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Gold/Mining/Energy : Nevtah/Tower Oil Intl.- NTAH

NTAH 0.00400

-60.0%

Jul 24 5:00 PM EST

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To: Just My Opinion who wrote (2921)	8/14/1998 11:17:00 AM
From: Chuck Delo	of 3817

Another interesting article: Energy Wire - Law preserves wells with low production WASHINGTON - A law recently signed by Texas Gov. George W. Bush will help prevent ''a Texas-size tragedy'' of plugging thousands of low-production oil and gas wells that could be kept flowing, says Texas Railroad Commissioner Barry Williamson. Williamson and industry officials said the new law applying to marginal or stripper wells, taking effect on Sept. 1, would give oil and gas operators a broad range of options to boost output and pick up the incentive. Sustained increased production for oil and gas wells that previously produced less than the equivalent of seven barrels of oil per day will earn a 50 percent cut in the state's oil and gas severance tax. The measure backed by Williamson was one of several oil and gas tax provisions passed by this year's Texas Legislature but was the only one that created a new tax incentive for the state's producers. ''One of the greatest threats to the Texas economy is the oil and gas left underground when potentially productive wells are plugged and abandoned,'' said Williamson. ''It will help conserve a precious, nonrenewable resource by keeping wells alive.'' ''Many of these wells have received their last rites and we are providing a little CPR'' to keep them open, said the commissioner, who announced last week he would run for state attorney general in 1998. He previously had stated he was eyeing the race for state comptroller. Williamson added that ''the real significance of this incentive lies in its broad language (since) virtually any work on a well that increases production can trigger a tax cut.'' ''We in Texas plug more than 10,000 wells a year ... many prematurely,'' he said. ''Every Texas citizen has an economic stake in keeping these wells active ... Every extra barrel of oil produced means $60 for the state economy that translates into more employment and wealth for Texans.'' Scott Anderson, executive vice president for the Texas Independent Producers & Royalty Owners Association, agreed it would be valuable to Texas operators. onpraexilihmrihnnot-eprcuhsneixocedHe said other tax provisions passed by the legislature ''either restore, extend or amend things that have been on the books before.'' Home \| Back to News \| Comments or Feedback 08/01/97 10:44 PM Copyright Lubbock Avalanche-Journal 1997

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