060-7 Wyo. Code R. §§ 7-2 - Definitions

As used in this chapter:

(a) "Board" means the Board of Land Commissioners.

(b) "Beneficiaries" means the State Land Trust and any other entity specifically designated as the beneficiary of lands administered under this chapter.

(c) "Director" means the Director of the Office of State Lands and Investments.

(d) "Eligible Products" includes gasoline, kerosene, diesel fuel, and such other refined products as the Board may determine to be in demand within the State of Wyoming forming a part of the total output of an eligible refinery.

(e) "Eligible Refiner" means a refiner whose refining operations are conducted entirely within the State of Wyoming and who is unable to purchase sufficient crude oil to continue to operate its refinery at the rated capacity. Neither the refiner nor any of its related companies may be engaged in exporting crude oil from the State of Wyoming. The refiner must be one which produces eligible products as a part of its total output.

(f) "Lessee" means the person, firm, association, or corporation in whose name an oil lease appears on record in the Office.

(g) "Market Price" means the highest price offered in an open bid/negotiation process by an eligible refiner, qualified marketer, or responsible bidder and accepted by the Board as indicative of the value of the Board's production royalty.

(h) "Office" means the Office of State Lands and Investments.

(j) "Qualified Marketer" means any party engaged in the daily marketing of crude oils or natural gas on a national or regional market basis, who handles at least $20,000,000 in oil or gas sales with non-affiliated entities per year.

(k) "Purchaser" means eligible refiner and/or responsible bidder to whom the Board has awarded an in-kind royalty oil contract.

(m) "Responsible Bidder" means one who routinely buys and sells crude oil or natural gas in the marketplace that can demonstrate financial and performance responsibility related to the volumes of royalty oil bid. The term may include, but is not limited to, resellers and refiners.

(n) "Royalty Oil" means crude oil and lease condensate from gas wells taken in kind when the Board exercises its authority to take its royalty from the lessees of state lands in kind rather than in cash payment.

(o) "Royalty Gas" means natural gas taken in kind when the Board exercises its authority to take its royalty from the lessees of state lands in kind rather than in cash payment.

(p) "State Lands" means all subsurface resource lands under the jurisdiction and control of the Board.

(q) "Volumetric Substantiation" means a refinery slate schedule detailing the refined products to be derived from in-kind royalty oil, and a notation of the sales disposition within the state for each product.

Notes

060-7 Wyo. Code R. §§ 7-2