Petroleum and Gas Revenue Tax Act — P-12 2
Definitions 2 (1) In this Act, approved recovery project means (a) a project certified in writing by the Minister of Natural Resources to have commenced operations after March 31, 1985 and to be a water-flood or a major expansion to a water-flood, (b) a prescribed project certified in writing by the Minister of Natural Resources to have commenced operations after 1982, or (c) a project certified in writing by the Minister of Finance and the Minister of Natural Resources as a major energy project that commenced operations after March 31, 1985; ( installation approuvée de récupération ) Crown royalty of a person for a taxation year in respect of the production in the year of petroleum or gas from a well or bituminous sands, oil sands or oil shale deposit or the ownership of a natural reservoir of gas or petroleum in Canada or a bituminous sands, oil sands or oil shale deposit in Canada means the amount, if any, by which the aggregate of the amounts, (a) paid, payable or receivable as prescribed in respect of that production or ownership, (b) included in computing his income for the year by virtue of paragraph 12(1)(o) of the Income Tax Act in respect of that production or ownership, (c) that were not deductible in computing his income for the year by virtue of paragraph 18(1)(m) of the Income Tax Act in respect of that production or ownership, (d) by which, in respect of the disposition by him of that production, his proceeds of disposition were increased by virtue of subsection 69(6) of the Income Tax Act , and (e) by which, in respect of the acquisition by him of that production, his cost was reduced by virtue of subsection 69(7) of the Income Tax Act exceeds the aggregate of all reimbursements referred to in section 80.2 of the Income Tax Act received or receivable by him for the year in respect of that production or ownership; ( redevance à la Couronne ou redevance en faveur de la Couronne ) crude oil means a liquid mixture of hydrocarbons, other than heavy oil, recovered from a natural reservoir in Canada; ( pétrole brut ) deepened well means an oil or gas well that, after (a) being capable of producing petroleum or gas from an accumulation of petroleum or gas, or (b) being drilled for the purpose of producing petroleum or gas from an accumulation of petroleum or gas and having been abandoned, is deepened by further drilling commenced after March 31, 1985 for the purpose of producing petroleum or gas from a different accumulation of petroleum or gas; ( puits approfondi de pétrole ou de gaz ) exempt percentage , for a period in respect of an approved recovery project, means a percentage approved in writing by the Minister of Natural Resources for that period in respect of the project; ( pourcentage d’exonération ) Federal Court [Repealed, R.S., 1985, c. 51 (4th Supp.), s. 16] gas means natural gas or any fluid hydrocarbon, other than a hydrocarbon that is a liquid in its naturally occurring state, recovered from a natural reservoir in Canada; ( gaz ) incremental Crown royalty [Repealed, R.S., 1985, c. 2 (2nd Supp.), s. 1] incremental oil revenue [Repealed, R.S., 1985, c. 2 (2nd Supp.), s. 1] incremental payout [Repealed, R.S., 1985, c. 2 (2nd Supp.), s. 1] incremental production royalty [Repealed, R.S., 1985, c. 2 (2nd Supp.), s. 1] incremental resource royalty [Repealed, R.S., 1985, c. 2 (2nd Supp.), s. 1] Minister means the Minister of National Revenue; ( ministre ) new deep production means that part of the production from a deepened well that is directly attributable to the deepening; ( production nouvelle en profondeur ) old oil [Repealed, R.S., 1985, c. 2 (2nd Supp.), s. 1] old oil base price [Repealed, R.S., 1985, c. 2 (2nd Supp.), s. 1] payout , in respect of a royalty, has the meaning assigned by subsection 26(7) or (9), whichever is applicable; ( reversement ) petroleum means crude oil or heavy oil recovered from a natural reservoir in Canada and any liquid or solid hydrocarbon recovered from a bituminous sands, oi