INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Analysis of Deferred Taxes

An analysis of our deferred taxes follows:

	As of December 31,
	2013			2012
Tax effect of temporary differences:
Net operating loss carryforwards	$	24,437		$	—
Oil and gas properties – full cost		(576,393	)		(465,862	)
Asset retirement obligations		180,905			175,788
Stock compensation		5,537			5,588
Hedges		826			(16,983	)
Accrued incentive compensation		9,189			4,762
Other		(3,484	)		1,391
		($358,983	)		($295,316	)

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate as a Percentage of Income Before Income Taxes

A reconciliation between the statutory federal income tax rate and our effective income tax rate as a percentage of income before income taxes follows:

	Year Ended December 31,
	2013			2012			2011
Income tax expense computed at the statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State taxes		1.0			1.0			1.0
IRC Sec. 162(m) limitation		0.8			0.6			0.3
Other		0.1			(0.5	)		(0.3	)
Effective income tax rate		36.9	%		36.1	%		36.0	%

Reconciliation Total Amount of Unrecognized Tax Benefits

A reconciliation of the total amounts of unrecognized tax benefits follows:

Total unrecognized tax benefits as of December 31, 2012	$	385
Increases (decreases) in unrecognized tax benefits as a result of:		—
Tax positions taken during a prior period		—
Tax positions taken during the current period		—
Settlements with taxing authorities		(385	)
Lapse of applicable statute of limitations		—
Total unrecognized tax benefits as of December 31, 2013	$	—