocks and Insider Participation</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We do not have any interlocking relationships between any member of our Compensation Committee and any of our executive officers that would require disclosure.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;text-decoration:underline;">&#xFEFF;</font><a name="NEO_COMPENSATION"></a>
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			<font style="display: inline;"></font><font style="display: inline;">16</font><font style="display: inline;"></font>

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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">NAMED EXECUTIVE OFFICERS</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;"> (NEOs) </font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">COMPENSATION</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Compensation paid to </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">our NEOs </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">outlined</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the Summary Compensation Table below. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Under the 2017 Four-Year Compensation Plan, there is a provision for a retention bonus payable upon a change of control as discussed in the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Compensation Discussion and Analysis</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> above</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font>
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			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">&#xFEFF;</font>
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			<tr>
				<td colspan="17" valign="top" style="width:100.00%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt 27pt 0pt 36pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Summary Compensation Table </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Under</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;"> Item 402 of Regulation S-K </font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:18.44%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Name and Principal</font><br /><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;"></font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Position</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Fiscal Year</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.30%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Salary</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Bonus</font></p>
				</td>
				<td valign="top" style="width:03.48%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Stock Awards </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;font-size:4pt;vertical-align:super;line-height:100%">(1)</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt 1.75pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Dividends on</font><br /><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;"></font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">outstanding</font><br /><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;"></font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">RSUs</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt 4pt 0pt 2.5pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Other </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;font-size:4pt;vertical-align:super;line-height:100%">(2)</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Total</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:18.44%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Brent K. Bilsland</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2017</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.30%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$350,000&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$40,385&nbsp;
				</td>
				<td valign="top" style="width:03.48%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$4,004,750&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$38,000&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$10,800&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$4,443,935&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:18.44%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">Chairman, </font><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">President &amp; CEO</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2016</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.30%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">350,000&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">26,923&nbsp;
				</td>
				<td valign="top" style="width:03.48%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">32,000&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">10,600&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">419,523&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:18.44%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2015</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.30%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">356,731&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">897,923&nbsp;
				</td>
				<td valign="top" style="width:03.48%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 3pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;font-size:4pt;vertical-align:super;line-height:100%">(3)&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">48,000&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">10,600&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">1,313,254&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:18.44%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.30%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 4.5pt 0pt 0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:03.48%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 1.75pt 0pt 0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 4pt 0pt 2.5pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:18.44%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Lawrence D. Martin </font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2017</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.30%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">210,000&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">34,154&nbsp;
				</td>
				<td valign="top" style="width:03.48%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">2,550,300&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">21,600&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">10,800&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">2,826,854&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:18.44%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">CFO</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2016</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.30%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">210,000&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">30,115&nbsp;
				</td>
				<td valign="top" style="width:03.48%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">543,600&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">14,400&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">10,600&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">808,715&nbsp;
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:18.44%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2015</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.30%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">214,039&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.16%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">465,615&nbsp;
				</td>
				<td valign="top" style="width:03.48%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;font-size:4pt;vertical-align:super;line-height:100%">(3)&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.26%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:10.78%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">6,800&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:08.06%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">10,038&nbsp;
				</td>
				<td valign="top" style="width:02.50%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:11.90%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:6.50pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">696,492&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;height:3.00pt">
					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;height:3.00pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">(1)</font></p>
				</td>
				<td colspan="14" valign="top" style="width:96.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;height:3.00pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">RSUs: value based on grant date fair value.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">(2)</font></p>
				</td>
				<td colspan="14" valign="top" style="width:96.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">Consists of </font><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">401(k) </font><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">matching </font><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">contributions</font><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:00.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:03.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">(3)</font></p>
