INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Analysis of Deferred Taxes

An analysis of our deferred taxes follows:

	As of December 31,
	2014		2013
Tax effect of temporary differences:
Net operating loss carryforwards		$99,615		$24,437
Oil and gas properties – full cost		(476,367)		(576,393)
Asset retirement obligations		113,907		180,905
Stock compensation		5,603		5,537
Hedges		(54,439)		826
Accrued incentive compensation		6,185		9,189
Other		(966)		(3,484)
		($306,462)		($358,983)

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,
	2014	2013	2012
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	(0.5)	0.8	0.6
Tax deficits on stock compensation	(0.2)	-	-
Other	(0.3)	0.1	(0.5)
Effective income tax rate	35.0%	36.9%	36.1%