INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

The income tax provision (benefit) for the years ended December 31, 2019, 2018, and 2017 consists of the following:


(In thousands)	2019		2018		2017
Current
Federal	$	(210)	$	(420)	$	(785)
State	—		—		—
Deferred
Federal	(16,676)		91,958		126,501
State	(3,578)		11,636		(12,983)
Valuation Allowance	20,464		(103,229)		(114,303)
Total Tax Benefit	$	—	$	(55)	$	(1,570)

Reconciliation of reported amount of income tax expense (benefit)

The following is a reconciliation of the reported amount of income tax benefit for the years ended December 31, 2019, 2018, and 2017 to the amount of income tax expenses that would result from applying the statutory rate to pretax income (loss).


(In thousands)	2019			2018			2017
Income (Loss) Before Taxes and NOL	$	(76,318)		$	143,634		$	(10,764)
Federal Statutory Rate	21.00		%	21.00		%	35.00		%
Taxes Computed at Federal Statutory Rates	(16,027)			30,163			(3,767)
State Taxes, Net of Federal Taxes	(2,630)			9,143			(8,476)
Deferred Tax Adjustment	(1,891)			—			—
Share Based Compensation Tax Deficiency	33			316			—
Federal Rate Reduction	—			—			124,493
Section 382 Limitation	—			63,573			—
Other	51			(21)			483
Valuation Allowance	20,464			(103,229)			(114,303)
Reported Tax Benefit	$	—		$	(55)		$	(1,570)

Components of deferred tax asset (liability)

The significant components of the Company’s deferred tax assets (liabilities) were as follows:


	Year Ended December 31,
(in thousands)	2019		2018
Net Operating Loss (NOLs) and Tax Credit Carryforwards	$	91,392	$	96,700
Share Based Compensation	190		146
Accrued Interest	1,061		637
Allowance for Doubtful Accounts	1,117		1,279
Crude Oil and Natural Gas Properties and Other Properties	(11,447)		16,904
Interest Carryforwards	49,011		40,614
Derivative Instruments	13,196		(31,981)
Other	(112)		(145)
Total Net Deferred Tax Assets (Liabilities) Before Valuation Allowance	144,408		124,154

Valuation Allowance	(144,198)		(123,734)

Total Net Deferred Tax Assets	$	210	$	420