				</td>
				<td colspan="14" valign="top" style="width:96.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 0pt 0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">Includes the bonus awarded in 2015 related to the Vectren Fuels acquisition; such bonuses were paid </font><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">subsequent to</font><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;"> December 31, 2015.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr style="line-height:100%;margin-top:0pt;margin-bottom:0pt;font-family:Calibri Light;font-weight:bold;">
				<td colspan="9" valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:100.00%;font-family:Calibri Light;font-weight:bold;padding:0pt 6.5pt">
					<p style="margin:0pt 27pt 0pt 36pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font><a name="NEO_W2_TABLE"></a><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Realized Compensation per W-2s and &#x201C;At Risk&#x201D; Compensation</font></p>
				</td>
			</tr>
			<tr style="background-color: #D0DBF0;">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:18.46%;font-family:Calibri Light;font-weight:bold;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">&#xFEFF;</font><a name="_Hlk509779850"></a><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">Name and Principal</font><br /><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;"></font><font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">Position</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Fiscal Year</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:10.22%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Salary</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.38%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Bonus</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.28%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Value Realized on </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">RSU </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Vesting</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.18%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Dividends on outstanding RSUs</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:05.86%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Other</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.16%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Total W-2</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Compensation</font></p>
				</td>
				<td valign="top" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:14.44%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:8pt;color:#000000;">Percentage of &#x201C;At Risk&#x201D; Compensation</font></p>
				</td>
			</tr>
			<tr style=";">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:18.46%;font-family:Calibri Light;font-weight:bold;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">Brent K. Bilsland </font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2017</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:10.22%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$350,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.38%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$40,385&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.28%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$2,334,500&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.18%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$38,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:05.86%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.16%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$2,762,885&nbsp;
				</td>
				<td valign="top" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:14.44%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">86%&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D0DBF0;">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:18.46%;font-family:Calibri Light;font-weight:bold;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:8pt;color:#000000;">Chairman, President &amp; CEO</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2016</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:10.22%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">350,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.38%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">896,923&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.28%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">874,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.18%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">32,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:05.86%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.16%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">2,152,923&nbsp;
				</td>
				<td valign="top" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:14.44%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">42%&nbsp;
				</td>
			</tr>
			<tr style=";">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:18.46%;font-family:Calibri Light;font-weight:bold;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2015</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:10.22%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">356,731&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.38%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">26,923&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.28%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">536,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.18%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">48,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:05.86%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.16%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">967,654&nbsp;
				</td>
				<td valign="top" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:14.44%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">60%&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D0DBF0;">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:18.46%;font-family:Calibri Light;font-weight:bold;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:10.22%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.38%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.28%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.18%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:05.86%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.16%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:14.44%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr style=";">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:18.46%;font-family:Calibri Light;font-weight:bold;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">Lawrence D. Martin</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2017</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:10.22%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$210,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.38%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">34,154&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.28%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">1,671,600&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.18%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">$21,600&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:05.86%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 17.4pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.16%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">1,937,354&nbsp;
				</td>
				<td valign="top" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:14.44%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">87%&nbsp;
				</td>
			</tr>
			<tr style="background-color: #D0DBF0;">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:18.46%;font-family:Calibri Light;font-weight:bold;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-weight:normal;font-size:8pt;color:#000000;">CFO</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.02%;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2016</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:10.22%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">210,000&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.38%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">465,115&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.28%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">524,400&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.18%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">14,400&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:05.86%;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 17.4pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.16%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">1,213,915&nbsp;
				</td>
				<td valign="top" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:14.44%;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">44%&nbsp;
				</td>
			</tr>
			<tr style=";">
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:18.46%;font-family:Calibri Light;font-weight:bold;height:9.90pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:07.02%;height:9.90pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 8pt">
