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CONSOLIDATED

NEWFOUNDLAND

AND

LABADOR REGULATION 22/96

Oil Royalty Regulations

under the

Petroleum and Natural Gas Act

(O.C. 96-158)

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.

REGULATIONS

Analysis

Short title

Definitions

Liability for basic royalties

Exemption

Repeal

Short title

These regulations may be cited as the Oil Royalty Regulations

264/90 s1

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Definitions

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.

264/90 s2

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Liability for basic royalties

(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.

264/90 s3

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Exemption

A holder of a share of a lease issued under the Act before

April 1, 1990

shall not pay to the Crown an incremental royalty in respect of petroleum produced under that lease.

264/90 s4

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Repeal

The Oil Royalty Regulations, 1990, Newfoundland Regulation 264/90, are repealed.

Earl G. Tucker, Queen's Printer

(Includes Reprint of January 17, 1997, p.31)