11 AAC 82.310. Reduction of holdings

If a person holds or controls acreage in excess of the prescribed limitations, the commissioner will give notice of the excess acreage to the person. The person shall, within 90 days following receipt of the notice, by assignment or surrender, reduce the acreage held or controlled to the prescribed limitation and file proof of the reduction with the commissioner. If a person fails to reduce the acreage within the allowed time, the last interest or interests acquired by the person that created the excess acreage holding become in default and subject to forfeiture in their entirety, even though only part of the acreage in the lease, oil and gas exploration license, or interest constitutes excess holding.

History: Eff. 9/5/74, Register 51; am 7/22/79, Register 71; am 9/22/95, Register 135

Authority: AS 38.05.020

AS 38.05.131

AS 38.05.132

AS 38.05.140

AS 38.05.145

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.