Problems Related to the Registration in Western Canada of Foreign Limited Partnerships and the Ownership by Such Partnerships of Interests in Oil and Gas Leases Issued Pursuant to Section 55 of the Canada Oil and Gas Land Regulations
AbstractThis article analyzes the practical problems of the drilling fund—which is becoming an increasingly common method of obtaining financing for the exploration and production of oil and gas. The article discusses whether or not it is necessary to register limited partnership drilling fund formed in the United States under the legislation of Canadian oil and gas jurisdictions, the ability of such limited partnership to carry on business in these jurisdic tions without jeopardizing the limited liability of its limited partners, the number of members that the drilling fund partnerships may have and the name that it may use under the said legislation. The article also considers whether or not drilling fund qualifies under Section 55 of the Canada Oil and Gas Land Regulations.
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