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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

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:

		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)		$	-			$	-			$	-

Schedule of deferred tax assets and liabilities

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		$	-			$	-

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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=65882285&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=65882285&loc=d3e32687-109319

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