(Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income tax expense provision (benefit) |
The income tax provision (benefit) for the year ended December 31, 2016, 2015, and 2014 consists of the following:
| | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Current | $ | (1,402,179 | ) | | $ | (73,649 | ) | | $ | 3,259,445 |
| Deferred | |
| | |
| | |
| Federal | (99,298,900 | ) | | (398,002,555 | ) | | 87,625,430 |
| State | (9,707,000 | ) | | (36,608,000 | ) | | 8,482,125 |
| Valuation Allowance | 109,005,900 |
| | 232,260,000 |
| | — |
| Total Expense (Benefit) | $ | (1,402,179 | ) | | $ | (202,424,204 | ) | | $ | 99,367,000 |
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|
| Reconciliation of reported amount of income tax expense (benefit) |
The following is a reconciliation of the reported amount of income tax expense for the years ended December 31, 2016, 2015, and 2014 to the amount of income tax expenses that would result from applying the statutory rate to pretax income. | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Income (Loss) Before Taxes and NOL | $ | (294,895,887 | ) | | $ | (1,177,778,745 | ) | | $ | 263,112,945 |
| Federal Statutory Rate | 35.00 | % | | 35.00 | % | | 35.00 | % | Taxes Computed at Federal Statutory Rates | (103,214,000 | ) | | (412,223,000 | ) | | 92,090,000 |
| State Taxes, Net of Federal Taxes | (6,306,000 | ) | | (23,825,000 | ) | | 5,404,300 |
| Non-Deductible Compensation | 82,000 |
| | 470,000 |
| | 456,000 |
| Share Based Compensation Tax Deficiency | (834,900 | ) | | 307,000 |
| | 1,472,000 |
| Other | (135,179 | ) | | 586,796 |
| | (55,300 | ) | Valuation Allowance | 109,005,900 |
| | 232,260,000 |
| | — |
| Reported Provision (Benefit) | $ | (1,402,179 | ) | | $ | (202,424,204 | ) | | $ | 99,367,000 |
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|
| Components of deferred tax asset (liability) |
The significant components of the Company’s deferred tax assets (liabilities) were as follows: | | | | | | | | | | Years Ended December 31, | | 2016 | | 2015 | Net Operating Loss (NOLs) and Tax Credit Carryforwards | $ | 224,679,900 |
| | $ | 195,207,000 |
| Share Based Compensation | 1,032,000 |
| | 1,762,000 |
| Accrued Interest | 1,727,000 |
| | 1,723,000 |
| Allowance for Doubtful Accounts | 1,795,000 |
| | 1,662,000 |
| Crude Oil and Natural Gas Properties and Other Properties | 107,642,000 |
| | 55,939,000 |
| Derivative Instruments | 4,341,000 |
| | (23,855,000 | ) | Other | 49,000 |
| | (178,000 | ) | Total Net Deferred Tax Assets (Liabilities) Before Valuation Allowance | 341,265,900 |
| | 232,260,000 |
| | | | | Valuation Allowance | (341,265,900 | ) | | (232,260,000 | ) | | | | | Total Net Deferred Tax Assets (Liabilities) | $ | — |
| | $ | — |
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