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Royalty oil, gas, or associated substances will be awarded to the highest responsible bidder unless a bidder in a special class, as defined in the invitation to bid, exercises a priority over a general bidder. A bidder entitled to exercise a priority may purchase the royalty oil, gas, or associated substances at a price equal to the price bid by the highest responsible bidder in the manner provided in the invitation to bid. A bidder in a special class is entitled to exercise a priority over a general bidder in the order provided in the invitation to bid.
History: Eff. 12/12/80, Register 76; am 8/8/84, Register 91; am 5/22/93, Register 126
Authority: AS 38.05.020
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Last modified 7/05/2006