11 AAC 83.1040. Revocation or termination of discovery well certification

(a) The commissioner will revoke the discovery well certification if the commissioner determines that any material information that was supplied in the application for discovery well certification was false or erroneous. If the commissioner revokes the certification, the lessee shall pay royalty as provided in the discovery lease on all past and future production from the lease. Any underpaid royalty will bear interest as prescribed in AS 38.05.135 (d).

(b) If the discovery lease is terminated for any cause, the five-percent royalty terminates and the commissioner will not certify another discovery well or reinstate the discovery well certification for the pool.

History: Eff. 2/21/98, Register 145

Authority: AS 38.05.020

AS 38.05.134

AS 38.05.135

AS 38.05.145

AS 38.05.180 (f)

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