Section 590. Definitions

1.  "Economic  profile"  means  a net cash flow
  analysis of a financial summary of an average  or  typical  oil  or  gas
  economic  unit,  based  upon average or typical income and expense items
  pertaining to one or more oil or gas  economic  units  of  one  or  more
  producers.
    2. "Economic unit" means all the real property subject to taxation and
  assessed  pursuant to this title associated with the exercise of oil and
  gas rights, including the unextracted oil and gas, oil  and  gas  rights
  and  any  and  all equipment, fixtures and pipeline, regardless of size,
  length or pressure rating necessary to drill,  mine,  operate,  develop,
  extract,  produce, collect, deliver or sell the oil or gas to a point of
  sale to a commercial purchaser or the pipeline or equipment of  a  user,
  including   wells,  well-head  equipment,  pipes,  compressor  stations,
  related equipment and buildings used to store equipment.  Each  economic
  unit  may include either a single well and the associated property, or a
  group of wells and the associated property under  common  ownership  and
  operated  as  a  unit. No economic unit shall extend beyond the point of
  sale or where the gas or oil is delivered to the pipe or equipment of  a
  user,  nor shall an economic unit include special franchise property, or
  the percentage of any pipe, pipelines, equipment  or  fixtures  such  as
  cogeneration  equipment,  which  generates income from activity which is
  not  associated  with  or  necessary  for  the  extraction,  collection,
  delivery  and  sale  of  oil and gas from the economic unit to a user or
  commercial purchaser.
    3. "Oil and gas rights" means  any  right  to  drill,  mine,  operate,
  develop,  extract,  produce, collect, deliver or sell oil or gas located
  on or below real property.
    4. "Producer" means any  person,  partnership,  corporation  or  other
  association  or  entity  owning or operating the working interest in any
  oil or gas property.
    5. "Production year" means the calendar year immediately preceding the
  applicable taxable status date, except that for  final  city  assessment
  rolls  required  to  be  filed  between  January  first  and  May first,
  inclusive, and for all final village assessment rolls,  production  year
  means  the  second calendar year preceding the applicable taxable status
  date.
    6. "Unit of production value" means the value established by the state
  board for purposes of this title for each  barrel  of  oil  or  thousand
  cubic feet of gas produced in the production year.
    7. "Exercise of oil and gas rights" means the act or acts of drilling,
  mining,   operating,   developing,  extracting,  producing,  collecting,
  delivering or selling oil or gas located on or below real  property  and
  such  other  acts as are deemed necessary and appropriate for the proper
  operation and development of oil and gas wells.