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FEDERAL INCOME TAXES | 12 Months Ended
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Dec. 31, 2011
FEDERAL INCOME TAXES |
FEDERAL INCOME TAXES |
9. FEDERAL INCOME TAXES The deferred federal income tax asset (liability) consists of the following:
|  | December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
Property development costs—net of amortization |  | $ | 10,399,000 |  | $ | 11,583,000 |  | $ | 13,018,000 |
Accelerated depreciation |  |  | (105,000 | ) |  | (151,000 | ) |  | (193,000 | )
Restoration reserves |  |  | (2,080,000 | ) |  | (1,560,000 | ) |  | (1,093,000 | )
Net operating loss carryforwards utilized |  |  | 143,000 |  |  | — |  |  | — |
Net operating loss and percentage depletion carryforwards |  |  | 39,496,000 |  |  | 34,766,000 |  |  | 29,621,000 |
Valuation allowance and other—net |  |  | (47,853,000 | ) |  | (44,638,000 | ) |  | (41,353,000 | )
Total deferred income tax asset (liability) |  | $ | — |  | $ | — |  | $ | — |
Major items causing the Company's tax provision to differ from the federal statutory rate of 34% were:
|  | For the Twelve Months Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
|  | Amount |  | % of Pretax Income |  | Amount |  | % of Pretax Income |  | Amount |  | % of Pretax Income |
Pretax income (loss) |  | $ | (11,199,397 | ) |  | — |  | $ | (10,354,567 | ) |  | — |  | $ | (10,065,862 | ) |  | — |
Pretax income (loss) times statutory tax rate |  |  | (3,808,000 | ) |  | 34 | % |  | (3,521,000 | ) |  | 34 | % |  | (3,422,000 | ) |  | 34 | %
Increases (decreases) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance |  |  | 3,808,000 |  |  | (34 | )% |  | 3,521,000 |  |  | (34 | )% |  | 2,105,000 |  |  | (21 | )%
Correction to deferred tax |  |  | — |  |  | — |  |  | — |  |  | — | % |  | 1,317,000 |  |  | (13 | )%
Income tax benefit |  | $ | 0 |  |  | 0 | % | $ | 0 |  |  | 0 | % | $ | 0 |  |  | 0 | %
The Company also has available for regular federal income tax purposes at December 31, 2011 estimated net operating loss ("NOL") carryforwards of approximately $116,165,000, before limitations which expire primarily in 2012 through 2031, if not previously utilized. Following the issuance of the Company's Common Stock in 2001, use of the Company's NOL will be severely limited on an annual and aggregate basis. For this reason, and due to no expectation of profitable operations in the near future, the NOL has a full valuation allowance and is not shown as a deferred tax asset in the table above. The Company's tax years ended 2005 to 2010 remain open to examination for Federal tax purposes.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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