Intangible Drilling Costs definition

Intangible Drilling Costs or “Non-Capital Expenditures” means those expenditures associated with property acquisition and the drilling and completion of natural gas and oil xxxxx that under present law are generally accepted as fully deductible currently for federal income tax purposes. This includes:

Intangible Drilling Costs means those expenditures associated with property acquisition and the drilling and completion of oil and gas xxxxx that under present law are generally accepted as fully deductible currently for federal income tax purposes. This includes:

Intangible Drilling Costs or "Non-Capital Expenditures" means those expenditures associated with property acquisition and the drilling and completion of natural gas and oil xxxxx that under present law are generally accepted as fully deductible currently for federal income tax purposes. This includes all expenditures made for any well before production in commercial quantities for wages, fuel, repairs, hauling, supplies and other costs and expenses incident to and necessary for drilling the well and preparing the well for production of natural gas or oil, that are currently deductible pursuant to Section 263(c) of the Code and Treasury Reg. Section 1.612-4, and are generally termed "intangible drilling and development costs," including the expense of plugging and abandoning any well before a completion attempt.

Examples of Intangible Drilling Costs in a sentence

• Intangible Drilling Costs and the Participants’ share of Tangible Costs of a well or xxxxx to be drilled and completed with the proceeds of a Partnership closing shall be charged 100% to the Participants who are admitted to the Partnership in that closing and shall not be reallocated to take into account other Partnership closings.

• Advance payments by the Partnership to the Managing General Partner and its Affiliates are prohibited except when advance payments are required to secure the tax benefits of prepaid Intangible Drilling Costs for a business purpose as set forth in the Drilling and Operating Agreement.

• Intangible Drilling Costs and Tangible Costs charged to the Participants as a group shall be allocated among the Participants, including the Managing General Partner to the extent of any optional subscription for Units under §3.03(b)(1), in the ratio of the subscription amount designated on their respective Subscription Agreements rather than the number of their respective Units.

• The Developer shall pay to Operator, in proportion to the share of the Working Interest owned by the Developer in the xxxxx, one hundred percent (100%) of the estimated Intangible Drilling Costs and Tangible Costs as those terms are defined below, for drilling and completing all initial xxxxx on execution of this Agreement.

• Subject to the foregoing, Intangible Drilling Costs paid by a Partnership under the terms of bona fide drilling contracts for the Partnership's wells will be deductible by Participants who elect to currently deduct their share of their Partnership's Intangible Drilling Costs in the taxable year in which the payments are made and the drilling services are rendered.

More Definitions of Intangible Drilling Costs

Intangible Drilling Costs means those expenditures associated with property acquisition and the drilling and completion of oil and gas xxxxx that under present law are generally accepted as fully deductible currently for federal income tax purposes. This includes all expenditures made with respect to any well before the establishment of production in commercial quantities for wages, fuel, repairs, hauling, supplies and other costs and expenses incident to and necessary for the drilling of the well and the preparation of the well for the production of oil or gas, that are currently deductible pursuant to Section 263(c) of the Internal Revenue Code of 1986, as amended, (the "Code"), and Treasury Reg. Section 1.612-4, which are generally termed "intangible drilling and development costs," including the expense of plugging and abandoning any well before a completion attempt. "Tangible Costs" shall mean those costs associated with property acquisitions and the drilling and completion of oil and gas xxxxx which are generally accepted as capital expenditures pursuant to the provisions of the Code. This includes all costs of equipment, parts and items of hardware used in drilling and completing a well, and those items necessary to deliver acceptable oil and gas production to purchasers to the extent installed downstream from the wellhead of any well and which are required to be capitalized under the Code and its regulations. With respect to each additional well drilled on the Additional Well Locations, if any, Developer shall pay Operator, in proportion to the share of the Working Interest owned by the Developer in the xxxxx, one hundred percent (100%) of the estimated Intangible Drilling Costs and Tangible Costs for the well on execution of the applicable addendum pursuant to Section l(c) above. Notwithstanding, Atlas' payments for its share of the estimated Tangible Costs of drilling and completing all additional xxxxx as the Managing General Partner of the Developer shall be paid within five (5) business days of notice from Operator that the costs have been incurred. The Developer's payment shall be nonrefundable in all events in order to enable Operator to do the following:

Intangible Drilling Costs or “IDCs” shall mean those expenditures associated with property acquisition and the drilling and completion of oil and gas xxxxx that under present law are generally accepted as fully deductible currently for federal income tax purposes. This includes:

Intangible Drilling Costs means all expenditure for labour, fuel, repairs, mainte- nance, hauling, and supplies and materials (not being supplies and materials for well ce- ment, casing or other well fixtures) which are for or incidental to drilling, cleaning, deep- ening or completing wells or the preparation thereof incurred in respect of-

Intangible Drilling Costs means costs of labour, fuel, repairs and maintenance, hauling, supplies and materials which are used in —

Intangible Drilling Costs or "Non-Capital Expenditures" shall mean those expenditures associated with property acquisition and the drilling and completion of oil and gas wxxxx that under present law are generally accepted as fully deductible currently for federal income tax purposes; and includes all expenditures made with respect to any well prior to the establishment of production in commercial quantities for wages, fuel, repairs, hauling, supplies and other costs and expenses incident to and necessary for the drilling of such well and the preparation thereof for the production of oil or gas, that are currently deductible pursuant to Section 263(c) of the Code and Treasury Reg. Section 1.612-4, which are generally termed "intangible drilling and development costs," including the expense of plugging and abandoning any well prior to a completion attempt.

Intangible Drilling Costs. Organization and Offering Expenses" "Proved Reserves" "Tangible Costs"

Intangible Drilling Costs means capital costs directly attributable to the drilling of development or production wells, other than costs which are directly attributable to the creation or acquisition of plant or machinery with a salvage value;