Oil and Gas Exploration Incentive Act

Oil and Gas Exploration Incentive Act - Amends the Internal Revenue Code to remove percentage depletion and intangible drilling costs from computation of the alternative minimum tax.

Makes permanent the credit for producing fuel from a nonconventional source. Allows such credit to offset the alternative minimum tax. Limits such credit to the production of a specified amount of gas or oil from any one well or in any one facility.