11 AAC 82.615. Application for approval of assignment

(a) An application for approval of assignment or transfer must

(1) be filed in triplicate and comply with 11 AAC 88.105;

(2) be filed within 90 days after the date of final signing of the transfer by the assignor; however, an assignment not filed within 90 days may be approved, at the discretion of the commissioner, where no intervening interest is filed;

(3) unless filed on forms provided by the department, be accompanied by a request for approval of assignment essentially like that used in the appropriate department form; and

(4) be accompanied by a bond, if required by the commissioner, which clearly binds the assignee and the assignee's surety to any unperformed obligations of the assignor.

(b) If the transfer is solely an assignment by the lessee or licensee of a state-issued oil and gas exploration license of record of all or a divided or undivided portion of the record title to a lease or oil and gas exploration license, forms provided by the department or facsimile must be used.

(c) Each application for approval of assignment must provide for the transfer of interest from a single assignor to a single assignee. The department form may not be altered to provide for any type of multiple party assignments.

(d) If a single instrument affects two or more leases, oil and gas exploration licenses, or permits, the applicant shall file three signed counterparts of the instrument and sufficient exact image copies of it to provide one copy of each lease, oil and gas exploration license, or permit covered by the application. A separate filing fee is required for each lease, oil and gas exploration license, or permit affected.

(e) The assignee shall also file or refer to the current statement of qualifications required by 11 AAC 82.205.

(f) Ownership interests must be expressed in percentages with any fraction of a percent expressed in decimals with five or fewer digits to the right of the decimal point. All ownership percentages in the lease, when added, must total 100 percent.

(g) Filing fees will be assessed in accordance with 11 AAC 05.010 for each application for approval of assignments.

History: Eff. 9/5/74, Register 51; am 7/22/79, Register 71; am 7/1/89, Register 110; am 9/22/95, Register 135

Authority: AS 38.05.020

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