Arkansas § 15-72-1002 - Tax incentives — Reestablishment of inactive wells and fields.
Full text of Arkansas Arkansas Code of 1987 Annotated § 15-72-1002 — Tax incentives — Reestablishment of inactive wells and fields., with citation guidance and answers to common questions.
§ 15-72-1002. Tax incentives — Reestablishment of inactive wells and fields.
Any oil well which has been inactive and has failed to produce any volume of crude oil for a period of at least twelve (12) consecutive calendar months which is restored and reestablished as a producer of crude oil shall be exempt from the payment of severance taxes on the volume of production for a period of ten (10) years from and after the date upon which the production is reestablished. Any oil field established by the Oil and Gas Commission which has become inactive by the cessation of production for a period of not less than twelve (12) consecutive calendar months shall be exempt from the payment of severance taxes in the event production of crude oil from the field is reestablished with respect to all crude oil subsequently produced from the zones, horizons, and formations which had previously been productive but subsequently ceased to produce.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 15-72-1002
What does Arkansas Code of 1987 Annotated § 15-72-1002 cover?
Section 15-72-1002 ("Tax incentives — Reestablishment of inactive wells and fields.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 15-72-1002?
A common citation format is "Arkansas Code of 1987 Annotated § 15-72-1002" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 15-72-1002 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.