Callon Petroleum Company Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Deferred Tax Assets and Liabilities

The following table presents Callon’s net unrecognized tax benefits relating to its reported net losses and other temporary differences from operations, and as discussed in Note 1, amounts presented for December 31, 2011 have been adjusted:



	June 30, 2012		December 31, 2011
Deferred tax asset:
Federal net operating loss carryforward	$	88,987	$	86,551
Statutory depletion carryforward	7,600		7,032
Alternative minimum tax credit carryforward	208		208
Asset retirement obligations	3,496		3,552
Other	7,064		9,182
Deferred tax asset before valuation allowance	107,355		106,525
Less: Valuation allowance	—		—
Total deferred tax asset	107,355		106,525
Deferred tax liability:
Crude oil and natural gas properties	41,325		38,534
Acquired assets (see Note 9)	2,065		2,248
Total deferred tax liability	43,390		40,782
Net deferred tax asset	$	63,965	$	65,743