New Discovery Gross Production Tax Refund

New discovery oil well – Must be at least one mile from the nearest oil well producing from the same formation; or drilling to a deeper formation that is more than one mile from an oil well producing from the same deeper formation.

 New discovery gas well – Must be a new gas well, which is not an off-pattern well, which is the first well completed in a common source of supply within a drilling and spacing unit and is at least two (2) miles from all existing gas wells which are completed in the same common source of supply. 

Qualifying wells will receive a refund equal to 6/7ths of the gross production tax paid.  This gross production tax exemption began on July 1, 1995 and will expire at June 30, 2012 unless extended by the legislature. 

Refunds will not be allowed if the average annual oil index price as calculated by the OTC exceeds $30/bbl, and if the average annual index price as calculated by the OTC for natural gas exceeds $5.00/MCF on an annual calendar year basis.  This price cap is effective for all refund periods after July 1, 2008.

Managing Member of Petroleum Accounting Consultants discusses New Discovery Gross Production tax refunds at a recent Oklahoma Marginal Well Commission seminar.  
 

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Testimonials

"I have been extremely pleased with results Petroleum Accounting Consultants, PLLC has obtained for my company. The professional and knowledgeable staff obtained a substantial refund of tax dollars that we would not have had the time or the expertise to recover ourselves.

In order for them to perform their review it took less than one hour of my time. All that was required of me was to show their staff where the well files were and they took it from there. They completed all the necessary filings with the state agency's to obtain the refund and all I had to do was sign the refund checks.

It has been a great pleasure to deal with Petroleum Accounting Consultants, PLLC and we will continue to use their services. I would strongly recommend that all oil and gas operators contact Petroleum Accounting Consultants, PLLC to perform a review of their severance taxes."


Centaur Resources, Inc. - Ernest G. Brewer Jr.

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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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