BENBROOK, Texas –(Dec. 6, 2022)– Wheeler Resource Recovery, a leader in secondary oil recovery in proven oil fields with over 50 years of experience, announced the breaking of ground on its fourteenth two-well package in its historically successful water flood project in Madison County, Texas.
The drilling of Well #14 marks the 14th of 27 total two well packages in the entire Madison County, Texas project. As Wheeler Resource Recovery crosses over the halfway mark of the project to close out 2022, Wheeler’s proven success in its unique five-spot water recovery process has not only brought low risk, high reward to investors, but substantial tax deductibles.
Wheeler Resource Recovery’s commitment to providing profitable investment opportunities goes beyond the oil field. Investing in an oil and gas project can offer unique tax benefits, such as a 100% tax write-off for intangible drilling costs, a seven-year period where tangible drilling costs are capitalized and depreciated, and the ability to deduct intangible completion costs in the year they’re incurred. With the 2022 tax year coming to a close, there is no better time to invest in the oil and gas industry.
“In our 50 years of experience, the Madison County water flood project is on track to become the best field development we’ve completed for our organization and investors,” said Kevin Thibeau, President of Wheeler Resource Recovery. “As tax season approaches with the year’s end, now is the chance for investors to revisit whether an oil and gas investment is right for them.”
About Wheeler Resource Recovery
Wheeler Resource Recovery is a leader in secondary oil recovery and is based in Benbrook, Texas. Since 1932, Wheeler has used its five-spot water recovery process to extract oil at a lower cost and lower risk than primarily oil recovery. The principals of Wheeler Resource Recovery, Kevin K. Thibeau and J. P. Bolton, have over 50 years of oil and gas and financial experience between them and continue to operate successful oil recovery projects by partnering with accredited investors throughout the United States.