Canada Oil and Gas Operations Act
Marginal note:How percentages of interests to be determined
47 (1) The percentages of interests referred to in subsections 39(1), 41(2), 42(2) and 44(2) shall be determined
(a) with respect to royalty interests, on a prorated area basis; and
(b) with respect to working interests, on the basis of tract participations shown in the unit agreement.
Marginal note:Owner deemed to be royalty owner on a prorated area basis
(2) Where a working interest in a unit tract is held as an incident of the ownership of a fee simple estate in oil or gas, the owner who holds that working interest shall, for the purposes of subsection (1), be deemed to be a royalty owner in respect of the tract on a prorated area basis under paragraph (1)(a).
- R.S., c. O-4, s. 36
- 1976-77, c. 55, s. 5
- Date modified: