2 links tagged “van blaricum”

In 1989, the Railroad Commission proposed and the 71st Legislature adopted the first incentive programs to encourage increased production of the state’s oil and gas resources. In 1997, once again, with the support of the 75th Legislature, the Railroad Commission is introducing two new incentives and a revitalization of an older incentive: the incremental production incentive; the incentive to market previously flared or vented casinghead gas; and the two-year inactive well incentive. Each of these offers either a reduction of production severance taxes or an exemption. Additionally, changes were made to the on-going enhanced recovery and high-cost gas incentive programs. The new incentive programs and the changes to existing programs are effective September 1, 1997.Jim Van Blaricum

The Two-Year Inactive Well Incentive program, extended by the 76th legislature in September 1999, remains a valuable opportunity for operators of inactive wells to return the wells to production with a ten-year severance tax exemption on crude oil, casinghead gas, and gas well gas produced by the reactivated wells. The filing deadline for this severance tax incentive program was extended to August 31, 2009. The Railroad Commission can certify wells for the program through February 28, 2010. Any gas well or oil well with no more than one month of production in the two-year period prior to application to the Commission for certification can be eligible. Jim Van Blaricum