A mineral tax break bill was recently signed by Wyoming Gov. Mark Gordon for oil and gas operators in the Cowboy State with the hope of making it a more attractive place to stay and continue drilling when the economy recovers.

The state legislature bill, House Bill 243, would begin if the 12-month rolling average of oil prices falls below $50 per barrel. For natural gas, the 12-month rolling average would need to be less than $2.95 per thousand cubic feet. In these scenarios, the state’s mineral production tax (severance tax) would be reduced by 2% under the new act.

Meanwhile, the Wyoming Oil and Gas Conservation Commission (WOGCC) has voted to reduce the current amount of conservation taxes assessed on oil and gas companies to .0000 mill levy under Wyoming Statute 30-5-116(b).

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