Horizontally Drilled Well Incentive

Oklahoma 1994 Senate Bill 841 and 1995 Senate Bill 495 provide for a gross production tax refund for horizontally drilled wells.  The refund is 6/7ths of the gross production tax paid during the qualifying time.  Refunds can be obtained for 24 months or until project payback for wells that began producing prior to July 1, 2002.  For wells with production began after July 1, 2002 but prior to July 1, 2011, the term runs from beginning date until project payback is achieved, but not to exceed 48 months starting with the month of initial production.

Refund claims must be filed within 18 months after the first day of the fiscal year in which the refund is first available.  The price caps do not apply to this type of refund.

Petroleum Accounting Consultants Managing Member, Sean M. Hugo, CPA, discusses horizontal well gross production tax refunds.

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Testimonials

"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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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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