As always, the devil is in the details. Since this is the tax code, the details are complex and intensely boring.
“(1) Section 43.
Enhanced oil recovery credit.
http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._43._Enhanced_oil_recovery_credit
“(2) Section 45I.
Credit for producing oil from marginal wells
http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._45I._Credit_for_producing_oil_and_gas_from_marginal_wells
“(3) Section 469 with respect to working interests in oil and gas property.
Passive activity losses and credits limited
http://www.taxalmanac.org/index.php/Sec_469
“(4) Sections 613 and 613A, with respect to percentage depletion for oil and gas.
Sec. 613 Percentage depletion
http://www.taxalmanac.org/index.php/Sec._613
Sec. 613A. Limitations on percentage depletion in case of oil and gas wells
http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._613A._Limitations_on_percentage_depletion_in_case_of_oil_and_gas_wells
“(5) Section 199 with respect to income derived from the production of oil and gas.
Sec. 199 Deduction relating to income attributable to domestic production activities
http://www.taxalmanac.org/index.php/Sec._199

∆∆