179. The holder of an operating lease must pay to the Minister the royalties fixed by regulation.
Such royalties shall be not less than five per cent nor more than seventeen per cent of the market value at the well-head, of the petroleum and natural gas extracted and used, sold or otherwise alienated.
No royalties, however, shall be payable on petroleum or natural gas used on the spot by the holder of a lease for drilling or production purposes or upon flared natural gas.
1965 (1st sess.), c. 34, s. 178; 1968, c. 36, s. 14.