R-1.01 - Act ending exploration for petroleum and underground reservoirs and production of petroleum and brine

Section 70 Disposition versions

2022-08-23

70. Until the Minister issues a declaration of satisfaction under the second paragraph of section 25 for all of the wells referred to in section 10, the holder of a revoked licence must

(1)  maintain proof, in the form and manner prescribed by government regulation, that they are solvent to the amount provided for in the first paragraph of section 27; and

(2)  maintain the monitoring committee established under section 28 of the Petroleum Resources Act (chapter H-4.2), as it read on 12 April 2022, in the manner prescribed by government regulation.

Anyone who does not maintain proof of their solvency or does not maintain a monitoring committee in accordance with the first paragraph commits an offence and is liable to a fine of $2,500 to $250,000 in the case of a natural person and $7,500 to $1,500,000 in any other case.

2022, c. 10, s. 1.

Not in force

In force: 2022-08-23

70. Until the Minister issues a declaration of satisfaction under the second paragraph of section 25 for all of the wells referred to in section 10, the holder of a revoked licence must

(1)  maintain proof, in the form and manner prescribed by government regulation, that they are solvent to the amount provided for in the first paragraph of section 27; and

(2)  maintain the monitoring committee established under section 28 of the Petroleum Resources Act (chapter H-4.2), as it read on 12 April 2022, in the manner prescribed by government regulation.

Anyone who does not maintain proof of their solvency or does not maintain a monitoring committee in accordance with the first paragraph commits an offence and is liable to a fine of $2,500 to $250,000 in the case of a natural person and $7,500 to $1,500,000 in any other case.

2022, c. 10, s. 1.