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

"We engaged Petroleum Accounting Consultants, PLLC to review the wells we operate for gross production tax refunds. Petroleum Accounting Consultants, PLLC performed all the work necessary to determine eligibility. All we had to do was sign the forms submitted to the Corporation Commission and Tax Commission. As a result of Petroleum Accounting Consultants, PLLC's work we received substantial refunds of gross production taxes. Petroleum Accounting Consultants, PLLC is continuing to review our workovers and file refund claims for us. We are extremely pleased with their work and professional attitude."

- Phoenix Oil & Gas, Inc. - Jack Nogalski

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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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