11 AAC 82.300. Chargeable acreage

(a) The acreage limitations imposed by AS 38.05 apply to all acreage held or controlled, directly or indirectly, whether

(1) by lease or permit interest in it;

(2) by ownership or control of stock in a corporation or corporations holding or controlling chargeable acreage; or

(3) under option, operating agreement, sublease, trust, contract or written or oral understanding of any kind from others.

(b) The acreage limitations do not apply to applications or bids prior to the issuance of a lease or permit.

(c) If two or more persons hold or control interests in any lease or permit, each of the persons is charged only with that percentage of the total acreage which corresponds to his percentage of interest in the lease.

(d) If a person holds or controls an interest in a lease or permit as a stockholder of a corporation holding or controlling leases or an interest in them, the person is charged his proportionate share of the corporation's chargeable acreage, except that if a stockholder owns or controls less than five percent of the stock of a corporation whose stock is held by the public, he is not regarded as holding or controlling any portion of any chargeable acreage held or controlled by the corporation. If a stockholder is charged with a portion of a corporation's chargeable acreage, the corporation must nevertheless include the acreage in any report required under 11 AAC 82 - 11 AAC 84.

(e) When a lease or permit or any direct or indirect interest in one or control of one is transferred, any resulting change in the chargeability of acreage is effective on the date of filing an application for approval of the transfer, subject to readjustment if the transfer is disapproved.

History: Eff. 9/5/74, Register 51

Authority: AS 38.05.020

AS 38.05.140

AS 38.05.145 (a)

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