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(a) Royalty payments are due on or before the last day of the calendar month following the month in which oil, gas, or associated substances are produced, saved, or removed or sold from a lease. If the last day of the month falls on a non-banking day for federally chartered banks, payments are due on the last banking day of the month for federally chartered banks.
(b) Rental payments are due in accordance with the rental provisions of the lease.
(c) Minimum royalty payments are due in accordance with the minimum royalty provisions of the lease.
(d) Bonus payments are due in accordance with instructions included in the notice of lease offering.
History: Eff. 2/21/98, Register 145
Authority: AS 38.05.020
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Last modified 7/05/2006