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3D Seismic Gross Production Tax Refunds

Oklahoma 2000 Senate Bill 1048 provided oil and gas operators an incentive to use 3D Seismic technology to drill wells.  Qualifying wells will receive a 6/7 refund of the severance taxes paid.  Depending on when the 3D Seismic shoot was shot dictates the length of the severance tax refund that the oil and gas operator can receive.  If the 3D Seismic was shoot prior to July 1, 2000 18 months of severance tax refunds can be obtained.  However, if the 3D Seismic was shoot after June 30, 2000 the operator can receive 28 months worth of severance tax refunds. 

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.

Sean M. Hugo, CPA Managing Member of Petroleum Accounting Consultants discusses the 3D Seismic severance tax refund at a recent Oklahoma Marginal Well Commission seminar. 

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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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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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