						<font style="display: inline;font-family:Arial;font-size:8pt;color:#000000;">2015</font></p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:10.22%;height:9.90pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">214,039&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:08.38%;height:9.90pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">30,115&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.28%;height:9.90pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">334,900&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:12.18%;height:9.90pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">6,800&nbsp;
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:05.86%;height:9.90pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:11.16%;height:9.90pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">585,854&nbsp;
				</td>
				<td valign="top" style="border-left:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-top:1pt solid #4472C4 ;width:14.44%;height:9.90pt;font-family:Arial;font-size:8pt;text-align:right;" nowrap="nowrap">58%&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-family:Calibri;font-size:9pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<a name="outstandingequityawards"></a><a name="_Hlk510016895"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Outstanding Eq</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">uity Awards at December 31, 2017</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The following table sets forth information concerning the outstanding stock </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">awards held at December 31, 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> by the named executive officers.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:180.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="bottom" style="width:171.65pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:198.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:180.00pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Name</font></p>
				</td>
				<td valign="bottom" style="width:171.65pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Number of Shares or RSUs That</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Have Not Vested </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;font-size:5pt;vertical-align:super;line-height:100%">(1)</font></p>
				</td>
				<td valign="bottom" style="width:198.00pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Mark</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">et Value of Shares or RSUs That</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Have Not Vested </font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;font-size:5pt;vertical-align:super;line-height:100%">(2)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:180.00pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Brent K. Bilsland</font></p>
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chairman, President and CEO</font></p>
				</td>
				<td valign="top" style="width:171.65pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">275,000&nbsp;
				</td>
				<td valign="top" style="width:198.00pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">$1,674,750&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:180.00pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="bottom" style="width:171.65pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt 51.9pt 0pt 0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:198.00pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;padding:0pt 6.5pt">
					<p style="margin:0pt 49.75pt 0pt 0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:180.00pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Lawrence D. Martin</font></p>
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">CFO</font></p>
				</td>
				<td valign="top" style="width:171.65pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">150,000&nbsp;
				</td>
				<td valign="top" style="width:198.00pt;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">913,500&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;text-indent: -18pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;font-size:5pt;vertical-align:super;line-height:100%">(1)</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;font-size:5pt;vertical-align:super;line-height:100%;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">If the performance criteria set by the Compensation Committee </font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">is met</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">, the RSUs will</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;"> lapse/vest</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;"> ra</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">tably</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> over four years beginning December 16, 2018.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;line-height:106.67%;text-indent: -18pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;font-size:5pt;vertical-align:super;line-height:106.67%">(2)</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;font-size:5pt;vertical-align:super;line-height:106.67%;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Market value </font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">is calculated</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;"> at the number of common shares indicate</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">d multiplied by $6.09</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">, which was the closing price of the Company&#x2019;s co</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">mmon shares on December 29</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">, 2017,</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;"> as reported by the </font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Nasdaq</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;"> Stock Market. </font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">17</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Restricted Stock Unit Plan and Stock Bonus Plan</font>
		</p>
		<p style="margin:0pt 4.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp; &nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 18pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">At December 31, 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, we had </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">944,500 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">RSUs outstanding and</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> 1,393,068 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">available for future issuance.&nbsp;&nbsp;Our</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Amended and Restated </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">2008 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Restricted Stock Unit Plan was approved by our shareholders</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> on May 25, 2017. </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">As of March 29</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, 2018, </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">there are 1,398,602</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> RSUs available for future issuance. </font><font style="display: inline;font-family:Century Gothic;font-weight:bold;font-size:18pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Our stock bonus plan </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">was authorized</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> in late 2009 with 250,000 shares.&nbsp;&nbsp;We did not issue any shares f</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">rom the Stock Bonus Plan in 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, and there are 86,383 shares available for future issuance.</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<a name="NEO2017COMP"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">2018</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;"> COMPENSATION TO </font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">BE PAID</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;"> TO NEOS</font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:32.18%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:13.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:24.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.18%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:36.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Name and</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Principal Position</font></p>
				</td>
				<td valign="top" style="width:13.72%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:36.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 4.1pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Salary</font></p>
				</td>
				<td valign="top" style="width:14.98%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:36.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Bonus</font></p>
				</td>
				<td valign="top" style="width:14.64%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:36.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Total</font></p>
