What is a low volume well?
A low volume well is a well that produces an average of less than five thousand (5000) cubic feet of natural gas per day or produces an average of less than one-half barrel of oil per day during the calendar year immediately preceding a given taxable year.
What is a qualified shut in well?
For a maximum period of ten (10) years, all natural gas or oil produced from any well which has not produced marketable quantities of natural gas for five (5) consecutive years immediately preceding the year in which a well is placed back into production and thereafter produces marketable quantities of natural gas or oil.
When are Severance Tax Returns Due?
All Tax returns and payments are due at the end of the month following the close of the reporting period, the exception being the month of May which is due on the 15th of the month following the close of the reporting period.