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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Deferred Taxes
An analysis of the Company’s deferred tax assets and liabilities follows (amounts in thousands):
 
December 31,
 
2017
 
2016
Net operating loss carryforwards
$
78,541

 
$
92,072

Percentage depletion carryforward
5,701

 
9,372

Alternative minimum tax credits
—

 
784

Contributions carryforward and other
192

 
282

Temporary differences:
 
 
 
   Oil and gas properties
8,279

 
27,992

   Asset retirement obligation
7,602

 
13,620

   Derivatives
(107
)
 
1,767

   Share-based compensation
1,269

 
1,870

   Original issue discount on debt exchanges
14,429

 
29,646

Valuation allowance
(115,906
)
 
(177,405
)
Deferred tax asset (liability)
$
—

 
$
—
Income Tax Reconciliation
Income tax expense (benefit) for each of the years ended December 31, 2017, 2016 and 2015 was different than the amount computed using the federal statutory rate (35%) for the following reasons (amounts in thousands):
 
For the Year Ended December 31,
 
2017
 
2016
 
2015
Amount computed using the statutory rate
$
(2,655
)
 
$
(31,623
)
 
$
(102,257
)
Increase (reduction) in taxes resulting from:
 
 
 
 
 
   Impact of rate change on deferred tax
64,915

 
—

 
—

   State & local taxes
(368
)
 
(2,000
)
 
(6,477
)
   Percentage depletion carryforward
(66
)
 
(163
)
 
(404
)
   Non-deductible stock option expense (1)
305

 
77

 
90

   Share-based compensation (2)
64

 
707

 
1,317

   Other
(21
)
 
1,415

 
113

Change in valuation allowance
(63,123
)
 
32,130

 
110,244

Income tax expense (benefit)
$
(949
)
 
$
543

 
$
2,626

 
(1)
Relates to compensation expense related to Incentive Stock Options.
(2)
Relates to the write-off of deferred tax assets associated with share-based compensation that will not be deductible for tax purposes.