X0306 4 2018-06-15 1 0000086264 Carbon Energy Corp CRBO 0001535264 AWM Investment Company, Inc. 527 MADISON AVENUE SUITE 2600 NEW YORK NY 10022 0 0 1 0 Common Stock 706549 I By Limited Partnership AWM Investment Company, Inc., a Delaware Corporation (AWM), is the investment adviser to Special Situations Fund III QP, L.P. (QP), Special Situations Cayman Fund, L.P. (Cayman) & Special Situations Private Equity Fund, L.P. (PE and together with QP and Cayman, the Funds). As the investment adviser to the Funds, AWM holds sole voting and investment power over. 490,186 shares of Common Stock of the Issuer (the Shares) held by QP, 144,134 Shares held by Cayman & 72,229 Shares held by PE. Austin W. Marxe (Marxe), David M. Greenhouse (Greenhouse) & Adam C. Stettner (Stettner) are the controlling principals of AWM. The reporting person disclaims beneficial ownership of the Shares, except to the extent of its pecuniary interest therein. This report shall not be deemed an admission that the reporting person is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. As a result of a change in shares outstanding, AWM Investment Company Inc. beneficially owns less than 10%. No additional filings are required at this time. Adam Stettner 2018-06-15