Gross Production Tax Refunds

Petroleum Accounting Consultants has worked with over 80 companies and recovered over $30 million in refunds for those companies.  These refund checks were obtained for fortune 100 companies all the way down to small oil and gas operators that operate less than ten wells.  Take a look at some of the recent refunds we have filed and obtained for our clients.  We have been successful in obtaining a gross production refund for every client that has retained our services.   Our clients are continuously impressed by the amount of refunds we can obtain for them with so little of their time being required.

Based on our experience of filing over 4,000 tax rebate applications we are able to identify opportunities that most in-house personnel 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; if we are unable to recover a refund for your company there will be no charge.  Give our office a call today to schedule your free assessment of the refunds that may be available to your company.

Below are just some of the gross production tax refunds we obtain for our clients.

Deep Well Incentive

1995 Senate Bill 495 and 1994 Senate Bill 841 provide for a gross production tax exemption for deep wells drilled in Oklahoma.  The bills provide for a refund of 6% out of the total 7% gross production tax for production from wells deeper than 12,500 feet.  Learn more….

Inactive Well Incentive

Gross production tax for production from wells that have not produced oil, gas, or oil and gas for a period of not less than the 2 years prior to July 30, 1997.  Wells that have not produced oil, gas or oil and gas for one year qualify for a gross production tax refund after June 30, 1997 or didn’t produce oil, gas or oil and gas for one year after June 30, 1997.  Learn more…… 

Enhancement Well Incentive

Without a doubt there are more gross production tax refund dollars that go unclaimed for this type of refund that any other refund type.  Oil and gas operators can get a gross production tax refund on any well in Oklahoma which has had a qualifying workover.  Learn more….

Horizontally Drilled Well Incentive

Certain horizontally drilled wells in Oklahoma qualify for a gross production tax refund.  Qualifying horizontal wells with first production after June 30, 2003 must have refund claims filed within 18 months of the first production of the well.  Refunds for qualifying horizontal wells with first production prior to July 1, 2003 can still be obtained currently.  Learn more…. 

3D Seismic Incentive

Wells drilled after June 30, 2000 based on a qualifying 3D seismic shoot qualify for a gross production tax refund for 24 months.  Learn more….

New Discovery Incentive

Wells that met the qualifications as a new well discovery well in Oklahoma qualify for a 28 month gross production tax refund.  The well must have been drilled after June 30, 1995.  Currently this law is set to expire at June 30, 2012.  Learn more….

Secondary Recovery Incentive

This is the first gross production tax incentive of the group to come into effect beginning July 1, 1993.  For projects that began on or after July 1, 1993 but before July 1, 2000 the refund period is ten years or until project payback is achieved.  For projects with a starting date between July 1, 2000 and June 30, 2012 the refund period is five years.  Learn more……

Economically At-Risk Wells

Most people in the oil and gas industry that have been around for a while will remember back in 1997 and 1998 when oil was around $7/bbl.  The Oklahoma Legislature passed the Economically-At-Risk provision to give operators the incentive to not shut-in wells.  This provision was brought back into law starting in 2005 and is still available today.   Qualifying wells can receive 6/7ths of the gross production tax paid during the calendar year.  Learn more…..

Gas Marketing Deductions

If you have rental compression on wells or company owned compression on wells you are entitled to take a gas marketing deduction which would reduce your taxable value.  Unlike the refunds listed above there is a three statute of limitations on this type of refund.  Learn more…..

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"It is a pleasure for me to recommend Petroleum Accounting Consultants, PLLC. They performed research of our files, preparation of data and preparation of the applications for properties that qualify for a refund of gross production taxes. The professionalism, the work ethic, with a minimum disruption of our normal work has made the tedious research necessary to apply for the refunds a reasonable project for a small firm such as ours."

Bird Oil & Gas, Inc. - Billy C. Griffin, P.E.

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Severance Taxes

An cost effective alternative to hiring your own accounting staff to complete your severance tax reporting requirements is to hire Petroleum Accounting Consultants, PLLC.

Our consultants can complete your severance tax returns and save you money on salary expense and payroll tax expense. More importantly our consultants are familiar with the various severance tax incentives offered by oil and gas producing states and can take advantage of them, which will save you money on your severance taxes.

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