HB 81-OIL/GAS LEASE:DNR MODIFY NET PROFIT SHARE  1:07:02 PM CHAIR PATKOTAK announced that the final order of business would be HOUSE BILL NO. 81, "An Act authorizing the commissioner of natural resources to modify a net profit share lease." [Before the committee was the proposed committee substitute (CS) for HB 81, Version 32-GH1706\B, Nauman, 3/16/21, as amended, adopted as the working document during the meeting of the House Resources Standing Committee on 3/17/21.] REPRESENTATIVE HOPKINS moved to adopt the proposed committee substitute for HB 81, Version 32-GH1706\I, Nauman, 3/22/21, as the working document. There being no objection, Version I was before the committee. 1:07:49 PM Grace Ervine, Staff, Representative Josiah Patkotak, Alaska State Legislature, provided an overview of the proposed CS for HB 81, Version I, on behalf of Representative Patkotak, prime sponsor. She reminded the committee that the prior proposed CS, Version B, conformed the bill from the Department of Law and Department of Natural Resources drafting style to the Legislative Legal Services drafting style. She paraphrased the changes in Version I, which read as follows [original punctuation provided]: Page 2 Lines 16 19 - Clarifies language in subsection D regarding circumstances in which capital expenditures are needed to extend the economic life of an oil or gas field or pool - Specifies that subsection D only applies to net profit share lease modifications Page 2 Line 31 - Conforming change related to changes made to subsection D Page 3 Lines 11 18 - Adds further clarification to modifications in which capital expenditures are needed, ensuring that lessees are actually making the needed capital expenditures Page 4 Line 18 - Conforming change related to changes made to subsection D 1:09:29 PM RYAN FITZPATRICK, Commercial Analyst, Division of Oil and Gas, Department of Natural Resources, referred to comments he had made at the close of last session and thanked the committee members for their consideration and work on HB 81. 1:10:03 PM REPRESENTATIVE HOPKINS moved to report CSHB 81, Version 32- GH1706\I, Nauman, 3/22/21, out of committee with individual recommendations and the accompanying fiscal notes. There being no objection, CSHB 81(RES) was reported out of the House Resources Standing Committee.