Oklahoma County BOE sets assessed value for Cactus Drilling rigs at about $10.7 million; total account $11.0 million

The Oklahoma County Board of Equalization set the assessed value for BOE case 155 (Cactus Drilling Company LLC) at $10,714,980 for drilling rigs and an agreed equipment/inventory amount of $441,871, producing a total assessed value of about $11,000,001 during a July 14, 2025 special meeting. The board voted 3-0 to approve the valuation and instructed the clerk to mail the formal decision to the appellant.

The decision ended an appeal in which Eric, representing Cactus Drilling Company LLC, argued that seven rigs on the company's yard were obsolete and effectively scrap. “These rigs are essentially useless,” Eric said during the hearing, describing the equipment as old, underpowered and functioning only as a parts source rather than deployable drilling rigs. He told the board his client treats many of the units as salvage and that restoring any single rig to field-ready condition would require “millions of dollars” of capital investment.

The assessor’s office, speaking for the county, described an independent contractor review by Total Assessment Solutions (TAS/TACS) and said the contractor had applied a roughly 70% obsolescence…