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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

INCOME TAXES [Abstract]

Components of Income Tax Expense (benefit)

The provision for income taxes is composed of the following:

		(in thousands)
		Years ended December 31,
		2012				2011				2010
Current income tax expense (benefit)
Federal		$	--			$	--			$	(104	)
State			--				--				--
		$	--			$	--			$	(104	)
Deferred income tax expense (benefit)
Federal		$	(1,093	)		$	(3,316	)		$	(1,543	)
State			(64	)			(195	)			(91	)
		$	(1,157	)		$	(3,511	)		$	(1,634	)

Effective Income Tax Reconciliation

The effective income tax rate differs from the U.S. Federal Statutory income tax rate due to the following:

		(in thousands)
		Years ended December 31,
		2012				2011				2010
Federal statutory income tax rate		$	(4,164	)		$	(2,828	)		$	(853	)
State income taxes, net of federal benefit			(245	)			(166	)			(50	)
Incentive stock options			12				246				258
Percent depletion carryover			(177	)			(807	)			(1,067	)
Valuation allowance			3,512				--				--
Other			(95	)			44				(26	)
		$	(1,157	)		$	(3,511	)		$	(1,738	)

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of December 31, 2012 and 2011 are as follows:

		(in thousands)
		December 31,				December 31,
		2012				2011
Deferred tax assets:
Net operating loss		$	2,899			$	2,547
Derivative instruments			(170	)			215
Asset retirement obligation			247				184
Stock based compensation			313				288
Deferred compensation			382				357
Alternative minimum tax credit			706				706
Contribution carryover			37				28
Equity investments			(91	)			37
Percentage depletion carryover			2,100				1,924
		$	6,423			$	6,286
Deferred tax liabilities:
Property and equipment			(2,854	)			(7,385	)
Marketable securities			(57	)			(44	)
		$	(2,911	)		$	(7,429	)
Net deferred tax assets (liabilities)			3,512				(1,143	)
Less: Valuation Allowance			(3,512	)			--
Deferred tax liability		$	--			$	(1,143	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: 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

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ 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

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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