INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Provisions for income taxes

	Years Ended December 31,
	2015			2014			2013
Current income taxes (benefit):
Federal	$	(29,226	)	$	-		$	-
State		(1,963	)		-			-
Total		(31,189	)		-			-
Deferred income taxes (benefit):
Federal		(7,227,361	)		(2,377,192	)		2,705,688
State		(724,489	)		(176,662	)		374,584
Total		(7,951,850	)		(2,553,854	)		3,080,272
Total taxes (benefit) on income	$	(7,983,039	)	$	(2,553,854	)	$	3,080,272

Deferred tax liabilities (assets)

	Years Ended December 31,
	2015			2014
Deferred tax liability (hedges)	$	-		$	1,843,409
Deferred tax liability from excess of book basis over tax basis
of certain assets including property, plant and equipment		30,009,264			30,081,226
Deferred tax liability		30,009,264			31,924,635
Stock-based compensation		(608,442	)		(1,205,722	)
Alternative minimum tax credit carryforwards		(121,686	)		(121,686	)
Net operating loss (“NOL”) carryforwards		(22,481,966	)		(15,585,820	)
Other deferred tax (asset)		-			(396,668	)
Deferred tax asset		(23,212,094	)		(17,309,896	)
Net deferred tax liability	$	6,797,170		$	14,614,739

Tax credit carryforwards and stock based compensation generated by the consolidated group

Year NOL	NOL		Year of
generated	remaining		expiration
2015	$	14,926,752		2035
2014		14,943,985		2034
2013		9,417,693		2033
2012		8,082,421		2032
2011		5,511,938		2031
2009		4,844,318		2029
2007		1,095,474		2027
2002		3,050,662		2022
Total	$	61,873,243

Income taxes

	Years Ended December 31,
	2015			2014			2013
Amount computed using the statutory rate	$	(6,645,827	)	$	(7,972,651	)	$	(10,489,441	)
Increase (reduction) in taxes resulting from:
Non-deductible change in value of preferred
stock derivative liability		-			5,486,895			9,190,496
State taxes		(726,452	)		(210,021	)		254,645
Other		(610,760	)		141,923			4,124,572
Income tax expense (benefit)	$	(7,983,039	)	$	(2,553,854	)	$	3,080,272