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Gross Production Incentive Rebates

Each of the following incentive exemptions, "Reestablished Production", "Production Enhancement", "Deep Well" (spud before July 1, 2005), "New Discovery", and "3-D Seismic" are contingent upon the average price of oil and/or gas for each calendar year period as provided for under 68 O.S. Sec. 1001 (K).  The statute places a ceiling price of gas at $5.00 per mcf and oil at $30.00 per BBL.  In the event the average calendar year price of Oklahoma oil and/or gas exceeds the established ceiling price, the exemption rebates applicable to the current fiscal year period would be void.

INCENTIVE CAP BY YEAR

OIL

Incentive
Average Price Price Cap
Calendar Year Fiscal Claim Period (Per BBL) (Per BBL) Claim Status
1994 FY-95 $15.42 $20.00 Available
1995 FY-96 $16.79 $20.00 Available
1996 FY-97 $21.01 $20.00 Not Available
1997 FY-98 $19.95 $25.00 Available
1998 FY-99 $12.91 $25.00 Available
1999 FY-00 $17.81 $25.00 Available
2000 FY-01 $29.20 $30.00 Available
2001 FY-02 $24.67 $30.00 Available
2002 FY-03 $24.55 $30.00 Available
2003 FY-04 $29.79 $30.00 Available
2004 FY-05 $40.07 $30.00 Not Available
2005 FY-06 $54.41 $30.00 Not Available
2006 FY-07 $63.00 $30.00 Not Available
2007 FY-08 $69.17 $30.00 Not Available
2008 FY-09 $96.07 $30.00 Not Available
2009 FY-10 $55.61 $30.00 Not Available
2010 FY-11 $74.99 $30.48 Not Available
2011 FY-12 $95.38 $31.39 Not Available
 

GAS

Average Price Adjusted Incentive
Calendar Year Fiscal Claim Period (Per MCF) mmbtu Price Price Cap Claim Status
1994 FY-95 $1.65 $1.53 $2.50 per mmbtu Available
1995 FY-96 $1.41 $1.31 $2.50 per mmbtu Available
1996 FY-97 $2.09 $1.94 $2.50 per mmbtu Available
1997 FY-98 $2.26 $2.09 $3.00 per mmbtu Available
1998 FY-99 $1.85 $1.71 $3.00 per mmbtu Available
1999 FY-00 $2.07 $1.92 $3.00 per mmbtu Available
2000 FY-01 $3.67 $3.40 $3.50 per mmbtu Available
2001 FY-02 $4.04 $3.74 $3.50 per mmbtu Not Available
2002 FY-03 $2.93 $5.00 per mcf Available
2003 FY-04 $4.92 $5.00 per mcf Available
2004 FY-05 $5.49 $5.00 per mcf Not Available
2005 FY-06 $7.13 $5.00 per mcf Not Available
2006 FY-07 $6.10 $5.00 per mcf Not Available
2007 FY-08 $6.25 $5.00 per mcf Not Available
2008 FY-09 $7.24 $5.00 per mcf Not Available
2009 FY-10 $3.51 $5.00 per mcf Available
2010 FY-11 $4.64 $5.08 per mcf Available
2011 FY-12 $4.25 $5.23 per mcf Available
Note: Economically At-Risk and Horizontal Well rebates are not subject to the price cap limitation. Also 
 the rebate for qualifying Deep Wells with spud dates beginning July 1, 2005 that are completed at 15,000   
feet or greater are not subject to the price cap limitation. 

 

CHANGES TO HORIZONTAL AND DEEP WELL REBATES

Legislation passed during the 2010 session under House Bill 2432 provides for the deferral of the payment of certain gross production tax rebates by the Tax Commission for the production periods ending June 30, 2010, and June 30, 2011, for horizontally drilled and deep wells completed below 15,000 feet.

The deferred payments will be paid out over a period of three years beginning July 1, 2012, in a monthly amount equaling 1/36th of the total amount of claims filed. The payout limitation of $25 Million Dollars for deep wells shall be applied to the deferred payments.  

The due date for filing claims for Fiscal Years 2010 and 2011 shall be December 31, 2011. Claims for such rebates shall be electronically filed with the Tax Commission using the “Deferred Rebate Claim Form” which can be accessed at the link provided below. Paper forms will not be accepted. The electronic filing address for the deferred rebate claim is gpdeferredrebate@tax.ok.gov

 

There are no changes affecting the tax rebates for Production Enhancement Projects, Reestablished Production, Deep Wells completed between 12,500 and 14,999 Feet, New Discovery, 3-D Seismic or Economically At-Risk Leases.
  
If you should have any questions pertaining to the deferred payments you may call 405-522-6091.

Deferred Rebate Claim Form - 328-DR (Excel Document)

 

 

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