HB 80: "An Act relating to the definition of persons who may hold oil and gas leases and to the restrictions on holdings of those leases."
00HOUSE BILL NO. 80 01 "An Act relating to the definition of persons who may hold oil and gas leases 02 and to the restrictions on holdings of those leases." 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 and 750,000 [500,000] acres on all land other than tide and submerged 13 land, including leases held both as lessee and under option or operating agreement 14 from others. In determining the taking or holding of oil and gas leases under this
01 subsection, 02 (1) if [WHERE] more than a single person holds an interest in an oil 03 or gas lease, each person shall be charged only with the [THAT] percentage of the 04 total acreage that [WHICH] corresponds to its percentage share of the total beneficial 05 interest in the lease; and 06 (2) a "person" that is a corporation includes any affiliate or 07 subsidiary of that corporation as the terms "affiliate" and "subsidiary" are 08 defined in AS 10.06.990.