I received a bonus on a 3 year lease in 2009 for which I claimed percentage depletion. As I understand Oklahoma depletion rules, if a property has not produced by the expiration of the term of the lease, then the depletion must be 'added back' to taxable income. But since I have other leases in the same vicinity, how do I determine if there was in fact production on that particular lease I signed the bonus on? Can't find anything on OCC. Any help please? Thank you.
You should recieve a Division Order from the company who leased your land 3-6 months after the well is drilled. If you have questions regarding the status of drilling I’d contact the leasing company. The division order will identify the owners with intrest in the well and there share of the minerals produced.
You might also look at the oklahoma mineral owners registry website
They have info on wells drilled by county,
Hope this helps.
I would be happy to look up the production info for you if you supply the lease location. If you don’t feel comfortable posting it publicly, you can “friend” me and send a private message.