11 AAC 82.945. Bonding or other security

(a) An exploration license shall be bonded under the provisions of 11 AAC 82.600(c) and (f).

(b) The principal on a bond must be the licensee of record with the department.

(c) A licensee shall, upon acceptance, and on or before each anniversary of the effective date of an oil and gas exploration license, deliver to the department an affidavit showing that the required security is in place with the department and executed in favor of the state. Each affidavit shall include calculations conforming the security to the requirements of AS 38.05.132 (c)(4)(B). The commissioner will, in the commissioner's discretion, revoke an oil and gas exploration license for failure to provide the commissioner with this affidavit. Upon revocation, a licensee's security is forfeited to the state.

History: Eff. 9/22/95, Register 135

Authority: AS 38.05.131

AS 38.05.132

AS 38.05.133

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