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DANCO EXPLORATION v. STATE

No. S-7012.

924 P.2d 432 (1996)

DANCO EXPLORATION, INC., Appellant, v. STATE of Alaska, DEPARTMENT OF NATURAL RESOURCES, Appellee.

Supreme Court of Alaska.

October 17, 1996.

Attorney(s) appearing for the Case

Robert C. Erwin, Law Offices of Robert C. Erwin, Anchorage, for Appellant.

Virginia B. Ragle, Assistant Attorney General, Bruce M. Botelho, Attorney General, Juneau, for Appellee.

Before COMPTON, C.J., RABINOWITZ, MATTHEWS and EASTAUGH, JJ., and SHORTELL, J. Pro Tem.

OPINION

MATTHEWS, Justice.

This case concerns the claim of Danco Exploration, Inc., to interest on funds submitted in connection with seven State oil and gas tracts on which Danco was declared high bidder.

In a State lease sale Danco submitted a deposit of money equal to twenty percent of its bonus bids. On February 12, 1993, the Division of Oil and Gas of the Department of Natural Resources (DNR) notified Danco that it was the winning bidder for...

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