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CSHB 380(FIN)(TITLE AM): "An Act relating to a temporary reduction of royalty on oil and gas produced for sale from certain fields described as being located within the Cook Inlet sedimentary basin, as having been discovered before January 1, 1988, and as having been undeveloped or shut in from at least January 1, 1988, through December 31, 1997." 

00CS FOR HOUSE BILL NO. 380(FIN)(title am)                                                                              
01 "An Act relating to a temporary reduction of royalty on oil and gas produced                                            
02 for sale from certain fields described as being located within the Cook Inlet                                           
03 sedimentary basin, as having been discovered before January 1, 1988, and as                                             
04 having been undeveloped or shut in from at least January 1, 1988, through                                               
05 December 31, 1997."                                                                                                     
06 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
07    * Section 1.  AS 38.05.180(f) is amended by adding a new paragraph to read:                                        
08   (5)  notwithstanding and in lieu of a requirement in the leasing method                                              
09 chosen of a minimum fixed royalty share, or the royalty provision of a lease, for leases                                
10 unitized as described in (p) of this section, leases subject to an agreement described                                  
11 in (s) or (t) of this section, or interests unitized under AS 31.05, the lessee of all or                               
12 part of an oil or gas field identified in this section shall, provided production for sale                              
13 begins before January 1, 2004, pay a royalty of five percent on the first 25,000,000                                    
14 barrels of oil and the first 35,000,000,000 cubic feet of gas produced for sale from that                               



01 oil or gas field that occurs in the 10 years following the date on which the production                                 
02 for sale commences; the fields eligible for royalty reduction under this paragraph, all                                 
03 of which are located within the Cook Inlet sedimentary basin, were discovered before                                    
04 January 1, 1988, and have been undeveloped or shut in from at least January 1, 1988,                                    
05 through December 31, 1997, are:                                                                                         
06   (A)  Falls Creek;                                                                                                   
07   (B)  Nicolai Creek;                                                                                                 
08   (C)  North Fork;                                                                                                    
09   (D)  Point Starichkof;                                                                                              
10   (E)  Redoubt Shoal; and                                                                                             
11   (F)  West Foreland.