- A. The department shall have the power to designate the property that shall constitute a production unit; provided, a production unit shall be a unit of property from which products of common ownership are severed.
- B. The department shall compile and keep current an index of all production units by description sufficient to properly identify such production units.
- C. The department shall assign to each production unit a number or symbol, and the number or symbol shall serve as a means of identification for the purpose of reporting, tax payment and tax collection of the taxes administered by the department.
History: 1978 Comp., § 7-1-12.1, enacted by Laws 1985, ch. 65, § 12; 1993, ch. 30, § 7.
ANNOTATIONS
The 1993 amendment, effective June 18, 1993, substituted "Department" for "Oil and gas accounting division" in the section heading and throughout this section; substituted "department" for "division" in Subsection C; and made a minor stylistic change.