INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income tax expense provision (benefit)

The income tax provision (benefit) for the years ended December 31, 2021, 2020, and 2019 consists of the following:

(In thousands)	2021		2020		2019
Current
Federal	$	—	$	(376)	$	(210)
State	233		—		—
Deferred
Federal	130		(175,309)		(16,676)
State	(3,984)		(17,778)		(3,578)
Valuation Allowance	3,854		193,297		20,464
Total Tax Benefit	$	233	$	(166)	$	—

Reconciliation of reported amount of income tax expense (benefit)

The following is a reconciliation of the reported amount of income tax benefit for the years ended December 31, 2021, 2020, and 2019 to the amount of income tax expenses that would result from applying the statutory rate to pretax income (loss).

(In thousands)	2021			2020			2019
Income (Loss) Before Taxes and NOL	$	6,594		$	(906,207)		$	(76,318)
Federal Statutory Rate	21.00		%	21.00		%	21.00		%
Taxes Computed at Federal Statutory Rates	1,385			(190,303)			(16,027)
State Tax (Benefit), Net of Federal Taxes	(3,752)			(20,881)			(2,630)
Deferred Tax Adjustment	(1,488)			3,686			(1,891)
Share Based Compensation Tax Deficiency	—			—			33
Net Operating Loss Adjustment	—			12,494			—
Other	234			1,541			51
Valuation Allowance	3,854			193,297			20,464
Reported Tax Expense (Benefit)	$	233		$	(166)		$	—

Components of deferred tax asset (liability)

The significant components of the Company’s deferred tax assets (liabilities) were as follows:

	Year Ended December 31,
(in thousands)	2021		2020
Net Operating Loss (NOLs) and Tax Credit Carryforwards	$	150,736	$	123,121
Share Based Compensation	570		93
Accrued Interest	1,031		1,012
Allowance for Doubtful Accounts	919		902
Crude Oil and Natural Gas Properties and Other Properties	124,531		222,668
Derivative Instruments	63,739		(10,104)
Other	(178)		(198)
Total Net Deferred Tax Assets (Liabilities) Before Valuation Allowance	341,348		337,494
Valuation Allowance	(341,348)		(337,494)
Total Net Deferred Tax Assets	$	—	$	—