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INCOME TAXES | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
INCOME TAXES |
| 12. | INCOME TAXES
The Company incurred a net loss for each of the years ended December 31, 2016, 2015 and 2014, and the Company has recorded valuation allowances for its net deferred tax assets for each of those years. Accordingly, the Company has not recognized a benefit for income taxes in the accompanying financial statements. 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:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Income tax benefit at federal statutory rate |  | $ | 4,801 |  |  | $ | 31,585 |  |  | $ | 711 |
State income tax benefit, net of federal impact |  |  | 292 |  |  |  | 1,440 |  |  |  | 34 |
Incentive stock options and restricted stock not deductible for tax purposes |  |  | - |  |  |  | (269 | ) |  |  | (79 | )
Percentage depletion carryover |  |  | 19 |  |  |  | - |  |  |  | 129 |
Other, net |  |  | 534 |  |  |  | 171 |  |  |  | (183 | )
Increase in valuation allowance |  |  | (5,646 | ) |  |  | (32,927 | ) |  |  | (612 | )
Income tax benefit (expense) |  | $ | - |  |  | $ | - |  |  | $ | - |
The components of deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows:
|  | 2016 |  |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryover |  | $ | 26,739 |  |  | $ | 19,947 |
Property and equipment |  |  | 14,575 |  |  |  | 15,645 |
Percentage depletion and contribution carryovers |  |  | 2,512 |  |  |  | 2,433 |
Alternative minimum tax credit carryover |  |  | 706 |  |  |  | 706 |
Equity method investment and other |  |  | 547 |  |  |  | 630 |
Deferred compensation liability |  |  | 12 |  |  |  | 262 |
Asset retirement obligations |  |  | 377 |  |  |  | 442 |
Stock-based compensation |  |  | (44) |  |  |  | 302 |
Total deferred tax assets |  |  | 45,424 |  |  |  | 40,367 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | - |  |  |  | - |
Oil price risk derivatives |  |  | - |  |  |  | (538) |
Other |  |  | (4 | ) |  |  | (4) |
Total deferred tax liabilities |  |  | (4 | ) |  |  | (542) |
Net deferred tax assets |  |  | 45,420 |  |  |  | 39,825 |
Less valuation allowance |  |  | (45,420 | ) |  |  | (39,825) |
Net deferred tax asset |  | $ | - |  |  | $ | - |
The Company has net operating loss carryovers as of December 31, 2016 of approximately $74,715 for federal income tax purposes. The net operating loss carryovers may be carried back two years and forward twenty years from the year the net operating loss was generated. The net operating losses may be used to offset future taxable income and expire in varying amounts through 2035. In addition, the Company has alternative minimum tax credit carry-forwards of approximately $700 which are available to offset future federal income taxes over an indefinite period. The statute of limitations is closed for the tax years through 2010. The Company recognizes, measures, and discloses uncertain tax positions whereby tax positions must meet a “more-likely-than-not” threshold to be recognized. During the years ended December 31, 2016, 2015 and 2014, no adjustments were recognized for uncertain tax positions.

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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 Reference 4: 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=65882285&loc=d3e32639-109319 Reference 5: 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=65882285&loc=d3e32537-109319 + Details
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