Headed by company president and CEO Ray Boykin, US Energy Assets has overseen management of more than 380 oil wells over the last two decades. Based in Cedar Hill, Texas, US Energy Assets helps clients invest in oil and gas production.
In the 1980s, the United States government created incentives for wealthy individuals and companies to invest in the oil and gas industry. These incentives include tax deductions associated with tangible and intangible costs of drilling.
Tangible costs refer to any purchase directly related to drilling equipment. These expenses are 100-percent deductible and can be taken in the current year. Previously, such deductions had to be spread out over seven years.
Intangible costs refer to anything outside of equipment: for example, chemicals, drilling fluids, and wages. The government also allows investors to deduct up to 100 percent of these costs, and these deductions can be taken in the year drilling occurs.
