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"Deep Oil Exploratory Well Regulation "

Deep Oil Exploratory Well Regulation

This regulation is made under the Mines and Minerals Act and applies to eligible wells where the spudding or the commencement of drilling or deepening of the well occurs on or after January 1, 2009 and on or before December 31, 2013. The royalty on oil obtained from eligible wells that is payable under the Petroleum Royalty Regulation, 2009 or the Oil Sands Royalty Regulation, 2009 is adjusted to zero for the first 12 months that exploratory oil is obtained from the oil well event or oil sands well event, until the cumulative value of the royalty on the exploratory oil that would be payable in the absence of this regulation equals $1 000 000 multiplied by the Crown interest in the exploratory oil, 5 years from the finished drilling date if the finished drilling date is on or before December 31, 2013, or until December 31, 2018, whichever occurs first.
    Chapter/Regulation: 225/2008
    Status: Office Consolidation
    Related Act
    Ministry Responsible: Energy
    Current to 156/2014
    Item/ISBN#: 9780779781911
    Regulation-Making Authority: Order In Council
    Pages 13
    View PDFView PDF
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