ORGANIZATION AND ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2015

ORGANIZATION AND ACCOUNTING POLICIES

Schedule of components of property and equipment

Property and equipment consisted of the following at December 31:

	2015		2014
	(in thousands)
Drilling rig	$	22,374	$	22,159
Equipment		1,503		1,506
Automobiles and trucks		801		801
Furniture and fixtures		522		373
Land and buildings		242		943
Office equipment		2,124		1,779
		27,566		27,561
Less accumulated depreciation and amortization		26,018		7,939
	$	1,548	$	19,622

Schedule of diluted weighted average common shares

	Year ended December 31,
	2015		2014
Weighted average shares outstanding—basic		82,128,892		76,541,400
Incremental shares issuable from dilutive stock options		—		144,111
Weighted average shares outstanding—diluted		82,128,892		76,685,511

Schedule of potential common shares excluded from the computations of diluted earnings (loss) per share

	Year ended December 31,
	2015		2014
Employee stock options		3,593,589		1,245,336
Convertible debentures		32,720		32,720
Preferred stock		5,352		5,352
Restricted stock		1,277,468		689,370

Schedule of reconciliation of the Company's asset retirement obligations

	December 31,
	2015			2014
	(in thousands)
Balance at beginning of year	$	29,771		$	26,785
Liabilities incurred in current year		9			1,768
Obligations on properties acquired		—			320
Liabilities settled in current year		(1,232	)		(1,623	)
Accretion expense		2,857			2,521
Carrying amount	$	31,405		$	29,771