I've been in oil and gas wells since the 80's. Mostly in Wyoming.
Plenty of ups and downs but has paid off very substantially in the long run. Tax right offs are attractive including depletion. And you're right. If you don't have an accountant from the oil states, then you have to teach him the ins and outs of the tax situation.
In all of the wells that I have drilled (hundreds), I have probably three "gushers" that have paid for all of the bills. I have one well that has been producing since 82 with three other pay zones that haven't even been fraced yet. Takes a good geologist, staying power, and of course, dumb luck. :)
Cordially,
RBlatch
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