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(a) All oil and gas leases are conditioned upon payment of the annual rental in advance on or before the beginning of each lease year before completion of a well capable of producing oil and gas in paying quantities on these leased lands.
(b) After a well has been plugged and abandoned and there is no other well on the lease capable of production, the commissioner will, in his discretion, allow the rental rate effective during the year of the abandonment to be the rate for the remainder of the term of the lease, or, if production is achieved from a subsequent well, until the royalty or net profit share to the state exceeds the rental for that year.
History: Eff. 9/5/74, Register 51; am 7/22/79, Register 71
Authority: AS 38.05.020
AS 38.05.145 (a)
AS 38.05.180 (n)
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Last modified 7/05/2006