New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS
Part 22 - REGULATIONS GOVERNING THE INVESTMENT OF THE SEVERANCE TAX PERMANENT FUND IN OIL AND GAS PARTICIPATIONS
Section 2.60.22.7 - DEFINITIONS

Universal Citation: 2 NM Admin Code 2.60.22.7

Current through Register Vol. 35, No. 18, September 24, 2024

A. "Lender" shall mean a New Mexico bank or savings and loan which has made loans based upon the production potential of new oil and gas wells drilled in New Mexico and desires to sell a participation in the notes, obligation of mortgages to the severance tax permanent fund.

B. "OGPAC" shall mean the oil and gas production assistance council as created in Section 7-27-5.12 NMSA 1978.

C. "Production potential" of new oil and gas well(s) means the calculated fair market value of potential production of oil and gas reserves in New Mexico as determined by a qualified professional engineer based on evaluation of proven reserves.

D. "SIC" shall mean the state investment council.

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