Section 10-39A-1.1 - Definition of terms. - South Dakota Statutes

10-39A-1.1. Definition of terms. Terms used in this chapter mean:
(1) "Energy minerals," any mineral fuel including coal, lignite, petroleum, oil, natural gas, uranium, and thorium and any combination of minerals used in the production of energy;
(2) "Market value," the price at which the property would change hands between a willing buyer and willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the facts;
(3) "Operator," a person who directly or physically severs minerals from the land;
(4) "Owner of interest" or "owner," an owner of a landowner's royalty, of an overriding royalty, or of profits and working interests, or any combination thereof. The term does not include an owner of federal, state, or local governmental royalty interest;
(5) "Sale price," the total consideration received in exchange for energy minerals;
(6) "Secretary," the secretary of the South Dakota Department of Revenue and Regulation;
(7) "Severing," the mining, extracting, or producing of any energy minerals in South Dakota;
(8) "Severor," a person engaging in the business of severing energy minerals that the person owns or a person who is the owner of energy minerals and has another person performing the severing of such energy minerals, except that the term does not include the State of South Dakota or its political subdivisions.

Source: SL 1978, ch 81, § 2; SL 1979, ch 78, § 2; SL 2003, ch 272, § 82; SL 2008, ch 37, § 95.