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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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:

		2017				2016				2015
Income tax benefit at federal statutory rate		$	472			$	4,801			$	31,585
State income tax benefit, net of federal impact			38				292				1,440
Change in Federal tax rate, net of state benefit (1)			(5,440	)
Loss on debt to equity conversion			(1,630	)
Effect of Sec. 382 Limitation			(29,803	)
Incentive stock options and restricted stock not deductible for tax purposes			964				-				(269	)
Percentage depletion carryover			138				19				-
Prior year true up			1,076				534				171
Other			77
Decrease in valuation allowance			(34,109	)			(5,646	)			(32,927	)
Income tax benefit (expense)		$	-			$	-			$	-

(1) The change in the Federal Tax rate was due to the passage of Public Law 115-97 (Tax Cuts and Jobs Act). This resulted in a provisional reduction of the Company’s deferred tax assets before valuation analysis primarily due to a reduction in the US Statutory rate from 35% to 21%. We will continue to analyze the Tax Cuts and Jobs Act and future associated Treasury Regulations. This future analysis could potentially affect the measurement of deferred tax balances and give rise to new deferred tax amounts.

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows:

		2017				2016
Deferred tax assets:
Net operating loss carryover (2)		$	874			$	26,739
Property and equipment			7,123				14,575
Percentage depletion and contribution carryovers (2)			1,872				2,512
Alternative minimum tax credit carryover (2)			785				706
Equity method investment and other			398				547
Deferred compensation liability			8				12
Asset retirement obligations			221				377
Stock-based compensation			83				(44	)
Total deferred tax assets			11,364				45,424
Deferred tax liabilities:
Property and equipment			-				-
Oil price risk derivatives			-				-
Other			(3	)			(4	)
Total deferred tax liabilities			(3	)			(4	)
Net deferred tax assets			11,361				45,420
Less valuation allowance			(11,361	)			(45,420	)
Net deferred tax asset		$	-			$	-

(2) On December 27, 2017, the Company paid down debt with common stock. This represented a 49.3% ownership change in the company. This combined with other equity events triggered Net Operation Loss limitations under I.R.C Section 382. As a result, the Company’s Net Operating Loss carryforwards were significantly limited.

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- References

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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=84230637&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=84230637&loc=d3e32687-109319

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