71-3-1602. Definitions.
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/mt/title-71/chapter-3/part-16/71-3-1602·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
71-3-1602 . Definitions. As used in this part, the following definitions apply:
(1)"First purchaser" means the first person who under contract purchases oil or gas from an interest owner at or after the time the oil or gas is severed.
(2)"Interest owner" means a person:
(a)who owns an entire or a fractional interest of any kind or nature in the oil or gas at the time it is severed; or
(b)who has a right, either express or implied, to receive a monetary payment determined by the value of the severed oil or gas.
(3)"Leasehold" means a tenant's leasehold interest, as defined in 30-2A-103 , in property on which the oil or gas well is located.
(4)"Operator" means any person engaged in the severance of oil or gas on the operator's own behalf, on behalf of the operator and other persons, or on behalf of other persons.
(5)"Person" means any individual, executor, administrator, agent, trustee, or receiver or an estate, institution, business trust, trust of any other kind, firm, corporation, partnership, cooperative, limited liability company, limited liability partnership, sole proprietorship, government agency, association, or any other group acting as a unit.
(6)"Purchaser" means a person who under contract purchases oil or gas from a first purchaser.
(7)"Severed" or "severance" means the taking, extraction, or production from the leasehold of oil or gas in any manner.