Production Enhancement Project Gross Production Tax Refunds

1994 Oklahoma Senate Bill 841 and 1995 Oklahoma Senate Bill 495 allow for oil and gas operators to file for a gross production tax refund on the incremental production achieved based on a qualifying workover project.  The production enhancement project must have began after July 1, 1994 but before July 1, 2012.  Oil and gas operators can receive a gross production tax refund for 28 months from the date of completion of the production enhancement project.

The gross production tax refund is the amount of production that exceeds the average of the 12 months prior to the start of the qualifying project.

Petroleum Accounting Consultants Managing Member, Sean M. Hugo, CPA, discusses the production enhancement tax exemption at a Marginal Well Commission seminar in August 2011.

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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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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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