Series 22: Combination Drilling And Income

Taken from our Series 22 Top-off Online Guide

Combination Drilling and Income

Oil and gas programs may involve a combination of all three types: exploratory, developmental, and production. A combination may allow the investor to achieve the tax deferrals from intangible and tangible drilling costs while a property is being developed and reap the benefits of production.

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Types of Oil and Gas Programs
	Exploratory Programs	Developmental Programs	Income Programs
Characteristics	• Locate properties (usually remote) likely to hold oil and gas • Cost of land and mineral rights are low; high exploration costs • Terminate prior to drilling • Benefits from tax deductions and sale of property rights	• Locate properties near producing oil and gas wells • Cost of land and mineral rights high; cost of exploration low • Terminates prior to production phase • Benefits from tax deductions and sale of property rights	• Purchase existing producing wells • Cost of land and mineral rights very high; exploration costs negligible • No specific termination date • Generates immediate income
Risks	• Finding only “dry holes” • Changing environmental and other regulatory rules	• Low production from step-out wells • Changing envi