Houston, TX (PRWEB) July 14, 2008
BigOilFields(dot)com has begun collecting petition signatures online for what the group hopes is an eventual change in tax laws pertaining to write-offs of 100% of the cost of drilling and testing wildcat oil and gas wells. A wildcat has been defined in the petition as an exploratory well drilled at least 2 miles from existing production or drilled to a deeper potential producing horizon.
"It only makes sense; the drill bit is the only sure way of finding new oil and gas supplies, investors and oil companies need to put their exploration money back into the ground quicker if we're to cleanup this energy mess," stated Dean Philpot, owner of BigOilFields.com. "If the federal government is only going to give tax breaks to windmills and solar farms, we'll all be sitting in the dark soon," Philpot concludes.
In 1929 wildcatter Marion "Dad" Joiner drilled 2 dry holes before he drilled the well that brought in the legionary East Texas Oil Field. The East Texas Field provided much of the fuel that won World War II, and drove oil prices down to 10 cents a barrel. The Barnett Shale, home to the United States' largest known gas field, was penetrated for 50 years before geologists and engineers at Mitchel Energy discovered how to properly complete the illusive shale formation. Advances in drilling technology brought on land by offshore drillers has allowed for rapid expansion and reserve growth. New oil and gas plays such as the Haynesville and the Bakken are bright spots in recent U.S. exploration successes and are benefiting from technology.
Tax laws of the United States drove off the Majors years ago to develop reserves for other counties rather than spending their money in the US. As a result of Congress' action and lack of a prudent energy policy, Exxon Mobil, the nation's largest oil and gas company, is ranked 17th in worldwide reserves. The National Iranian Oil Company is currently ranked #1. "Operation Wildcat's goal is to encourage exploration and lessen the nation's dependence on foreign sources of energy and do it quickly," Philpot ended.
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