				</td>
				<td valign="top" style="width:24.46%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:36.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">RSU Awards that</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Lapse/Vest on</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">December 16, 201</font><font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">8</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.18%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:23.05pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Brent K. Bilsland</font></p>
					<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Chairman, President </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&amp; &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">CEO</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:23.05pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">$</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">385,000</font></p>
				</td>
				<td valign="bottom" style="width:14.98%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:23.05pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">$</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">44,423</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:23.05pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">$429,423&nbsp;
				</td>
				<td valign="bottom" style="width:24.46%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:23.05pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">68,750&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:32.18%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:23.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">Lawrence D. Martin</font></p>
					<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">CFO</font></p>
				</td>
				<td valign="bottom" style="width:13.72%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:23.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 5.65pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">231,000</font></p>
				</td>
				<td valign="bottom" style="width:14.98%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:23.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">17,769</font></p>
				</td>
				<td valign="bottom" style="width:14.64%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:23.50pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">248,769&nbsp;
				</td>
				<td valign="bottom" style="width:24.46%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:23.50pt;font-family:Arial;font-size:10pt;text-align:right;" nowrap="nowrap">37,500&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Compensation </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and Nominating </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Committee </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">set a</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> performance g</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">oal o</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">f $50 million in </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">adjusted </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">EBITDA</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">which </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">is defined</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> as EBITDA plus stock compensation, plus ARO accretion</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">for determination of the vesting/lapsing of RSUs. </font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The C</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ompensation </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and Nominating </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Committee approved the Four-Ye</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ar </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Compensation Plan in June 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> which awarded RSUs to our </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">NEOs.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Vesting of the RSUs awarded in June vest/lapse </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ratably</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> over four years beginning December 16, 2018.</font>
		</p>
		<p style="margin:12pt 0pt 3pt;font-family:Cambria;font-weight:bold;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">18</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:12pt 0pt 3pt;font-family:Cambria;font-weight:bold;;font-size: 12pt"><a name="SECURITYOWNERSHIPTABLE"></a><font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL </font><font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">OWNERS </font><font style="display: inline;font-family:Arial;color:#0036A2;font-size:12pt;text-decoration:underline;">AND MANAGEMENT </font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The following table sets forth certain information regarding the beneficial ownership of our C</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ommon Stock as of</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> March 29</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, 2018</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> by (i) each person who is known by us to own beneficially more than five percent of our outstanding voting stock; (ii) each of our directors; (iii) each of our executive officers; and (iv) all of our executive officers and directors a</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">s a group</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> &nbsp;As of March 29, 2018</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">, the Record Date, 29,</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">955,713</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> shares of our Common Stock </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">were issued</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> and outstanding.&nbsp; </font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">We do not have any RSUs that vest within 60 days from the date of this Proxy Statement.</font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.20%;margin-left:0.5pt;">
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 52.75pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 25.05pt;line-height:106.67%;text-indent: -23.5pt;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
					<p style="margin:0pt 0pt 0pt 25.05pt;line-height:106.67%;text-indent: -23.5pt;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 52.75pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">Name and Address</font></p>
					<p style="margin:0pt 52.75pt 0pt 0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">of Beneficial Owner</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">Shares of Common</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 0pt 25.05pt;line-height:106.67%;text-indent: -23.5pt;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">Stock Beneficially </font></p>
					<p style="margin:0pt 0pt 0pt 25.05pt;line-height:106.67%;text-indent: -23.5pt;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">Owned</font></p>
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">Total Shares of</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">Common Stock</font></p>
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">Beneficially Owned </font></p>
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:2.25pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">Percent </font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;font-size:5pt;vertical-align:super;line-height:106.67%">(1)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:46.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 2.75pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">Yorktown Energy Partne</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">rs </font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">(</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">2</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">)</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">410 Park Avenue</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">New York, NY 10022</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:46.80pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">5,454,904&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:46.80pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">5,454,904&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:46.80pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">18.2&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:46.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">Lubar Equity Fund LLC</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">700 North Water Street, Suite 1200</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">Milwaukee, WI 53202</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:46.80pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">2,788,685&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:46.80pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">2,788,685&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:46.80pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">9.3&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 2.75pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">Hallador Alternative Assets Fund </font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">(</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">3</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">)</font></p>
