Sec. 304. Thompson Divide lease exchange
482 words·~2 min read·
/bill/116/hr/823/ih/section-304A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In exchange for the relinquishment by a leaseholder of all Thompson Divide leases of the leaseholder, the Secretary may issue to the leaseholder credits for any bid, royalty, or rental payment due under any Federal oil or gas lease on Federal land in the State, in accordance with subsection (b). Subject to paragraph (2), the amount of the credits issued to a leaseholder of a Thompson Divide lease relinquished under subsection
(a)shall— be equal to the sum of— the amount of the bonus bids paid for the applicable Thompson Divide leases; the amount of any rental paid for the applicable Thompson Divide leases as of the date on which the leaseholder submits to the Secretary a notice of the decision to relinquish the applicable Thompson Divide leases; and the amount of any expenses incurred by the leaseholder of the applicable Thompson Divide leases in the preparation of any drilling permit, sundry notice, or other related submission in support of the development of the applicable Thompson Divide leases as of January 28, 2019, including any expenses relating to the preparation of any analysis 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 leaseholder of a Thompson Divide lease for legal fees or related expenses for legal work with respect to a Thompson Divide lease. Effective on relinquishment under this section, and without any additional action by the Secretary, a Thompson Divide lease— shall be permanently cancelled; and shall not be reissued. Except as otherwise provided in this section, each 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 a credit issued under subsection
(a)shall be subject to the laws (including regulations) applicable to the payments described in that subsection, to the extent that 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 ). As a condition precedent to the relinquishment of a Thompson Divide lease, any leaseholder with a Wolf Creek Storage Field development right shall permanently relinquish, transfer, and otherwise convey to the Secretary, in a form acceptable to the Secretary, all Wolf Creek Storage Field development rights of the leaseholder. An interest acquired by the Secretary under paragraph (1)— shall be held in perpetuity; and shall not be— transferred; reissued; or otherwise used for mineral extraction.
Connectionstraces to 3
Citation graph
cites case law
Cites 3Cited by 0 across 0 sources