Economically At-Risk Refunds

Due to the low oil price during 1997 and 1998 the Oklahoma Legislature passed the Economically At-Risk provision which allowed oil and gas operators to receive a gross production tax refund on any oil well that lost money on a working interest level.  While this provision was to help keep oil wells from being shut-in due to them being uneconomical gas wells would also qualify if they produced a gas to oil ratio of 15 to 1 or less.  

Due to the high price of oil and gas starting in 2005 many of Oklahoma's gross production tax refund incentives were blacked out.  The Oklahoma Legislature brought back the Economically At-Risk provision in 2005 in an effort to provide relief to operators who had wells that were losing money on a working interest level despite the higher oil and gas prices.  

The price caps associated with many of Oklahoma's other gross production tax refund incentives due not apply to the Economically At-Risk provision.  Refunds as far back as 1997 can still be obtained to this day.  

Petroleum Accounting Consultants Managing Member Sean M. Hugo, CPA discuss Economically At-Risk refunds claims at a recent Oklahoma Marginal Well Commission seminar.   

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"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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