§ 7-32-2. Definitions

As used in the Oil and Gas Ad Valorem Production Tax Act: A. “ commission ”, “ department ” or “ division ” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; B. “ production unit ” means a unit of property designated by the department from which products of common ownership are severed; C. “ severance ” means the taking from the soil any product in any manner whatsoever; D. “ value ” means the actual price received for products at the production unit, except as otherwise provided in the Oil and Gas Ad Valorem Production Tax Act; E. “ product ” or “ products ” means oil, including crude, slop or skim oil and condensate; natural gas; liquid hydrocarbon, including ethane, propane, isobutene, normal butane and pentanes plus, individually or any combination thereof; and non-hydrocarbon gases, including carbon dioxide and helium; F. “ operator ” means any person: (1) engaged in the severance of products from a production unit; or (2) owning an interest in any product at the time of severance who receives a portion or all of such product for the person's interest; G. “ purchaser ” means a person who is the first purchaser of a product after severance from a production unit, except as otherwise provided in the Oil and Gas Ad Valorem Production Tax Act; H. “ person ” means any individual, estate, trust, receiver, business trust, corporation, firm, copartnership, cooperative, joint venture, association or other group or combination acting as a unit, and the plural as well as the singular number; I. “ interest owner ” means a person owning an entire or fractional interest of whatsoever kind or nature in the products at the time of severance from a production unit or who has a right to a monetary payment that is determined by the value of such products; J. “ assessed value ” means the value against which tax rates are applied; K. “ tax ” means the oil and gas ad valorem production tax; and L. “ volume ” means the quantity of product severed reported using: (1) oil, condensate and slop oil in barrels; and (2) natural gas, liquid hydrocarbons, helium and carbon dioxide in thousand cubic feet at a pressure base of fifteen and twenty-five thousandths pounds per square inch.