January 2011 Results

January 31, 2011 Petroleum Accounting Consultants starts field work on gross production tax review project for Edmond, OK based oil and gas company.

January 28, 2011 The Oklahoma Tax Commission approves and pays $81,540.35 in gross production tax refunds filed by Petroleum Accounting Consultants.  Part of these refunds were for a Kansas based oil and gas operator of less than 20 wells.  To date Petroleum Accounting Consultants has filed for over $68,000 in refunds for this oil and gas operator. Petroleum Accounting Consultants is retained by Ardmore, OK based oil and gas operators to recover severance tax refunds on their behalf.

January 27, 2011 Petroleum Accounting Consultants receives gross production tax refund checks totaling $15,460.48 from the Oklahoma Tax Commission.  These refunds were filed based on workovers performed on several oil and gas wells.  These refunds are for an Oklahoma based oil and gas operator of less than 30 wells.  The total refunds recovered for this client have exceeded $55,000.

January 26, 2011 Edmond, OK oil and gas operator retains Petroleum Accounting Consultants to recover gross production tax refunds for their Oklahoma wells and to recover severance tax refunds on their Texas wells.

January 21, 2011 Gross production tax refund checks received today from the Oklahoma Tax Commission totaled $37,713.68.  The refunds checks where for several different operators but $11,519.65 of the refunds were for an eight well operator.  The remainder of the $68,000 in refunds we filed for this operator should be received in the next couple of weeks. These funds will enable this operator to rework additional wells and hopefully increase their production. When we originally meet with this operator he was skeptical that we he would have any wells that would qualify so it very rewarding to us to be able to recover these dollars for him.

January 20, 2011 Petroleum Accounting Consultants files gross production tax refund claims with the Oklahoma Tax Commission for $110,712.72 for various oil and gas operators.

January 19, 2011 Ardmore, OK based oil and gas operator of around 100 wells agrees in terms with Petroleum Accounting Consultants to recover severance tax refunds on their behalf.  Based on our initial review of their operated wells we believe the total refund that will be recovered will be over $600,000.

January 18, 2011 Petroleum Accounting Consultants completes tax reimbursement review for publicly traded Midland, TX oil and gas company.  By reviewing over 150 gas contracts Petroleum Accounting Consultants was able to identify which contracts included tax reimbursement language.  Petroleum Accounting Consultants then went through the process of identifying which wells sold under which contracts.  The end result of all the work is a severance tax refund that will be paid to our client from the Texas Comptroller in the amount of $286,619 plus interest.

January 17, 2011 Petroleum Accounting Consultants files with the Oklahoma Corporation Commission for enhancement status on a recompleted oil and gas well.  This filing will allow for a refund of severance taxes from the Oklahoma Tax Commission equal to the 6/7 of the severance taxes paid on the increased oil and gas production.

January 12, 2011 Petroleum Accounting Consultants files two tax rebate applications with the Oklahoma Corporation Commission on oil and gas well enhancement projects which once approved will result in gross production tax refunds.

January 11, 2011 Start-up Oklahoma City energy company with over 60 operated properties contracts with Petroleum Accounting Consultants to perform a review of their operated properties and to file for severance tax refunds in Oklahoma and Texas.  Additionally, Petroleum Accounting Consultants will provide consulting on joint interest billing and revenue disbursement matters.

January 10, 2011 Petroleum Accounting Consultants files for severance tax refunds totaling $29,456.15 for one oil and gas client.  Additionally Petroleum Accounting Consultants files six tax rebate applications with the Oklahoma Corporation Commission.

January 7, 2011 Petroleum Accounting Consultants receives credit memos totaling $9,762.14 from the Oklahoma Tax Commission for gross production tax refunds and filed for enhancement refunds of gross production tax with the Oklahoma Tax Commission  totaling $3,867.60.

January 5, 2011 Oklahoma Corporation Commission approves 16 wells for gross production tax refunds filed by Petroleum Accounting Consultants.

January 4, 2011 Petroleum Accounting Consultants receives credit memos from the Oklahoma Tax Commission for gross production tax refunds totaling $216.257.89.

January 3, 2011 Petroleum Accounting Consultants receives Oklahoma Tax Commission credit memos for gross production tax refund claims they filed totaling $10,657.82.