§ 113-387. Production of crude oil and gas regulated; tax assessments. - North Carolina Statutes

§ 113‑387. Production of crude oil and gas regulated; tax assessments.

All common sources of supply of crude oil discovered after January 1,1945, if so found necessary by the Department, shall have the production of oiltherefrom controlled or regulated in accordance  with the provisions of thislaw, and the Department is hereby authorized to assess from time to timeagainst each barrel of oil produced and saved a tax not to exceed five mills oneach barrel. All moneys so collected shall be used solely to pay the expensesand other costs in connection with the administration of this law.

All common sources of supply of natural gas discovered after January 1,1945, if so found necessary by the Department, shall have the production of gastherefrom controlled or regulated in accordance  with the provisions of thislaw, and the Department is hereby authorized to assess from time to timeagainst each 1000 cubic feet of gas produced and saved from a gas well a taxnot to exceed one‑half mill on each 1000 cubic feet of gas. All moneys socollected shall be used solely to pay the expenses and other costs inconnection with the administration of this law. (1945, c. 702, s. 7; 1973, c. 1262, s. 86.)