Terms Used In Utah Code > Title 31A > Chapter 5 > Part 7 - Disclosure of Material Transactions

• Adjudicative proceeding: means :Utah Code 68-3-12.5
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Annuity: means an agreement to make periodical payments for a period certain or over the lifetime of one or more individuals if the making or continuance of all or some of the series of the payments, or the amount of the payment, is dependent upon the continuance of human life. See Utah Code 31A-1-301
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the Board of Oil, Gas, and Mining created in Section 40-6-4. See Utah Code 59-5-101
• Condensate: means those hydrocarbons, regardless of gravity, that occur naturally in the gaseous phase in the reservoir that are separated from the natural gas as liquids through the process of condensation either in the reservoir, in the wellbore, or at the surface in field separators. See Utah Code 59-5-101
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Crude oil: means those hydrocarbons, regardless of gravity, that occur naturally in the liquid phase in the reservoir and are produced and recovered at the wellhead in liquid form. See Utah Code 59-5-101
• Deficiency: is a s defined in Section 59-1-1402. See Utah Code 59-1-101
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the Division of Oil, Gas, and Mining established under Title 40, Chapter 6, Board and Division of Oil, Gas, and Mining. See Utah Code 59-5-101
• Docket: A log containing brief entries of court proceedings.
• Enhanced recovery project: means :

  (a)

  the injection of liquids or hydrocarbon or nonhydrocarbon gases directly into a reservoir for the purpose of: (i)  augmenting reservoir energy; (ii)  modifying the properties of the fluids or gases in a reservoir; or (iii)  changing the reservoir conditions to increase the recoverable oil, gas, or oil and gas through the joint use of two or more well bores; and

  (b)

