Dear members of the Oklahoma Legislature:
I am writing you to provide the critical facts of the substantial loss of tax dollars to the State of Oklahoma from the 5 percent gross production tax incentive program.
My family is blessed to own 140 net mineral acres under section 25-13N-10W, Canadian County, in the CANA field of the STACK activity. Devon Energy has drilled horizontal wells in the section. For the last four years, the effective GPT rate has been 1.78 percent. Please look at the following numbers:
|Year||100 percent value of oil/gas sales||5 percent incentive|
The amount earned from the 5-percent incentive represents the loss of almost $5 million tax dollars from the State of Oklahoma from one section of land in Canadian County during the last four years. There are dozens, no, hundreds of similar lands in not only Canadian County but other counties in the state.
Immediate action from YOU, the legislators of Oklahoma, is needed to reinstitute the full GPT rate of 7 percent. Please act today.
David A. Guest
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