IRS, FERC LET MORE WELLS RECEIVE SEC. 29 CREDITS

Frank W. Lewis, Terry Grapentine Petroleum Management System Del City, Okla. Two new ways exist for producers in the U.S. to qualify additional production for federal Sec. 29 nonconventional fuel tax credits. Until now the Federal Energy Regulatory Commission and Internal Revenue Service deadlines had limited eligible production to wells spud or recompleted and filings made under the Natural Gas Policy Act on or before Dec. 31, 1992.