					<p style="margin:0pt 0pt 2.75pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">940 Southwood Blvd., Suite 201</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">Incline Village, NV 89451</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">1,671,465&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">1,671,465&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">5.6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">Bryan H. Lawrence</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;"> &nbsp;(</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">4</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">)</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">410 Park Avenue</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">New York, NY 10022</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">5,878,532&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">5,878,532&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">19.6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 2.7pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">Sheldon B. Lubar </font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">(</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">5</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">)</font></p>
					<p style="margin:0pt 0pt 2.7pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">700 North Water Street, Suite 1200</font></p>
					<p style="margin:0pt 0pt 2.7pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">Milwaukee, WI 53202</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">2,788,685&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">2,788,685&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">9.3&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 2.7pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">David</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;"> C.</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;"> Hardie</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;"> (6</font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">)</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">940 Southwood Blvd., Suite 201</font></p>
					<p style="margin:0pt 0pt 2.7pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">Incline Village, NV 89451</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">1,810,555&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">1,810,555&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">6.1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 2.7pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">Steven Hardie </font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">(7)</font></p>
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">940 Southwood Blvd., Suite 201</font></p>
					<p style="margin:0pt 0pt 2.75pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">Incline Village, NV 89451</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">1,596,160&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">1,596,160&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D9E2F3;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">5.3&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-size:10pt;color:#000000;">&#xFEFF;</font><a name="_Hlk510536398"></a><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">Brent K. Bilsland </font><font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">(8)</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">1,162,455&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">1,162,455&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">3.9&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 5.4pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:10pt;color:#000000;">Lawrence D. Martin</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">265,831&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">265,831&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #D0DBF0;height:1.00pt;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">0.9&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.42%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt 0pt 0pt 4.5pt;line-height:106.67%;font-family:Times New Roman;font-size: 9pt">
						<font style="display: inline;font-family:Calibri;font-weight:bold;font-size:9pt;color:#000000;">Officers and Directors as a group (6) persons</font></p>
				</td>
				<td valign="top" style="width:23.54%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;height:1.00pt;font-weight:bold;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">13,502,218&nbsp;
				</td>
				<td valign="top" style="width:22.12%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;height:1.00pt;font-weight:bold;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">13,502,218&nbsp;
				</td>
				<td valign="top" style="width:12.92%;border-top:1pt solid #4472C4 ;border-left:1pt solid #4472C4 ;border-bottom:1pt solid #4472C4 ;border-right:1pt solid #4472C4 ;background-color: #auto;height:1.00pt;font-weight:bold;font-family:Calibri;font-size:10pt;text-align:right;" nowrap="nowrap">45.1&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
				<font style="margin:6pt 1.55pt 6pt 0pt;font-family:Arial;font-weight:normal;font-style:normal;text-decoration:none;color:#000000;font-size:8pt;text-decoration:none;background-color: #auto;;"> (1)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Based on shares issued and outstanding as of the Record Date.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
				<font style="margin:6pt 1.55pt 6pt 0pt;font-family:Arial;font-weight:normal;font-style:normal;text-decoration:none;color:#000000;font-size:8pt;text-decoration:none;background-color: #auto;;"> (2)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Includes 604,904 shares owned by Yorktown Energy Partners, VI L.P., 1,900,000 shares owned by Yorktown Energy Partners, VII L.P., and 2,950,000 shares owned by Yorktown Energy Partners VIII, L.P.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.45pt 6pt 0pt;">
				<font style="margin:6pt 1.45pt 6pt 0pt;font-family:Arial;font-weight:normal;font-style:normal;text-decoration:none;color:#000000;font-size:8pt;text-decoration:none;background-color: #auto;;"> (3)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.45pt 6pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Hallador Alternative Assets Fund LLC (&#x201C;HAAF&#x201D;) beneficially owns 1,671,465 shares. HAAF is a Delaware limited liability company. HAAF is a private equity investment fund directed or controlled by its managing members, Hallador Management LLC and David C. Hardie.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.45pt 6pt 0pt;">
				<font style="margin:6pt 1.45pt 6pt 0pt;font-family:Arial;font-weight:normal;font-style:normal;text-decoration:none;color:#000000;font-size:8pt;text-decoration:none;background-color: #auto;;"> (4)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.45pt 6pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Mr. Lawrence owns 423,628 shares directly.&nbsp;&nbsp;Also, includes 604,904 shares owned by Yorktown Energy Partners, VI L.P., 1,900,000 shares owned by Yorktown Energy Partners, VII L.P., and 2,950,000 shares owned by Yorktown Energy Partners VIII, L.P., which Mr. Lawrence disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.</font></p></td></tr></table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">19</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 9pt"><font style="display: inline;font-family:Arial;font-size:9pt;"></font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
				<font style="margin:6pt 1.55pt 6pt 0pt;font-family:Arial;font-weight:normal;font-style:normal;text-decoration:none;color:#000000;font-size:8pt;text-decoration:none;background-color: #auto;;"> (5)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">These shares are indirectly owned by Lubar Equity Fund LLC</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">.&nbsp;&nbsp;The Fund is managed and controlled by Lubar &amp; Co., Inc., of which Mr. Lubar is a director, the Chairman and a shareholder.&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
				<font style="margin:6pt 1.55pt 6pt 0pt;font-family:Arial;font-weight:normal;font-style:normal;text-decoration:none;color:#000000;font-size:8pt;text-decoration:none;background-color: #auto;;"> (6)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">M</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">r. David C. </font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Hardie&#x2019;s shares include 1,671,465 shares owned by HAAF. He also individually owns 139,090 shares directly.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.45pt 6pt 0pt;">
