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(a) Any lease on which there is no well capable of producing oil or gas in paying quantities terminates by operation of law if any rental due is not timely paid on or before each anniversary date of the lease, except where the provisions of 11 AAC 83.620 are applicable.
(b) For purpose of this section, and notwithstanding 11 AAC 88.130(a) (2), rental is timely if it is received in the designated office by the anniversary date.
History: Eff. 9/5/74, Register 51; am 7/22/79, Register 71; am 6/28/81, Register 78
Authority: AS 38.05.020
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Last modified 7/05/2006