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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of income tax benefit (provision)

Income tax benefit (provision) for the indicated periods is comprised of the following (in thousands):

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2021			2020
Current:	​	​	​	​	​	​
Federal	​	$	—	​	$	—
State	​	​	—	​	​	—
​	​	​	—	​	​	—
Deferred:	​	​	​	​	​	​
Federal	​	​	—	​	​	—
State	​	​	—	​	​	—
​	​	​	—	​	​	—
Total income tax benefit (provision)	​	$	—	​	$	—

Schedule of differences between the actual income tax benefit (provision) and the expected income tax benefit (provision)

The actual income tax benefit (provision) differs from the expected income tax benefit (provision) as computed by applying the United States federal corporate income tax rate of 21% for the periods indicated below, as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2021			2020
Expected tax benefit (provision)	​	$	5,947	​	$	48,238
Change in valuation allowance and related items	​	​	57,845	​	​	(10,849)
Attribute reduction	​	​	(64,024)	​	​	(37,985)
Permanent adjustments	​	​	404	​	​	577
Employee retention credit	​	​	(153)	​	​	—
Other	​	​	(19)	​	​	19
Total income tax benefit (provision)	​	$	—	​	$	—

Schedule of components of net deferred income tax assets (liabilities)

The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands):

​

​	​	​	​	​	​	​
​		December 31, 2021			December 31, 2020
Deferred noncurrent income tax assets:	​	​	​	​	​	​
Net operating loss carry-forwards	​	$	135,454	​	$	94,742
Built in loss adjustment Section 382	​	​	693	​	​	98,416
Capital loss carryforward	​	​	114,725	​	​	74,848
Stock-based compensation expense	​	​	1,870	​	​	1,448
Asset retirement obligations	​	​	2,447	​	​	2,347
Book-tax differences in property basis	​	​	148,008	​	​	199,170
Unrealized hedging transactions	​	​	12,929	​	​	2,908
Disallowed interest Section 163(j)	​	​	15,230	​	​	13,579
Basis difference in debt	​	​	—	​	​	1,687
Change of Control Call Option Embedded Derivative	​	​	841	​	​	—
Operating lease liability	​	​	151	​	​	85
Other	​	​	382	​	​	374
Gross deferred noncurrent income tax assets	​	​	432,730	​	​	489,604
Valuation allowance	​	​	(431,694)	​	​	(489,539)
Deferred noncurrent income tax assets	​	$	1,036	​	$	65
​	​	​	​	​	​	​
Deferred noncurrent income tax liabilities:	​	​	​	​	​	​
Basis difference in debt	​	$	(885)	​	$	—
Lease right of use	​	​	(151)	​	​	(65)
Deferred noncurrent income tax liabilities	​	$	(1,036)	​	$	(65)
Net noncurrent deferred income tax assets (liabilities)	​	$	—	​	$	—

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
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