Frontier Lands Petroleum Royalty Regulations — 2
ation ) investment royalty credit of an interest holder means twenty-five per cent of that portion of the qualified frontier exploration expenses claimed by the interest holder as Canadian exploration expenses under the Income Tax Act , as amended from time to time, and certified by the Minister pursuant to subsection 10(3); ( crédit de redevance à l’investissement ) investment royalty credit balance of an interest holder in respect of a month means the amount, if any, by which the aggregate of all of that interest holder’s investment royalty credits exceeds the aggregate of all amounts deducted under subsection 3(3) in respect of the months preceding that month; ( solde du crédit de redevance à l’investissement ) long-term government bond rate in respect of any month means the average percentage yield, during the calendar year immediately preceding the calendar year in which that month falls, of securities issued by the Government of Canada maturing in over ten years, as published by the Bank of Canada in the Bank of Canada Review ; ( taux des obligations à long terme du gouvernement ) marketable condition [Repealed, SOR/2008-96, s. 3] month of payout of an interest holder of a production licence in relation to a project means the first month in respect of which the interest holder’s cumulative gross revenues in relation to the project are equal to or greater than the interest holder’s cumulative costs in relation to the project; ( mois de recouvrement de l’investissement initial ) net revenues of an interest holder of a production licence in relation to a project in respect of a month means the amount by which the interest holder’s gross revenues in that month exceed the aggregate of the interest holder’s (a) allowed capital costs in relation to the project in respect of that month, (b) allowed operating costs in relation to the project in respect of that month, (c) capital cost adjustment in relation to the project in respect of that month, and (d) operating cost adjustment in relation to the project in respect of that month; ( revenus nets ) non-qualifying expense means an expense (a) that is a Canadian exploration and development overhead expense within the meaning of section 1206 of the Income Tax Regulations , as amended from time to time, or (b) in respect of which a reimbursement, compensation or other payment is made, including any amount of assistance or benefit from a government, municipality or other public authority, whether as a grant, subsidy, forgivable loan, deduction from royalty or tax, investment allowance or any other form of assistance or benefit; ( frais non admissibles ) operating cost adjustment of an interest holder of a production licence in relation to a project in respect of any month means an amount equal to ten per cent of the allowed operating costs of the interest holder in relation to the project in respect of that month; ( rajustement des frais d’exploitation ) point of production means the point at which transportable petroleum leaves production infrastructure; ( point de production ) production facility [Repealed, SOR/2008-96, s. 3] production infrastructure means any equipment and buildings that are used for the production or treatment of petroleum from the reservoir and includes (a) equipment for natural pressure reduction, mechanical separation, heating, cooling, dehydration and compression, and (b) batteries, gathering lines, storage areas, tanks, landing areas, heliports and personnel accommodations; ( infrastructure de production ) production month means a calendar month in which petroleum is produced from project lands on one or more days in that month; ( mois de production ) project means a project described in a development plan; ( projet ) project commencement date means the date on which a project development plan is approved; ( date de démarrage du projet ) project lands means the frontier lands, described in the production licence or licences issued for the purpose of producin