The drilling of Well #15 creates new opportunity for accredited investors seeking tax-favorable investments ahead of the new year

BENBROOK, Texas – (Dec. 5, 2023)– 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 fifteenth two-well package in its historically successful water flood project in Madison County, Texas.

The drilling of Well #15 marks the 15th of 27 total two well packages in the entire Madison County project. This field project is projected to extract over 17.5 million barrels of cumulative oil from secondary recovery. Wheeler’s proven success using its unique five-spot water recovery process has not only brought low risk, high reward to investors, but substantial tax deductibles.

Investing in an oil and gas project can offer unique tax benefits, including:

  • 100% tax write off of intangible drilling costs (IDC) with a direct investment in oil & gas
  • Tangible drilling costs (TDCs) – capitalized and depreciated over a 7-year period
  • Intangible completion costs (ICCs) – deductible in the year they are incurred
  • Depreciation of oil and gas assets – depreciated over a 7-year period
  • Oil and gas depletion allowance – shelter 15% of the well’s annual production from income tax
  • Lease operating expense oil and gas – tax deductible in the year they are incurred without AMT consequences

“On average our investors are writing off 85%-90% of their total investment the first year against any income earned,” said Kevin Thibeau, president of Wheeler Resource Recovery. “Beyond the promising returns for investors, our field projects come with a suite of tax benefits that make investing in oil and gas particularly appealing. With the 2023 tax season deadline approaching on December 31st, there has never been a more opportune moment to invest.”

Wheeler Resource Recovery invites accredited investors to join them in its venture, with opportunities available for participation in the drilling of Well #16 and subsequent projects. Contact Wheeler Resource Recovery to learn more.

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 principal of Wheeler Resource Recovery, Kevin K. Thibeau, and his team have over 50 years of oil and gas and financial experience and continue to operate successful oil recovery projects by partnering with accredited investors throughout the United States.