(a) At the time of applying for a license under this chapter, an applicant engaged in the business of oil or gas exploration, development, or production shall file a surety bond in the amount of $250,000 running to the state, conditioned upon the applicant’s promise to pay all

Terms Used In Alaska Statutes 43.70.025

  • action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
  • business: means a for profit or nonprofit entity engaging or offering to engage in a trade, a service, a profession, or an activity with the goal of receiving a financial benefit in exchange for the provision of services, or goods or other property. See Alaska Statutes 43.70.110
  • commissioner: means the commissioner of commerce, community, and economic development. See Alaska Statutes 43.70.110
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(1) taxes and contributions due the state and political subdivisions; and
(2) persons furnishing labor or material or renting or supplying equipment to the applicant.
(b) In lieu of the surety bond required under this section, the applicant may file with the commissioner a cash deposit or other negotiable security acceptable to the commissioner in the amount of $250,000.
(c) The bond required by this section remains in effect until cancelled by action of the surety, the principal, or if the commissioner finds that the business is producing oil or gas in commercial quantities, by the commissioner.
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