the company’s test drills yielded positive results and with three of the test wells are in
production, currently. Furthermore, as part of its FY2013 strategic objectives, the company allocated
drilling at least two Mancos appraisal wells in the Piceance Basin and expects to continue
infrastructure improvements in its San Juan Mancos Shale. By 2015, the company also plans to
increase its oil and gas capital expenditure to $109 million, in contrast to $2 million and $5 million
in power generation and coal mining segments. This also indicates the company’s increasing focus
on shifting towards its oil and gas segment.