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Oil Royalty Regulations
Under the authority of section 39 of the Petroleum and Natural Gas Act and the Subordinate Legislation Revision and Consolidation Act , the Lieutenant-Governor in Council makes the following regulations.
1. These regulations may be cited as the Oil Royalty Regulations .
2. In these regulations
(a) "Act" means the Petroleum and Natural Gas Act ; and
(b) "petroleum" means hydrocarbons which at atmospheric pressure are in liquid form when loaded for shipment and includes non-hydrocarbon contaminants, but does not include gas.
Liability for basic royalties
3. (1) Each holder of a share in a lease issued under the Act before April 1, 1990 shall be liable for and shall pay to the Crown a basic royalty in the amount of $0.01 for each barrel of petroleum produced under the lease to which that holder of a share in the lease is entitled.
(2) The basic royalty shall be paid at the time and in the manner that may be prescribed by the minister.
A holder of a share of a lease issued under the Act before
5. The Oil Royalty Regulations, 1990, Newfoundland Regulation 264/90, are repealed.
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(Includes Reprint of January 17, 1997, p.31)