Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Schedule Of Components Of Income Tax Expense (Benefit)
     2011     2010     2009  

Current:

      

State

   $ —        $ 40,000      $ 28,000   

Federal

     282,000        95,000        32,000   

Deferred:

      

State

     —          —          —     

Federal

     (372,000 )      (95,000 )      (32,000 ) 
  

 

 

   

 

 

   

 

 

 

Total income tax expense (benefit) provision

   $  (90,000 )    $ 40,000      $ 28,000   
  

 

 

   

 

 

   

 

 

 
Reconciliation Of Statutory Federal Income Tax Amount
     2011     2010     2009  

Income before federal income taxes

   $  108,332,000      $ 47,403,000      $ 23,655,000   
  

 

 

   

 

 

   

 

 

 

Expected income tax at statutory rate

     37,916,000        16,591,000        8,279,000   

State income taxes

     4,227,000        2,378,000        1,370,000   

Other differences

     (146,000 )      (111,000 )      (891,000 ) 

Changes in valuation allowance

     (42,087,000 )      (18,818,000 )      (8,730,000 ) 
  

 

 

   

 

 

   

 

 

 

Income tax expense (benefit) recorded

   $ (90,000 )    $ 40,000      $ 28,000   
  

 

 

   

 

 

   

 

 

 
Schedule Of Deferred Tax Assets And Liabilities
     2011     2010     2009  

Deferred tax assets:

      

Net operating loss carryforward

   $ 40,880,000      $ 20,967,000      $ 22,268,000   

Oil and gas property basis difference

     —          32,054,000        49,638,000   

FASB ASC 718 compensation expense

     520,000        347,000        341,000   

Investment in pass through entities

     78,000        722,000        528,000   

AMT credit

     1,000,000        693,000        598,000   

Non-oil and gas property basis difference

     103,000        279,000        316,000   

Charitable contributions carryover

     3,000        —          —     

State net operating loss carryover

     6,410,000        —          —     
  

 

 

   

 

 

   

 

 

 

Total deferred tax assets

     48,994,000        55,062,000        73,689,000   

Deferred tax liabilities:

      

Oil and gas property basis difference

     35,637,000        —          —     

Investment in pass through entities

     —          —          —     

Unrealized gain on hedging activities

     10,000        —          —     
  

 

 

   

 

 

   

 

 

 

Total deferred tax liabilities

     35,647,000        —          —     
  

 

 

   

 

 

   

 

 

 

Total deferred tax asset

     13,347,000        55,062,000        73,689,000   

Valuation allowance

     (12,347,000 )      (54,434,000 )      (73,156,000 ) 
  

 

 

   

 

 

   

 

 

 

Net deferred tax asset

   $ 1,000,000      $ 628,000      $ 533,000