364. For the purposes of this chapter, Canadian exploration and development expenses are the expenses incurred before 7 May 1974 in the case of an oil business and before 1 April 1975 in the case of a mining business which are:(a) exploration or drilling expenses, including the costs of general geological or geophysical studies, incurred after 1971 for exploration or drilling for petroleum or natural gas in Canada;
(b) prospecting, exploration or development expenses incurred after 1971 in searching for minerals in Canada;
(c) the cost of any Canadian resource property acquired by the taxpayer after 1971;
(d) the share of the taxpayer in Canadian exploration and development expenses incurred after 1971 by an association, partnership or syndicate, during one of their fiscal periods, in which he was a member or partner at the end of the fiscal period;
(e) the expenses incurred after 1971 by the taxpayer pursuant to an agreement with a corporation under which he so incurs such expenses solely as consideration for shares of the capital stock of the corporation or an interest or right in those shares, to the extent that those expenses are incurred as the cost of activities connected with the expenses contemplated in paragraph a or b or as the cost of acquisition of property contemplated in paragraph c; and
(f) any annual payment made by the taxpayer for the preservation of a Canadian resource property.