The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Business association.” Includes any corporation, joint stock company, business trust, partnership or any association of two or more individuals for business purposes, whether organized or operated under Federal or State law.

“Financial institution.” Includes a bank, private bank, bank and trust company, savings association, savings bank, trust company, savings and loan association and building and loan association, whether organized or operated under Federal or State law.

“Gas.” Natural gas and all other volatile hydrocarbons not defined in this section as oil, including condensate because it originally was in a gaseous phase in the reservoir. The term does not include methane gas that is contained within or produced from underground coal beds or mined out of underground coal mine areas.

“Oil.” Crude petroleum oil and all other hydrocarbons, regardless of gravity, produced at a well in liquid form by ordinary production methods. The term does not include liquid hydrocarbons that were originally in a gaseous phase in a reservoir.

“Owner.” Any person having a legal or equitable interest in property subject to this act or the person's legal representative and any person who owns a royalty interest in oil or gas deposits.

“Person.” Any natural person, corporation, association, partnership, receiver, trustee, executor, administrator, guardian, fiduciary or other representative of any kind. The term includes any department, agency or instrumentality of the Commonwealth or any governmental subdivision thereof.

“Royalty interest.” An interest in an oil or gas lease which entitles the owner to share in the production of the oil or gas under a lease or the proceeds from a lease without the obligation to pay any costs of production under the lease.

“Unknown owner or owners.” The owner or owners of interests in oil and gas who are unknown or whose present residence or other addresses cannot be found by reasonable efforts to do so.