(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

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

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)	$	—		$	—