				<font style="margin:6pt 1.45pt 6pt 0pt;font-family:Arial;font-weight:normal;font-style:normal;text-decoration:none;color:#000000;font-size:8pt;text-decoration:none;background-color: #auto;;"> (7)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.45pt 6pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Mr. Steven </font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Hardie individually owns 139,089</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;"> shares directly.</font></p></td></tr></table></div>
		<p style="margin:6pt 1.55pt 6pt 22.5pt;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Mr. Steven Hardie&#x2019;s shares include 21,489 shares beneficially owned by the Steven Robert Hardie Trust; 13,481 shares beneficially owned by the Sandra Hardie Trust; and 1</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">,422,101 shares owned by NextG </font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Partners, LLC, a Nevada limited liability company.&nbsp;&nbsp;Steven Hardie is a member and manager of NextG Partners, LLC, owning 38% of its membership interests. He disclaims beneficial ownership of the other 62% of the shares held by NextG Partners or 881,703 shares</font>
		</p>
		<p style="margin:6pt 1.55pt 6pt 22.5pt;font-family:Times New Roman;font-size: 9pt">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Mr. Steven Hardie is also trustee of the Steven Robert Hardie Trust.&nbsp;&nbsp;Mr. Steven Hardie&#x2019;s spouse, Sandra Hardie, </font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">is</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;"> trustee of the Sandra W. Hardie Revocable Family Trust.&nbsp;&nbsp;Mr. Steven Hardie disclaims any beneficial ownership in any other shares held by the above-described entities. </font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;;font-size: 9pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:4pt;"><p style="width:4pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
				<font style="margin:6pt 1.55pt 6pt 0pt;font-family:Arial;font-weight:normal;font-style:normal;text-decoration:none;color:#000000;font-size:8pt;text-decoration:none;background-color: #auto;;"> (8)</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 9pt;margin:6pt 1.55pt 6pt 0pt;">
			<font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">Includes 455,7</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;">17 shares owned by Mr. Bilsland&#x2019;s spouse and minor children.</font><font style="display: inline;font-family:Arial;font-size:9pt;color:#000000;"> &nbsp;Mr. Bilsland disclaims beneficial ownership of such shares. </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 2.75pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 2.75pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">SECTION 16 (A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 2.75pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">W</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">e believe </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">that the reports filed for all of the</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> directors </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">and executive officers </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">were timely filed</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 2.75pt;font-family:Times New Roman;font-size: 12pt">
			<a name="AUDITORSANDFEES"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">INDEPENDENT AUDITORS&#x2019; FEES AND SERVICES</font>
		</p>
		<p style="margin:0pt 0pt 2.75pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 2.75pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Auditors</font>
		</p>
		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt 22.6pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">EKSH has served as our independent auditors since June 2003 and has been selected by the Audit Committee as independent auditors for 201</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">8</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp;&nbsp;A representative from EKSH is not expected to attend the </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Meeting.&nbsp;&nbsp;Brent Peterson age (52</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">) is our Audit</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Partner and Joe Adams (age 58</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">) is the concurring partner.</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0070C0;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 2.75pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 2.75pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Audit Fees</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Audit fees for 2017</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> were $</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">338</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,000 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">plus an additional $15,000 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">f</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">or the 401(k) audit.&nbsp;&nbsp;Audit fees </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">for 2016 were $343</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">,000 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">plus an additional $15,000 </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">f</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">or the 401(k) audit</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 2.85pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Pre-Approval Policy </font>
		</p>
		<p style="margin:0pt 0pt 2.75pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Audit Committee adopted a formal policy concerning approval of audit and non-audit services to be provided by EKSH.&nbsp;&nbsp;The policy requires that all services EKSH provides to us be pre-approved by the Audit Committee.&nbsp;&nbsp;The Audit Committee approved all servi</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ces provi</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">ded by EKSH during 2017 and 2016</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. &nbsp;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 7.9pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<a name="PROPS_BY_SECURITY_HOLDERS"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">PROPOSALS BY SECURITY HOLDERS </font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#FF0000;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Board did not receive any proposals for consideration to be voted upon at the Meeting. </font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Other Matters </font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">The Board does not intend to bring any other matters before the Meeting and has not </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">been informed</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> that any other matters are to be presented by others. </font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">Shareholder</font><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;"> Proposals For 2019 Annual Meeting</font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">Any qualified </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">shareholder </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">desiring to have their proposal included in</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> the 2019</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> Proxy Statement must submit it in writing to us</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> no later than </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">December 20, 2018</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp;&nbsp;The submission</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;"> of a shareholder proposal does not guarantee that it will </font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">be acted</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">upon</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">. &nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:106.67%;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<a name="CONTACT"></a><font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;text-decoration:underline;">CONTACT INFORMATION </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;color:#0036A2;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 7.75pt 0pt -0.25pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">All inquiries should be addressed by mail to:&nbsp;&nbsp;Hallador Energy, 1660 Lincoln Street, Suite 2700, Denver, Colorado 80264; by phone to 303-839-5504 ext. 316; or by e-mail at: </font><font style="display: inline;font-family:Arial;color:#0000FF;font-size:10pt;text-decoration:underline;">investorrelations@halladorenergy.com</font><font style="display: inline;font-family:Arial;font-size:10pt;color:#000000;">.&nbsp;&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:left;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:Arial;font-weight:bold;font-size:10pt;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">20</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

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