Q1 2015 results out (see Sedar)Highlights First quarter production in Ukraine continues to be below capacity due to the lingering effects of government legislation attempting to reserve a large share of the natural gas market for the state owned National Joint Stock Company Naftogaz (“Naftogaz”) and lack of reinvestment in KUB‐Gas over the last twelve months. Production averaged 1,644 boe/d (98% natural gas) for the three months ended March 31, 2015, representing an 11% decrease from 1,857 boe/d in the comparative 2014 quarter and a 22% decrease from the 2,112 boe/d production averaged for the three months ended December 31, 2014. Monthly average of 1,383 boe/d for March 2015 for a 43% decrease over the December 31, 2014 exit rate of 2,407 boe/d. The decrease in March was a result of recent government decrees that encouraged producers to temporarily constrain production due to government interference in supply. Netbacks of $11.64/boe or $1.92/Mcfe for the three months ended March 31, 2015 as compared to netback of $30.28/Boe or $5.05/Mcfe for the same period in 2014 when royalty rates were 28% versus the current 55%. In addition, netbacks were $21.47/Boe or $3.58/Mcfe for the quarter ended December 31, 2014 when the Company realized higher gas prices. Achieved average natural gas price of $7.77/Mcf and condensate price of $39.83/bbl during the three months ended March 31, 2015 as compared to $8.63/Mcf and $78.19/bbl for the comparative 2014 period and $9.62/Mcf and $72.34/bbl for the three months ended December 31, 2014. The Company received $1,279,000 in dividends during the three months ended March 31, 2015 as compared to $1,035,000 during the comparative 2014 period. The National Bank of Ukraine (“NBU”) temporary resolution prohibiting the payment of cross‐border dividends is in effect until June 3, 2015, which has been extended by the NBU several times already. The Company continues to review alternatives for repatriating dividends. In January 2015, the Company added the fourth, fifth and sixth sets of perforations to the RK‐21 well (100% WI). The well responded favorably by displaying an immediate increase in flowing tubing pressure with a corresponding increase of production from a five‐day average of 0.8 MMcf/d to over 2.6 MMcf/d for the subsequent five‐day period. These perforations were added over a two‐day period at small incremental cost. During the first and second quarters of 2015, the Company upgraded the separation and dehydration process at the RK facility (100% WI) in western Ukraine. Completion and testing operations are substantially finished on the M‐22 well (30% WI) in Ukraine. The S13, S13a and S13b were all non‐commercial despite initially appearing promising on logs. The S6 zone did build up pressure after perforating and produced gas at rates too small to measure. The well is being suspended, and will be added to a fracture stimulation campaign which may occur later in 2015. If successful, M‐22 will qualify for the reduced royalty rate of 30.25% for its first two years of production.