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Consolidated Newfoundland Regulation 1996
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. Short title
3. Liability for basic royalties
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.
4. A holder of a share of a lease issued under the
5. The Oil Royalty Regulations, 1990, Newfoundland Regulation 264/90, are repealed.
(Includes Reprint of January 17, 1997, p.31)
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