Section 11.82.310. Reduction of holdings.

Latest version.

If a person holds or controls acreage in excess of the prescribed limitations, the commissioner will give notice of the excess acreage to the person. The person shall, within 90 days following receipt of the notice, by assignment or surrender, reduce the acreage held or controlled to the prescribed limitation and file proof of the reduction with the commissioner. If a person fails to reduce the acreage within the allowed time, the last interest or interests acquired by the person that created the excess acreage holding become in default and subject to forfeiture in their entirety, even though only part of the acreage in the lease, oil and gas exploration license, or interest constitutes excess holding.

Authorities

38.05.020;38.05.131;38.05.132;38.05.140;38.05.145

Notes

Authority
 AS 38.05.020  
AS 38.05.131  
AS 38.05.132  
AS 38.05.140  
AS 38.05.145  
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History Eff. 9/5/74, Register 51; am 7/22/79, Register 71; am 9/22/95, Register 135

                    
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