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(a) The commissioner will, in the commissioner's discretion, reject any or all bids received for royalty oil, gas, or associated substances in response to an invitation to bid, for any reason described in AS 38.05.183 (b).
(b) The commissioner will, in the commissioner's discretion, reject a bid that does not conform to the requirements of the invitation to bid.
(c) The commissioner will reject a bid for royalty oil that does not offer a price at least equal to the volume-weighted average of the current reported netback prices filed by the lessees for royalty purposes for those filing periods applicable to the term of the disposition. The commissioner will reject a bid for royalty gas that does not offer at least the amount which the state would have received for the gas if the state had taken the gas in-value.
(d) After the award of bids but before the execution of contracts for the disposal of the royalty oil, gas, or associated substances, the commissioner will notify each member of the Alaska Royalty Oil and Gas Development Advisory Board of his proposed rejections by certified mail or personal delivery.
History: Eff. 12/12/80, Register 76; am 8/8/84, Register 91; am 12/15/84, Register 92; am 9/28/85, Register 95; am 5/22/93, Register 126
Authority: AS 38.05.020
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Last modified 7/05/2006