11 AAC 82.635. Surrenders

(a) All of the rights in land held under a lease, oil and gas exploration license, or prospecting permit may be surrendered by the lessee, licensee, or permittee of record by filing a written surrender at the appropriate office of the department. A surrender of a legal subdivision of the land held under a lease, oil and gas exploration license, or prospecting permit, or of a separate and distinct zone or geological horizon in all or a portion of the land, is not effective unless approved by the commissioner.

(b) A surrender takes effect on the date it is filed, or on the date of approval if approval is required, subject in either case to the continued obligation of the lessee, licensee, or permittee and the surety to make payment of all accrued royalties and rentals and to place the surrendered land in condition satisfactory to the commissioner for abandonment.

History: Eff. 9/5/74, Register 51; am 7/22/79, Register 71; am 5/30/85, Register 94; am 9/22/95, Register 135

Authority: AS 38.05.020

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