Get your taxes done using TurboTax

I don't think you make an actual election.  Rather, you simply entire the entire amount of the intangible drilling costs reported to you or you enter 1/0th that amount if you decide to amortize over 10 years.  If you deduct 100% in year 1, it is treated as a preference item so you want to make sure that does not cause you an AMT issue.