The Oil and Gas Conservation, Stabilization and Development Act, 1973
Keywords:Energy Law, Petroleum Law
AbstractThe OH and Gas Conservation, Stabilization and Development Act, which was passed in Saskatchewan in 1973, has far reaching effects on the oil industry in that province, ranging from new forms of taxation to the expropriation of certain oU and gas rights. The Act imposes mineral income tax on freehold owners and on other persons interested in petroleum production and royalty surcharge on Crown lands. The group of potential taxpayers has been increased and the author discusses several accounting problems which arise out of the new system. major concern is the constitutionality of the Act. The author concludes by suggesting methods of drafting future agreements to minimize complications arising from the Act.
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