  a project initially approved by the board as a new or expanded enhanced recovery project on or after January 1, 1996. See Utah Code 59-5-101 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Filed: means that a filing is: (i)  submitted to the department as required by and in accordance with applicable statute, rule, or filing order; (ii)  received by the department within the time period provided in applicable statute, rule, or filing order; and (iii)  accompanied by the appropriate fee in accordance with: (A)  Section 31A-3-103; or (B)  rule. See Utah Code 31A-1-301 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Gas: means : (i)  natural gas; (ii)  natural gas liquids; or (iii)  any mixture of natural gas and natural gas liquids. See Utah Code 59-5-101 Incremental production: means that part of production, certified by the Division of Oil, Gas, and Mining, which is achieved from an enhanced recovery project that would not have economically occurred under the reservoir conditions existing before the project and that has been approved by the division as incremental production. See Utah Code 59-5-101 Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301 Insurance: includes : (i)  a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; (ii)  a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and (iii)  a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Land: includes :Utah Code 68-3-12.5 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Lien: A claim against real or personal property in satisfaction of a debt. Metalliferous minerals: includes any ore, metal, or other substance containing the following: (i)  aluminum; (ii)  antimony; (iii)  arsenic; (iv)  barium; (v)  beryllium; (vi)  bismuth; (vii)  boron; (viii)  cadmium; (ix)  calcium; (x)  cerium; (xi)  cesium; (xii)  chromium; (xiii)  cobalt; (xiv)  columbium; (xv)  copper; (xvi)  gallium; (xvii)  germanium; (xviii)  gold; (xix)  hafnium; (xx)  indium; (xxi)  iridium; (xxii)  iron; (xxiii)  lanthanum; (xxiv)  lead; (xxv)  lithium; (xxvi)  manganese; (xxvii)  mercury; (xxviii)  molybdenum; (xxix)  nickel; (xxx)  osmium; (xxxi)  palladium; (xxxii)  platinum; (xxxiii)  praseodymium; (xxxiv)  rare earth metals; (xxxv)  rhenium; (xxxvi)  rhodium; (xxxvii)  rubidium; (xxxviii)  ruthenium; (xxxix)  samarium; (xl)  scandium; (xli)  selenium; (xlii)  silicon; (xliii)  silver; (xliv)  sodium; (xlv)  strontium; (xlvi)  tantalum; (xlvii)  tellurium; (xlviii)  thallium; (xlix)  thorium; (l)  tin; (li)  titanium; (lii)  tungsten; (liii)  uranium; (liv)  vanadium; (lv)  yttrium; (lvi)  zinc; or (lvii)  zirconium. See Utah Code 59-5-201 Mine: means an operation for extracting minerals and includes any deposit of valuable metalliferous minerals that are being extracted from a natural deposit, or a secondary source including tails, slag, waste dumps, or other similar secondary source, whether in solution or otherwise. See Utah Code 59-5-201 Mining: includes the process of leaching minerals from their naturally occurring deposit. See Utah Code 59-5-201 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Natural gas: means those hydrocarbons, other than oil and other than natural gas liquids separated from natural gas, that occur naturally in the gaseous phase in the reservoir and are produced and recovered at the wellhead in gaseous form. See Utah Code 59-5-101 Natural gas liquids: means those hydrocarbons initially in reservoir natural gas, regardless of gravity, that are separated in gas processing plants from the natural gas as liquids at the surface through the process of condensation, absorption, adsorption, or other methods. See Utah Code 59-5-101 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Oil: means : (i)  crude oil; (ii)  condensate; or (iii)  any mixture of crude oil and condensate. See Utah Code 59-5-101 Oil or gas field: means a geographical area overlying oil or gas structures. See Utah Code 59-5-101 Ore: includes any metalliferous material whose metal content is less than 15% and does not include any material whose metal content is 15% or greater. See Utah Code 59-5-201 Owner: means any person having a working interest, royalty interest, payment out of production, or any other interest in the oil or gas produced or extracted from an oil or gas well in the state, or in the proceeds of this production. See Utah Code 59-5-101 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means :Utah Code 68-3-12.5 Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Premium: includes , however designated: (i)  an assessment; (ii)  a membership fee; (iii)  a required contribution; or (iv)  monetary consideration. See Utah Code 31A-1-301 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 processing costs: means the reasonable actual costs of processing oil or gas to remove: (i)  natural gas liquids; or (ii)  contaminants. See Utah Code 59-5-101 Producer: means any working interest owner in any lands in any oil or gas field from which gas or oil is produced. See Utah Code 59-5-101 Property: includes both real and personal property. See Utah Code 68-3-12.5 Recompletion: means any downhole operation that is: (a)  conducted to reestablish the producibility or serviceability of a well in any geologic interval; and (b)  approved by the division as a recompletion. See Utah Code 59-5-101 Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301 Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301 Solid hydrocarbons: means : (a)  coal; (b)  gilsonite; (c)  ozocerite; (d)  elaterite; (e)  oil shale; (f)  tar sands; and (g)  all other hydrocarbon substances that occur naturally in solid form. See Utah Code 59-5-101 State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5 Subpoena: A command to a witness to appear and give testimony. Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 transportation costs: means the reasonable actual costs of transporting oil or gas products from the well to the point of sale. See Utah Code 59-5-101 Tribe: means the Ute Indian Tribe of the Uintah and Ouray Reservation. See Utah Code 59-5-101 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Well or wells: means any extractive means from which oil or gas is produced or extracted, located within an oil or gas field, and operated by one person. See Utah Code 59-5-101 Wildcat well: means an oil and gas producing well which is drilled and completed in a pool, as defined under Section 40-6-2, in which a well has not been previously completed as a well capable of producing in commercial quantities. See Utah Code 59-5-101 Working interest owner: means the owner of an interest in oil or gas burdened with a share of the expenses of developing and operating the property. See Utah Code 59-5-101 Workover: means any downhole operation that is: (i)  conducted to sustain, restore, or increase the producibility or serviceability of a well in the geologic intervals in which the well is currently completed; and (ii)  approved by the division as a workover. See Utah Code 59-5-101 Writing: includes :Utah Code 68-3-12.5