Income Tax	9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Tax	Note 16—Income Tax For the year ending December 31, 2019, the Company’s annual estimated effective tax rate is forecasted to be 0%, exclusive of discrete items. The Company expects to incur book income but a tax loss in fiscal year 2019, and thus, no current federal income taxes are anticipated to be paid. The Company computes its quarterly taxes under the effective tax rate method based on applying an anticipated annual effective tax rate to the Company’s year-to-date loss. On December 22, 2017, the Public Law No. 115-97, commonly referred to as the Tax Cuts and Jobs Act, resulted in the reduction in the U.S. statutory rate from 35% to 21%. The Company’s interest expense deduction has the potential to be limited as a result of the enactment of the Tax Cuts and Jobs Act; however, the impact is anticipated to be minimal as a result of its full valuation allowance. In forecasting the 2019 annual estimated effective tax rate, management believes that it should limit any tax benefit suggested by the tax effect of the forecasted book income such that no net deferred tax asset is recorded in 2019. Management reached this conclusion considering several factors such as: (i) the lack of carryback potential resulting in a tax refund, and (ii) in light of current commodity pricing uncertainty, there is insufficient external evidence to suggest that net tax attribute carryforwards are collectible beyond offsetting existing deferred tax liabilities inherent in the Company’s balance sheet. The Company is forecasting positive pre-tax book income for the year ending December 31, 2019. Management expects that income tax expense attributable to current year operations will be offset by a release of the valuation allowance on hand at the beginning of the year. As a result, no net income tax expense or benefit is allocable to either income from continuing operations or to discontinued operations. As a result of the BRMR Merger, BRMR’s pre-acquisition tax loss carryforward (“NOL”) and other tax attributes will be subject to limitation in accordance with ownership change rules under Code section 382, and the Company will have an ownership change which would similarly limit its ability to use pre-acquisition NOLs and other tax attributes. The Company is still evaluating the impact that Code section 382 will have on both the acquired BRMR tax attributes as well as the Company’s pre-acquisition tax attributes.

Income Tax

9 Months Ended

Sep. 30, 2019

Note 16—Income Tax

For the year ending December 31, 2019, the Company’s annual estimated effective tax rate is forecasted to be 0%, exclusive of discrete items. The Company expects to incur book income but a tax loss in fiscal year 2019, and thus, no current federal income taxes are anticipated to be paid. The Company computes its quarterly taxes under the effective tax rate method based on applying an anticipated annual effective tax rate to the Company’s year-to-date loss. On December 22, 2017, the Public Law No. 115-97, commonly referred to as the Tax Cuts and Jobs Act, resulted in the reduction in the U.S. statutory rate from 35% to 21%. The Company’s interest expense deduction has the potential to be limited as a result of the enactment of the Tax Cuts and Jobs Act; however, the impact is anticipated to be minimal as a result of its full valuation allowance.

In forecasting the 2019 annual estimated effective tax rate, management believes that it should limit any tax benefit suggested by the tax effect of the forecasted book income such that no net deferred tax asset is recorded in 2019. Management reached this conclusion considering several factors such as: (i) the lack of carryback potential resulting in a tax refund, and (ii) in light of current commodity pricing uncertainty, there is insufficient external evidence to suggest that net tax attribute carryforwards are collectible beyond offsetting existing deferred tax liabilities inherent in the Company’s balance sheet.

The Company is forecasting positive pre-tax book income for the year ending December 31, 2019. Management expects that income tax expense attributable to current year operations will be offset by a release of the valuation allowance on hand at the beginning of the year. As a result, no net income tax expense or benefit is allocable to either income from continuing operations or to discontinued operations.

As a result of the BRMR Merger, BRMR’s pre-acquisition tax loss carryforward (“NOL”) and other tax attributes will be subject to limitation in accordance with ownership change rules under Code section 382, and the Company will have an ownership change which would similarly limit its ability to use pre-acquisition NOLs and other tax attributes. The Company is still evaluating the impact that Code section 382 will have on both the acquired BRMR tax attributes as well as the Company’s pre-acquisition tax attributes.