AK SB111

Authorizes the Department of Natural Resources Commissioner to modify net profit share (in addition to royalty) on oil and gas leases to enable production when economically feasible or to prolong the economic life of fields.

Adds net profit share modifications to the list of contracts the DNR may enter into with qualified contractors to evaluate hydrocarbon development and economics, with costs capped at $150,000 per application.

Requires lessees to demonstrate modifications meet statutory requirements and serve the state's best interests, with net profit share reductions prohibited if they would establish state's share below 10 percent of net profit derived from the lease.

Mandates public notice, 30-day comment period, and Legislative Budget and Audit Committee briefing (within 10-20 days of public notice) on preliminary findings and determinations before final decision.

Establishes that commissioner's final findings and determination on net profit share reductions are final and not appealable to court, and requires non-confidential cover letters explaining modification rationale for public disclosure.