Income Taxes	3 Months Ended
Mar. 31, 2019
Income Taxes [Abstract]
Income Taxes	(3) Income Taxes Income taxes are reported in accordance with U.S. GAAP, which requires the establishment of deferred tax accounts for all temporary differences between the financial reporting and tax bases of assets and liabilities, using currently enacted federal and state income tax rates. In addition, deferred tax accounts must be adjusted to reflect new rates if enacted into law. The deferred income tax assets or liabilities for an oil and gas exploration and development company are dependent on many variables such as estimates of the economic lives of depleting oil and gas reserves and commodity prices. Accordingly, the asset or liability is subject to continuous recalculation and revision of the numerous estimates required, and may change significantly in the event of occurrences such as major acquisitions, divestitures, commodity price changes, changes in reserve estimates, changes in reserve lives, and changes in tax rates or tax laws. The estimated annual effective tax rate of 0% differs from the statutory rate of 21% due primarily to adjustments to the valuation allowance on the deferred tax assets. At December 31, 2018, federal net operating loss carryforwards amounted to approximately $35.6 million, of which $34.6 million expires between 2019 and 2037 which can offset 100% of taxable income and $1 million that has an indefinite carryforward period which can offset 80% of taxable income per year. The Company has approximately $260,000 in refundable credits, and it expects that a substantial portion will be refunded between 2018 and 2021. As 50% of the credit will be refunded when we file the 2018 tax return, this amount is recorded as a current accounts receivable on the Balance Sheet at March 31, 2019 and December 31, 2018, with balance of this refund recorded as a non-current accounts receivable. The Company recorded a valuation allowance on the remaining deferred tax assets at March 31, 2019 and December 31, 2018 as such amounts were not considered to be more-likely-than-not realizable due to cumulative losses incurred during the preceding 3 year period. There were no recorded unrecognized tax benefits at March 31, 2019 and December 31, 2018.

(3) Income Taxes

Income taxes are reported in accordance with U.S. GAAP, which requires the establishment of deferred tax accounts for all temporary differences between the financial reporting and tax bases of assets and liabilities, using currently enacted federal and state income tax rates. In addition, deferred tax accounts must be adjusted to reflect new rates if enacted into law.

The deferred income tax assets or liabilities for an oil and gas exploration and development company are dependent on many variables such as estimates of the economic lives of depleting oil and gas reserves and commodity prices. Accordingly, the asset or liability is subject to continuous recalculation and revision of the numerous estimates required, and may change significantly in the event of occurrences such as major acquisitions, divestitures, commodity price changes, changes in reserve estimates, changes in reserve lives, and changes in tax rates or tax laws.

The estimated annual effective tax rate of 0% differs from the statutory rate of 21% due primarily to adjustments to the valuation allowance on the deferred tax assets.

At December 31, 2018, federal net operating loss carryforwards amounted to approximately $35.6 million, of which $34.6 million expires between 2019 and 2037 which can offset 100% of taxable income and $1 million that has an indefinite carryforward period which can offset 80% of taxable income per year. The Company has approximately $260,000 in refundable credits, and it expects that a substantial portion will be refunded between 2018 and 2021. As 50% of the credit will be refunded when we file the 2018 tax return, this amount is recorded as a current accounts receivable on the Balance Sheet at March 31, 2019 and December 31, 2018, with balance of this refund recorded as a non-current accounts receivable. The Company recorded a valuation allowance on the remaining deferred tax assets at March 31, 2019 and December 31, 2018 as such amounts were not considered to be more-likely-than-not realizable due to cumulative losses incurred during the preceding 3 year period. There were no recorded unrecognized tax benefits at March 31, 2019 and December 31, 2018.