Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.1.9
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2014
INCOME TAXES [Abstract]  
Income tax expense provision
The income tax provision for the year ended December 31, 2014, 2013, and 2012 consists of the following:

   
2014
   
2013
   
2012
 
Current Income Taxes
  $ 3,259,445     $ (8,386 )   $ 17,772  
Deferred Income Taxes
                       
   Federal
    87,625,430       29,826,000       39,850,000  
   State
    8,482,125       1,950,000       3,134,000  
Total Expense
  $ 99,367,000     $ 31,767,614     $ 43,001,772  
Reconciliation of reported amount of income tax expense (benefit)
Reconciliation of reported amount of income tax expense:

   
2014
   
2013
   
2012
 
Income Before Taxes and NOL
  $ 263,112,945     $ 84,834,650     $ 115,286,396  
Federal Statutory Rate
    X 35 %     X 35 %     X 35 %
Taxes Computed at Federal Statutory Rates
    92,090,000       29,692,000       40,350,000  
State Taxes, Net of Federal Taxes
    5,404,300       909,614       2,086,772  
Non-Deductible Compensation
    1,872,700       1,166,000       565,000  
      Reported Provision
  $ 99,367,000     $ 31,767,614     $ 43,001,772  
Components of deferred tax asset (liability)
The components of the Company’s deferred tax asset (liability) were as follows:

   
Year Ended December 31,
 
   
2014
   
2013
 
Deferred Tax Assets
           
Current:
           
Share Based Compensation
  $ 1,141,000     $ 1,834,000  
Accrued Interest
    1,238,000       1,241,000  
Derivative Instruments
    -       7,094,000  
Accrued Expenses
    986,000       -  
Other
    683,000       391,000  
     Total Current
    4,048,000       10,560,000  
                 
Non-Current:
               
Net Operating Loss (NOLs) and Tax Credit Carryforwards
    194,227,445       316,266,000  
Other
    94,000       69,000  
     Total Non-Current
    194,321,445       316,335,000  
     Total Deferred Tax Asset
  $ 198,369,445     $ 326,895,000  
                 
Deferred Tax Liabilities
               
Current:
               
Derivative Instruments
    (47,877,000 )     -  
Other
    (110,000 )     (129,000 )
    Total Current
  $ (47,987,000 )   $ (129,000 )
                 
Non-Current:
               
Crude Oil and Natural Gas Properties and Other Property
    (343,657,000 )     (432,596,000 )
Derivative Instruments
    (9,076,000 )     (413,000 )
    Total Non-Current
    (352,733,000 )     (433,009,000 )
                 
Total Deferred Tax Liability
    (400,720,000 )     (433,138,000 )
 
               
Total Net Deferred Tax Liability
  $ (202,350,555 )   $ (106,243,000 )