204. Every lessee under a lease to produce petroleum and natural gas or under an authorization to produce brine shall transmit to the Minister, within the first 25 days of each month, a report in the prescribed form showing the quantity and well head value of the petroleum, natural gas or brine extracted during the previous calendar month and the other information prescribed by regulation.
He shall, at the same time, pay to the Minister the royalty prescribed by regulation, which shall not be less than 5% nor more than 17% of the well head value of the petroleum, natural gas or brine extracted.
No royalty is payable on petroleum, natural gas or brine used on the premises by the lessee for drilling or production purposes or on flared natural gas.
1987, c. 64, s. 204; 1998, c. 24, s. 101.