Sec. 5. North Thompson Divide Lease exchange
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Except as provided in subsection (b), in exchange for the relinquishment by a leaseholder of all North Thompson Divide Leases of the leaseholder, the Secretary may issue to the leaseholder credits for bid, royalty, or rental payments due under Federal oil and gas leases on Federal land in the State. If a North Thompson Divide Lease has been cancelled by the Secretary before the date of enactment of this Act and the holder of the cancelled lease has been compensated for the cancelled lease, the Secretary may not issue credits for bid, royalty, or rental payments for the cancelled lease under subsection (a).
The amount of the credits issued to a holder of any North Thompson Divide Leases relinquished under subsection
(a)shall— be equal to the sum of— the amount of the bonus bids paid for the applicable North Thompson Divide Leases; the amount of any rental paid for the applicable North Thompson Divide Leases as of the date on which the holder of the applicable North Thompson Divide Leases notifies the Secretary of the decision to relinquish the applicable North Thompson Divide Leases; and the amount of any expenses incurred by the holder of the applicable North Thompson Divide Leases in the preparation of drilling permits, sundry notices, or other related submissions in furtherance of the development of the applicable North Thompson Divide Leases as of July 29, 2016, including any expenses related to the preparation of analyses under the National Environmental Policy Act of 1969 ( 42 U.S.C. 4321 et seq.); and require the approval of the Secretary. The amount of a credit issued under subsection
(a)shall not include any expenses paid by the holder of a North Thompson Divide Lease for legal fees or related expenses for legal work with respect to a North Thompson Divide Lease. The North Thompson Divide Leases, on relinquishment and without further action by the Secretary, shall— be permanently cancelled; and not be reissued. Except as otherwise provided in this section, the exchange under this section shall be conducted in accordance with— this Act; and other applicable laws (including regulations). The Secretary shall accept credits issued under subsection
(a)in the same manner as cash for the payments described in that subsection. The use of the credits issued under subsection
(a)shall be subject to the laws (including regulations) applicable to the payments described in that subsection, to the extent the laws are consistent with this section. All amounts in the form of credits issued under subsection
(a)accepted by the Secretary shall be considered to be amounts received for the purposes of— section 35 of the Mineral Leasing Act ( 30 U.S.C. 191 ); and section 20 of the Geothermal Steam Act of 1970 ( 30 U.S.C. 1019 ).
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