Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of net deferred tax position

The Company’s net deferred tax position as of December 31, 2013 and 2012, respectively, is as follows (in thousands).

	December 31,
	2013			2012
Current deferred tax assets
Property and equipment	$	62		$	233
Unrealized loss on derivatives	965			—
Other	609			869
Total current deferred tax assets	1,636			1,102
Valuation allowance on current deferred tax assets	—			(202		)
Total current deferred tax assets, net of valuation allowance	1,636			900
Current deferred tax liabilities
Unrealized gain on derivatives	—			(1,311		)
Net current deferred tax assets (liabilities)	$	1,636		$	(411	)
Non-current deferred tax assets
Unrealized loss on derivatives	$	28		$	—
Net operating loss carryforwards	63,007			44,654
Alternative minimum tax carryforward	7,064			6,660
Total non-current deferred tax assets	70,099			51,314
Valuation allowance on non-current deferred tax assets	(30		)	(10,058		)
Total non-current deferred tax assets, net of valuation allowance	70,069			41,256
Non-current deferred tax liabilities
Unrealized gain on derivatives	—			(262		)
Property and equipment	(76,719		)	(36,363		)
Other	(4,279		)	(4,220		)
Total non-current deferred tax liabilities	(80,998		)	(40,845		)
Net non-current deferred tax (liabilities) assets	$	(10,929	)	$	411

Income tax expense reconciled to the tax computed at the statutory federal rate

The income tax expense reconciled to the tax computed at the statutory federal rate for the years ended December 31, 2013, 2012 and 2011, respectively, is as follows (in thousands).

	Year Ended December 31,
	2013			2012			2011
Current income tax provision (benefit)
State income tax	$	—		$	—		$	(46	)
Federal alternative minimum tax	404			—			—
Net current income tax provision (benefit)	404			—			(46		)
Deferred income tax provision (benefit)
Federal tax expense at statutory rate (1)	19,177			(11,767		)	(5,319		)
Statutory depletion carryforward	—			—			231
State income tax	431			(819		)	(435		)
Nondeductible expense	—			(122		)	48
Permanent differences (2)	319			1,018			—
Federal alternative minimum tax	(404		)	—			—
Change in federal valuation allowance	(8,885		)	10,260			—
Change in state valuation allowance	(1,345		)	—			—
Net deferred income tax provision (benefit)	9,293			(1,430		)	(5,475		)
Total income tax provision (benefit)	$	9,697		$	(1,430	)	$	(5,521	)

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(1) The statutory federal tax rate was 35% for the year ended December 31, 2013 and 34% for the years ended December 31, 2012 and 2011.