Petroleum Marketing Regulation (Alta. Reg. 174/2006).

The present Regulation is enacted under the Petroleum Marketing Act and Mines and Minerals Act. In particular, the Regulations deals with the delivery and reporting of conventional Crown oil royalty. This legislation formalizes and further clarifies the business rules related to conventional oil royalty delivery in Alberta. Also included in the Regulation are provisions for penalties aimed at improving compliance by the energy industry with respect to conventional oil royalty delivery and reporting. At the outset the Regulation contains the definition of certain terms such as, “actual deliveries “, “agency contract”, “agent”, “agreement”, “amendment report”, “battery”, “Commission”, “Petroleum Registry of Alberta”, ”reporting deadline”. The text consists of 27 sections divided into 4 Parts as follows: Royalty reporting (1); Underdelivery and overdelivery of oil (2); Penalties related to inaccurate forecasting (3); General (4).