Petroleum Royalty Regulation (Alta Reg. 248/90).

The present Regulation implements various sections of the Mines and Minerals Act (R.S.A. 2000, c. M-17). The Regulation contains at the outset a definition clause relating to various terms employed therein such as, for example, “adjustment factor for new heavy oil”, “adjustment factor for new non heavy oil”, “adjustment factor for old heavy oil”, “allocable costs”, “Board”, “exploratory interval”, “finished drilling date”, “heavy oil”, “new heavy oil”, “licence”, “new oil”, etc. Section 1 establishes that the Minister may prescribe for each single month a specific amount as the adjustment factor for each of the items mentioned in this section. Furthermore, the text deals with, amongst others, calculation of adjustment quantity, old oil royalty, new oil royalty. The Regulations consists of 23 sections and 5 Schedules.