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(a) Property used or committed by agreement for use in the production of gas or unrefined oil, or in the operation or maintenance of facilities for the production of gas or unrefined oil will be valued on a replacement cost less depreciation basis. Depreciation will be based upon the economic life of proven reserves, with due consideration given to the elapsed life of the facilities. Replacement cost will be calculated by the use of accepted appraisal techniques or other acceptable methods. The economic life of proven reserves will be established each year using petroleum engineering methods.
(b) Production properties include but are not limited to wells, gathering lines, tank batteries, separators, treators, pumping equipment, compressors, platforms, camps, buildings, rolling stock, and all related support and service facilities and equipment.
History: Eff. 3/1/75, Register 53
Authority: AS 43.05.080
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The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006