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(a) After completion of all work commitment obligations, and before the expiration of an oil and gas exploration license, a licensee may request the conversion of all or part of the license into oil and gas leases.
(b) A licensee shall submit to the department a written request providing the legal description of each proposed lease. The request may not exceed 5,760 acres of land. Proposed leased lands must be
(1) reasonably compact and contiguous;
(2) to the extent possible, comprised of full sections; and
(3) described by section, township, range and meridian, or by other legal subdivision.
(c) If the commissioner determines that a licensee has met the work commitment obligation set out in an oil and gas exploration license issued under AS 38.05.132 , the commissioner will provide by certified mail two copies of the lease form to the licensee for execution. A licensee shall have 30 days after receipt of the lease form to execute the form and submit payment for the first year's annual rental, payable to the Department of Revenue. The executed lease form and the first year's annual rental must be physically received by the department by the close of business on the 30th day.
(d) Upon compliance with (c) of this section, the commissioner will sign the leases on behalf of the state and mail one fully executed copy to the lessee.
(e) The effective date of a lease issued under this chapter is as provided for in 11 AAC 82.675.
History: Eff. 9/22/95, Register 135
Authority: AS 38.05.131
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Last modified 7/05/2006