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

"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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