The present Regulations enact subsection 107(2) the Canada Petroleum Resources Act. In particular, the Regulations lay down provisions relating to oil explorations in frontier lands. The text – consisting of 21 sections deals with the following matters: prescribed royalty, exemption, payment of prescribed royalty, deferral of royalty, certification of an abandonment and restoration royalty trust, return allowance, certification of qualified frontier exploration expenses, reports and returns, interest, penalties and refunds. Two Schedules are enclosed as follows: Allowed project costs (I); Determination of revenues and allowances (II).
Implements: Canada Petroleum Resources Act (R.S.C. 1985, c. 36) (2nd Supp.). (2016-02-27)
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A land of vast distances and rich natural resources, Canada became a self-governing dominion in 1867, while retaining ties to the British crown. Economically and technologically, the nation has developed in parallel with the US, its neighbor to the south across the world's longest international border. Canada faces the political challenges of meeting public demands for quality improvements in health care, education, social services, and economic competitiveness, as well as responding to the particular concerns of predominantly francophone Quebec.
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