February 2011 Results

February 28, 2011 Petroleum Accounting Consultants files for gross production tax refunds with the Oklahoma Tax Commission totaling $17,641.29.  PAC also files for gas marketing deduction refunds totaling $3,727.90 with the Oklahoma Tax Commission related to compressor rentals.  PAC files four more gross production tax rebate applications with the Oklahoma Corporation Commission.


February 25, 2011 Petroleum Accounting Consultants files over $5,000 in gross production tax refund requests for Oklahoma City based oil and gas operator.  Additionally, PAC files three tax rebate applications for Ardmore, OK based energy company.


February 20, 2011 Petroleum Accounting Consultants files for $23,497.05 in gross production tax refunds with the Oklahoma Tax Commission for Tulsa, OK based oil and gas operator.


February 16, 2011 Petroleum Accounting Consultants starts field work on severance tax refund project for Ardmore, OK based oil and gas operator.


February 15, 2011 Petroleum Accounting Consultants receives Oklahoma Corporation Commission approval on severance tax refund application for an enhanced recovery project for Oklahoma City based oil and gas operator.


February 14, 2011 Petroleum Accounting Consultants files for $39,596.75 in severance tax refund claims for various oil and gas operators.


February 10, 2011 Petroleum Accounting Consultants receives credit memos from the Oklahoma Tax Commission approving gross production tax refunds totaling $5,355.13 from Edmond, OK oil and gas operator. PAC also receives six approved applications from the Oklahoma Corporation Commission for Oklahoma City based oil and gas operator.  Petroleum Accounting Consultants reaches agreement with Houston based oil and gas operator to review their well files for gross production tax refund opportunities.


February 8, 2011 Oklahoma Corporation Commission approves gross production tax rebate application for filing Petroleum Accounting Consultants prepared for Edmond, OK oil and gas operator.


February 4, 2011 Petroleum Accounting Consultants files two tax rebate applications with the Oklahoma Corporation Commission for Edmond, OK oil and gas operator.


February 3, 2011 Petroleum Accounting Consultants files for two gross production tax rebate applications with the Oklahoma Corporation Commission for two Oklahoma oil and gas wells which had an enhancement project performed on them.


February 2, 2011 Petroleum Accounting Consultants receives credit memos from the Oklahoma Tax Commission approving $1,038,768.16 in gross production tax refunds claims just two months after being retained by Tulsa, OK oil and gas operator.  This oil and gas operator operates less than 60 oil and gas wells in Oklahoma.  These refund claims will certainly provide them with the opportunity to reinvest the refunds into the oil and gas industry and increase their production.


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Testimonials

"I found their staff to be very knowledgeable and professional. Because of their knowledge of the rules and requirements, they were able to tell me which wells would qualify for relief. Many wells were eligible that I did not think would be according to my interpretation of the requirements.

I was very pleased with the outcome and the amount of refunds that I received. I look forward to a continuing relationship with Petroleum Accounting Consultants and I highly recommend their services."

Lewis A. Hembree Production Company
Lewis A. Hembree


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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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