The present Act creates the Northwest Territories Heritage Fund. Section 2 establishes that the purpose of the Heritage Fund is to ensure that future generations of people of the Northwest Territories benefit from on-going economic development, including the development of non-renewable resources. The Fund is for the benefit and use of the people of the Northwest Territories. The text consists of 12 sections.

Implemented by: Northwest Territories Heritage Fund Regulations (N.W.T. Reg. 008-2013). (2013)

The present Regulations are made under section 90 of the Petroleum Resources Act. In particular, the Regulations lay down provisions relating to the administration and registration of interests and instruments in relation to lands and fees to be paid. Section 2 establishes that the Registrar shall supervise the operation of the system of registration established under Part 8 of the afore-mentioned Act.

The present Regulations are made under section 66 of the Petroleum Resources Act. In particular, the Regulations lay down provisions relating to the levying of royalties for oil exploitations. The text – consisting of 23 sections – deals with the following aspects: interpretation, prescribed royalties, exemption, payment of prescribed royalty, deferral of royalty, certification of an abandonment and restoration royalty trust, return allowance, certification of qualified petroleum exploration expenses, reports and returns, interests, penalties and refunds.