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NSWA Hosts Fort Worth 'Meet and Mingle' Luncheon

All Dallas/Fort Worth area NSWA members and members-to-be are cordially invited to join us for a "Meet and Mingle" Luncheon Thursday, July 24, at the Petroleum Club of Fort Worth, at 11:30 am, in the Permian Room.

The topic of discussion will be: "Keeping the main thing The Main Thing - The fight for percentage depletion."

Questions? Coming? Please RSVP at (405) 228-4112 or email Heather.

Download a printable invite.

What is percentage depletion?

United States Tax Code Sections 611, 613, 613A

This is a 15% deduction allowance against taxable income utilized by independent producers and royalty owners. Itís limited to the first 1,000 barrels/day of production. Congress eliminated percentage depletion for major oil companies more than 30 years ago.

Why itís important: Percentage depletion has been available to independent producers since 1954 as an incentive to stimulate continued investment in a high-risk industry. It provides the capital and outside investment small producers need to maintain marginal wells. These wells make up 20% of our production.

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