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(a) Before operations commence on a state oil and gas lease, a bond in the amount of at least $10,000 must be furnished to the department.
(b) The commissioner will, in his discretion, after notice and an opportunity to be heard, require a bond in a reasonable amount greater than the amount specified in (a) of this section where a greater amount is justified by the nature of the surface, the uses and improvements on or in the vicinity of the leased land, and the degree of risk involved in the types of operations proposed or being conducted on the lease. A statewide bond furnished under (c) of this section will not satisfy any requirement of a bond imposed under this provision but will be considered by the commissioner in determining the need for and the amount of any additional bond under this subsection.
(c) Any person holding any interest in any lease may furnish a statewide bond in the amount of $500,000. A statewide bond satisfies all the bond requirements to which an oil or gas lease is subject under the Department of Natural Resources except that the commissioner will, in his discretion, require an additional unusual risk bond under (b) of this section or specific lease provisions.
(d) All oil and gas lease bonds must comply with 11 AAC 82.600.
History: Eff. 9/5/74, Register 51; am 7/22/79, Register 71; am 6/29/80, Register 74
Authority: AS 38.05.020 (b)
AS 38.05.145 (a)
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Last modified 7/05/2006