INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of difference between the Company's effective income tax rate and federal statutory rate

	2015			2014
	(in thousands)
Income Taxes at Federal Statutory Rate	$	(210,781	)	$	8,167
Change in Valuation Allowance		251,045			(10,647	)
Nondeductible Expenses		(3,240	)		869
State Income Taxes Net of Federal Benefit		(37,197	)		1,441
Other		(6,290	)		153
		17			(17	)

Schedule of deferred tax assets and liabilities

	2015			2014
	(in thousands)
Deferred Tax Assets Relating To:
Net Operating Loss Carryforward		130,816			94,321
Oil and Gas Properties and Tangible Equipment		228,324			6,256
Stock Option Expense		4,207			3,322
Unrealized Loss on Derivatives		—			4,381
Other		719			327
		364,066			108,607
Less Valuation Allowance		359,510			108,466
Total Deferred Tax Asset		4,556			141
Deferred Tax Liabilities Relating To:
Unrealized Loss on Derivatives		(4,432	)		—
Net Unrealized Gain on Investments		(124	)		(141	)
Total Deferred Tax Liability		(4,556	)		(141	)
Net Deferred Tax Asset (Liability)		—			—