SB 172: "An Act relating to the limitation on upland acreage that a person may take or hold under oil and gas leases; and providing for an effective date."
00 SENATE BILL NO. 172 01 "An Act relating to the limitation on upland acreage that a person may take or hold 02 under oil and gas leases; and providing for an effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 38.05.140(c) is amended to read: 05 (c) A person may not take or hold at one time phosphate leases on state land 06 exceeding in the aggregate 10,240 acres. A person may not take or hold sodium leases 07 or permits during the life of sodium leases on state land exceeding in the aggregate 08 acreage 5,120 acres, except that the commissioner may, where it is necessary in order 09 to secure the economic mining of sodium compounds, permit a person to take or hold 10 sodium leases or permits for up to 15,360 acres. A person may not take or hold at any 11 one time oil or gas leases exceeding in the aggregate 500,000 acres granted on tide and 12 submerged land, including leases held both as lessee and under option or 13 operating agreement from others. A person may not take or hold at any one time 14 oil or gas leases exceeding in the aggregate 750,000 [AND 500,000] acres on all
01 land other than tide and submerged land, of which no more than 500,000 acres may 02 be located north of the Umiat Meridian baseline, including leases held both as 03 lessee and under option or operating agreement from others. Where more than a 04 single person holds an interest in an oil or gas lease, each person shall be charged only 05 with that percentage of the total acreage which corresponds to its percentage share of 06 the total beneficial interest in the lease. 07 * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).