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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of effective income tax

Income tax benefit using the Company’s effective income tax rate differs from the U.S. Federal Statutory income tax rate due to the following:

		2015				2014				2013
Income tax benefit at federal statutory rate		$	31,585			$	711			$	2,509
State income tax benefit, net of federal impact			1,440				34				158
Incentive stock options and restricted stock  not deductible for tax purposes			(269	)			(79	)			(43	)
Percentage depletion carryover			-				129				174
Other, net			171				(183	)			(81	)
Increase in valuation allowance			(32,927	)			(612	)			(2,717	)
Income tax benefit (expense)		$	-			$	-			$	-

Schedule of deferred tax assets and liabilities

The components of deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:

		2015				2014
Deferred tax assets:
Net operating loss carryover		$	19,947			$	10,382
Property and equipment			15,645				-
Percentage depletion and contribution carryovers			2,433				2,444
Alternative minimum tax credit carryover			706				706
Equity method investment and other			630				629
Deferred compensation liability			262				439
Asset retirement obligations			442				404
Stock-based compensation			302				248
Total deferred tax assets			40,367				15,252
Deferred tax liabilities:
Property and equipment			-				(8,351	)
Oil price risk derivatives			(538	)			-
Other			(4	)			(3	)
Total deferred tax liabilities			(542	)			(8,354	)
Net deferred tax assets			39,825				6,898
Less valuation allowance			(39,825	)			(6,898	)
Net deferred tax asset		$	-			$	-

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- References

No definition available.

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- Definition

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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- Definition

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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