ALASKA STATE LEGISLATURE  HOUSE SPECIAL COMMITTEE ON OIL AND GAS  May 4, 2005 5:06 p.m. MEMBERS PRESENT Representative Vic Kohring, Chair Representative Norman Rokeberg Representative Ralph Samuels Representative Berta Gardner MEMBERS ABSENT  Representative Nancy Dahlstrom Representative Lesil McGuire Representative Beth Kerttula COMMITTEE CALENDAR  HOUSE BILL NO. 297 "An Act extending and amending the requirements applicable to the credit that may be claimed for certain oil and gas exploration expenses incurred in Cook Inlet against oil and gas properties production (severance) taxes, and amending the credit against those taxes for certain exploration expenditures from other leases or properties in the state and, conditionally, for exploration expenditures made in the Alaska Peninsula competitive oil and gas areawide lease sale area; and providing for an effective date." - MOVED CSHB 297(O&G) OUT OF COMMITTEE HOUSE JOINT RESOLUTION NO. 22 Strongly encouraging the United States Secretary of the Interior to conduct additional competitive oil and gas lease sales within the National Petroleum Reserve-Alaska. - SCHEDULED BUT NOT HEARD PREVIOUS COMMITTEE ACTION BILL: HB 297 SHORT TITLE: OIL& GAS EXPLORATION CREDIT & LEASE TERMS SPONSOR(S): OIL & GAS 05/03/05 (H) READ THE FIRST TIME - REFERRALS 05/03/05 (H) O&G, FIN 05/03/05 (H) O&G AT 5:00 PM CAPITOL 124 05/03/05 (H) -- Meeting Postponed to 5/4/05 at 5 pm -- 05/04/05 (H) O&G AT 5:00 PM CAPITOL 124 BILL: HJR 22 SHORT TITLE: LEASES IN NATIONAL PETROLEUM RESERVE SPONSOR(S): OIL & GAS 05/03/05 (H) READ THE FIRST TIME - REFERRALS 05/03/05 (H) O&G, RES 05/03/05 (H) O&G AT 5:00 PM CAPITOL 124 05/03/05 (H) -- Meeting Postponed to 5/4/05 at 5 pm -- 05/04/05 (H) O&G AT 5:00 PM CAPITOL 124 WITNESS REGISTER CHARISSE MILLET, Staff to Representative Kohring Alaska State Legislature Juneau, Alaska POSITION STATEMENT: As committee aide for the House Special Committee on Oil and Gas, presented HB 297. ACTION NARRATIVE CHAIR VIC KOHRING called the House Special Committee on Oil and Gas meeting to order at 5:06:24 PM. Representatives Kohring, Rokeberg, Samuels, and Gardner were present at the call to order. HB 297-OIL& GAS EXPLORATION CREDIT & LEASE TERMS 5:06:55 PM CHAIR KOHRING announced that the only order of business would be HOUSE BILL NO. 297 "An Act extending and amending the requirements applicable to the credit that may be claimed for certain oil and gas exploration expenses incurred in Cook Inlet against oil and gas properties production (severance) taxes, and amending the credit against those taxes for certain exploration expenditures from other leases or properties in the state and, conditionally, for exploration expenditures made in the Alaska Peninsula competitive oil and gas area wide lease sale area; and providing for an effective date." He said that HB 297 is a reincarnation of House Bill 71, which provides back up to provide the tax credits the industry feels they need. He added that this legislation is also important to the administration because they brought HB 71 before House Special Committee on Oil and Gas as basically the centerpiece of their efforts to help encourage Bristol Bay development. 5:07:09 PM CHARISSE MILLET, Staff to Representative Kohring, Alaska State Legislature, presented HB 297 on behalf of House Special Committee on Oil and Gas, sponsor. She relayed that HB 297 is the exact same legislation as HB 71 which was passed out of House Finance. The final version is to provide credits south of the Brooks Range, excluding the Arctic National Wildlife Refuge (ANWR). 5:07:32 PM REPRESENTATIVE SAMUELS made a motion to adopt committee substitute (CS) for HB 297 (O&G), Version G, 24-LS0998\G, Chenoweth, 5/3/05. There being no objection, CS HB 297 (O&G) was before the committee. REPRESENTATIVE SAMUELS moved to report CSHB 297(O&G) out of committee with individual recommendations and the accompanying fiscal note. There being no objection, CSHB 297(O&G) was moved out of House Special Committee on Oil and Gas. ADJOURNMENT  5:08:02 PM There being no further business before the committee, the House Special Committee on Oil and Gas meeting was adjourned at 5:08 p.m.