Legislature Passes Bill for One-Time Lease Extensions

The State Legislature passed House Bill 198, a bill to allow the Commissioner of the Department of Natural Resources the ability to offer one-time lease extensions to oil and gas or gas-only lease holders provided they meet certain benchmarks. HB 198, sponsored by the House Labor & Commerce Committee, Soldotna Representative Kurt Olson Chairs that committee…

 

Rep. Olson(R-Soldotna): “It allows them to extend leases for up to ten-years, and hopefully get ether oil and or gas prospects that are showing promise almost online, but not quite, the ability to come online.”

 

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