Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Summary of income (Loss) from continuing operations before taxes

Income (Loss) before taxes is as follows (in thousands):



	Year Ended December 31, 2018		Year Ended December 31, 2017
Income (Loss) Before Income Taxes	$	75,543	$	70,017

Summary of consolidated income tax provision (benefit)

The following is an analysis of the consolidated income tax provision (benefit) (in thousands):



	Year Ended December 31, 2018			Year Ended December 31, 2017
Current	$	(86	)	$	(1,954	)
Deferred	1,014			—
Total	$	928		$	(1,954	)

Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates

Reconciliations of income taxes computed using the U.S. Federal statutory rates of (21%) and (35%) to the effective income tax rates are as follows (in thousands):



	Year Ended December 31, 2018		Year Ended December 31, 2017
Federal Statutory Rate	21.0	%	35.0	%
State tax provisions (benefits), net of federal benefits	1.2	%	1.6	%
Expiration/Write-off of NOL Carryovers	—	%	13.9	%
Change in Enacted Tax Rates	—	%	55.6	%
Executive Compensation Limitation	0.3	%	0.6	%
Other, net	0.2	%	2.3	%
Valuation allowance adjustments	(21.4	)%	(111.8	)%
Effective rate	1.2	%	(2.8	)%

Tax effects of temporary differences representing the net deferred tax asset (liability)

The tax effects of temporary differences representing the net deferred tax asset (liability) at December 31, 2018 and 2017 were as follows (in thousands):



	Year Ended December 31, 2018			Year Ended December 31, 2017
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	71,736		$	58,438
Alternative minimum tax credits	—			138
Other Carryover Items	583			619
Asset Retirement Obligations	920			2,329
Derivative Contracts	—			29
Share-based compensation	906			872
Other	956			2,190
Valuation allowance	(42,335		)	(58,398		)
Total deferred tax assets	$	32,766		$	6,217

Deferred tax liabilities:
Oil and gas exploration and development costs	$	(30,935	)	$	(6,054	)
Derivative Contracts	(2,817		)	—
Other	(28		)	(163		)
Total deferred tax liabilities	(33,780		)	(6,217		)

Net deferred tax liabilities	$	(1,014	)	$	—