Alaska § 38.06.055 - Legislative approval.
Full text of Alaska Alaska Statutes § 38.06.055 — Legislative approval., with citation guidance and answers to common questions.
§ 38.06.055. Legislative approval.
(a) In addition to the recommendation by the board required under AS 38.06.050 , the commissioner of natural resources may not enter into a sale, exchange, or other disposition of oil or gas or of the rights or waiver of the rights to receive future production of royalty oil or gas under AS 38.05.183 without the prior approval of the legislature. The legislature may approve a sale, exchange, or other disposition of oil or gas or of the rights or of a waiver of the rights to receive future production of royalty oil or gas only by enacting legislation.
(b) The provisions of (a) of this section do not apply to (1) the sale, exchange, or other disposition of oil or gas for one year or less if the sale, exchange, or other disposition is entered into to relieve storage or market conditions;
(2) contracts for the sale of state-owned royalty gas or oil that specify the sale and delivery of not more than (A) 400 barrels of crude oil per day;
(B) 460 barrels of natural gas liquids per day; and
(C) 2,400 Mcf of natural gas per day.
(c) A sale, exchange, or other disposition of oil or gas under (b)(1) of this section may not be continued after the end of one year or renewed with the same party without the prior approval of the legislature under (a) of this section. This subsection does not apply to a sequential competitively bid sale of oil or gas made with the same party under (b)(1) of this section.
Frequently Asked Questions About Alaska § 38.06.055
What does Alaska Statutes § 38.06.055 cover?
Section 38.06.055 ("Legislative approval.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 38.06.055?
A common citation format is "Alaska Statutes § 38.06.055" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 38.06.055 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.