A disposition of royalty oil, gas, or associated substances by competitive bid will be by sealed bid. The bids must be addressed to the commissioner and must be delivered in the manner, to the place, and by the date and time specified in the invitation to bid. Bids will be opened in public at the date, time, and place specified in the invitation to bid, unless the commissioner designates a later time for opening.

(Eff. 12/12/80, Register 76; am 8/8/84, Register 91; am 5/22/93, Register 126)

Authority: AS 38.05.020, AS 38.05.183