NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 5 – GENERAL AND ADMINISTRATIVE EXPENSES  NOTE 6 – GAIN ON SALE OF NON-CURRENT ASSETS  Disposals in 2014  The company capitalised overhead costs, including salaries, wages benefits and consulting fees, directly attributable  to the exploration, acquisition and development of oil and gas properties of $4.5 million and $2.9 million for the  years ended 31 December 2014 and 2013, respectively.  In July 2014, the Company sold its remaining Denver-Julesburg Basin assets for net proceeds of $108.8 million in  cash, which includes the reimbursement of capital expenditures incurred on 8 gross (3.1 net) non-operated  horizontal wells. The sale resulted in a pre-tax gain of $48.7 million, which is included in the gain on sale of non- current assets in the consolidated statement of profit or loss and other comprehensive income for the year ended  31 December 2014. In July 2014, the Company sold its remaining Bakken assets, located in the Williston Basin, for approximately $14.0  million, which included $10 million in cash and approximately $4.0 million in settlement of a net liability due to the  buyer. The sale resulted in a pre-tax gain of $1.6 million, which is included in the gain on sale of non-current assets  in the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December  2014. As at 31 December 2013, the carrying costs of these assets were $11.6 million and were classified as held for  sale.  For the Denver-Julesburg Basin sales proceeds, the Company elected to apply Section 1031 “like-kind exchange”  treatment under the US tax rules, which allow deferral of the gain if the proceeds are used to acquire “like-kind  property” within six months of the closing date of the transaction. In addition, the US tax rules allow the deduction  of all intangible drilling costs (“IDCs”) in the period incurred. In January 2015, the Company deferred majority of the  taxable gain on the sale of the Denver-Julesburg Basin by acquiring qualified replacement properties.  2014 2013 Year ended 31 December  US$’000 US$’000 Employee benefits expense, including salaries and wages,  net of capitalised overhead  (3,064)  (4,553)  General legal and professional fees  (4,661)  (3,307)  Corporate fees  (2,676)  (2,344)  Regulatory expenses  (1,374)  (2,313)  Share based payments expense  (1,915)  (1,590)  Rent  (631)  (234)  Other expenses  (1,206)  (956)  Total general and administrative expenses  (15,527) (15,297)  - 75 - 