July 2011 Results

July 29, 2011 Petroleum Accounting Consultants receives 15 gross production tax refund application approvals from the Oklahoma Corporation Commission.  This brings the total number of approvals received by PAC this month to 36.

PAC files two gross production tax refund applications with the OCC for Oklahoma City based oil and gas operator.


July 28, 2011 Petroleum Accounting Consultants files a total of ten gross production tax refund applications for two different Oklahoma City based operators.  These applications were for enhancement projects and inactive wells. Additionally, PAC receives two approvals from the Oklahoma Corporation Commission on enhancement projects filed.

The Oklahoma Corporation Commission approves another enhancement project filed by PAC.


July 26, 2011 Petroleum Accounting Consultants continues field work at Oklahoma City based operator and files two additional severance tax refund applications.  This brings the total applications filed for this client to eight.  PAC reviews previous refund filings made by the operator in-house and discovers over $16,000 were missed by the client.  PAC prepared refund claims for these amounts and submitted them to the Oklahoma Tax Commission.


July 25, 2011 Petroleum Accounting Consultants files six gross production tax refund applications with the Oklahoma Corporation based on the wells being worked over.  These were the first applications filed by PAC on this client.


July 22, 2011 Petroleum Accounting Consultants files two severance tax refund applications with the Oklahoma Corporation Commission.  These refund applications were for an Oklahoma City based operator and a Chickasha based operator.  The Oklahoma City based operator only operates 40 wells and PAC has filed refund claims for six wells for over $28k.  We anticipate additional refunds will be filed by the time field work is concluded.

The Chickasha, OK based operator operates 44 wells PAC has filed 14 gross production tax refund claims so far for this client.  To-date PAC has received nine approvals from the Oklahoma Corporation Commission which has led to over $112k in gross production tax refund claims being made to the Oklahoma Tax Commission.  These refund claims were based on workover performed on their oil and gas wells.

Petroleum Accounting Consultants also receives three more gross production tax refund application approvals from the Oklahoma Corporation Commission.


July 21, 2011 Petroleum Accounting Consultants files an additional five gross production tax refund applications with the Oklahoma Corporation Commission.  This client had performed an internal review previously and only filed 12 applications for refund and seven were dismissed.  To-date PAC has filed for 105 gross production tax refund applications for this client 95 have been approved for refund for a total refund of over $150,000.  Many of this operators wells are low volume so it has taken a lot of work to generate this large of a refund based on the volumes their wells produce.

Petroleum Accounting Consultants receives five approval from the Oklahoma Corporation Commission for gross production tax refund applications.  Additionally, PAC receives severance tax refund checks from the Oklahoma Tax Commission totaling $23,078.47.


July 20, 2011 Petroleum Accounting Consultants files 18 gross production tax refund applications with the Oklahoma Corporation based on research performed on Oklahoma City based operators wells.  This brings the total number of gross production tax refund filings to 90 for this operator of 75 wells.  Total refunds filed to-date are in excess of $230k for this client.

Additionally, PAC receives seven gross production tax refund application approvals from the Oklahoma Corporation Commission for various clients.  This results in over $11,000 in gross production tax refund claims being made by PAC with the Oklahoma Tax Commission.


July 19, 2011 Petroleum Accounting Consultants founder Sean M. Hugo, CPA speaks at a gross production tax incentive seminar hosted by the Marginal Well Commission in Ada, OK.


July 18, 2011 Petroleum Accounting Consultants receives gross production tax refund checks totaling $71,301.75 for Oklahoma City based operator. Additionally, PAC receives confirmation from Texas Auditor that refunds totaling $134,463.37 and $158,000.61 have been approved for two different Midland oil and gas companies.


July 15, 2011 Based on tax research performed by Petroleum Accounting Consultants we were able to make two gross production tax refund filings with the Oklahoma Corporation for an Oklahoma City based operator.  This brings the total gross production tax filings made by PAC on behalf of this operator of 75 wells to 48 filings.


July 14, 2011 Petroleum Accounting Consultants files nine gross production tax refund incentives applications for Tulsa based oil and gas operator.  After performing research on other tax rebates filings made by this operator Petroleum Accounting Consultants identified many additional wells that would qualify for a gross production tax refund.  While only half way through the 110 wells this operated by this company Petroleum Accounting Consultants has filed an additional 40 gross production tax refund applications.  Based on a review of the previous tax refund applications filed by this operator PAC was able to uncover over $5,000 in additional gross production tax refunds that the operator had forgot to request.


July 13, 2011 Petroleum Accounting Consultants receives gross production tax refund checks from the Oklahoma Tax Commission totaling 71,301,75.  PAC files 13 gross production tax incentive applications with the Oklahoma Corporation.  These applications were based on research performed by Petroleum Accounting Consultants on various wells operated by Oklahoma City oil and gas producer.


 July 12, 2011 Petroleum Accounting Consultants filed ten Oklahoma Corporation Commission gross production tax rebate applications for Tulsa based client.


July 11, 2011 Petroleum Accounting Consultants receives credit memos from the Oklahoma Tax Commission for gross production tax refunds totaling $4075.28.  PAC files three OCC tax rebate applications for two different Oklahoma City based oil and gas companies.


July 8, 2011 Petroleum Accounting Consultants receives credit memos from the Oklahoma Tax Commission for gross production tax refunds totaling $151,171.50.


July 7, 2011 Petroleum Accounting Consultants files $5,212 worth of refund claims for Tulsa based energy firm.


July 6, 2011 Petroleum Accounting Consultants has filed 89 gross production tax refund applications for Oklahoma City base energy firm.  This firm previously had another consulting firm come in and they were only able to identify and file 38 applications.


July 5, 2011 Petroleum Accounting Consultants files nine more gross production tax refund applications for Oklahoma City based oil and gas operator.  This brings the total number of filings PAC has completed for this operator to 81 filings out of 185 wells.

PAC receives credit memos from the Oklahoma Tax Commission for gross production tax refunds totaling $152,330.60.


July 1, 2011 Petroleum Accounting Consultants files four more gross production tax refund applications for Ardmore, OK based operator.  To-date this brings the total number of filings for this operator to 40 out of 116 wells.  By the our review is completed we anticipate their to be around 60 filings for this operator.   PAC receives four more approvals from the OCC on a tax rebate applications filed on behalf of an Oklahoma City based energy firm.


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Testimonials

"I found their staff to be very knowledgeable and professional. Because of their knowledge of the rules and requirements, they were able to tell me which wells would qualify for relief. Many wells were eligible that I did not think would be according to my interpretation of the requirements.

I was very pleased with the outcome and the amount of refunds that I received. I look forward to a continuing relationship with Petroleum Accounting Consultants and I highly recommend their services."

Lewis A. Hembree Production Company
Lewis A. Hembree


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Gross Production Tax Refunds

Over the years we have worked with over 70 companies and recovered over $30 million in refunds for those companies. We have obtained refunds for large publicly traded companies and small privately held companies. We have been able to get a a refund of gross production taxes for every client that has retained our services.

Because of our years of experience we are able to obtain these refunds with very little of our clients' time. Based on our experience we are able to identify opportunities that in-house accountants would miss. Outsourcing your gross production tax refunds will result in a larger refund because of our years of experience. Our fees are based on a contingency fee structure so there is no fee is we are not able to recover a refund for your company. Give our office a call today to schedule your free assessment of the refunds that may be available to your company.

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