To consolidate certain mineral interests in the National Grasslands in Billings County, North Dakota, through the exchange of Federal and private mineral interests to enhance land management capabilities and environmental and wildlife protection, and for other purposes.

Summary: Directs the Secretary of Agriculture to convey to the Burlington Resources Oil and Gas Company (formerly Meridian Oil Inc.) all Federal oil and gas rights and interests identified on a map entitled the "Billings County, North Dakota, Consolidated Mineral Exchange--November 1995," contingent on Burlington's conveyance to the Secretary of title to its own oil and gas rights and interests identified on the same map.  States that the values of such exchanged oil and gas rights shall be deemed to be equal. 
Directs the Secretary, after Burlington makes such conveyance, to convey all remaining Federal non-oil and gas mineral rights, title, and interests in the National Forest System lands and National Grasslands in the State of North Dakota, to owners of the remaining non-oil and gas mineral interests identified on such map, contingent on the owners' conveyance to the Secretary of all their rights, title, and interests.  States that the values of such exchanged interests shall be approximately equal, as determined by the Secretary. 
Directs the Secretary to grant to Burlington the use of federally-owned surface lands to explore and develop interests conveyed to Burlington under this Act.

SECTION 1. EXCHANGE OF CERTAIN MINERAL INTERESTS IN BILLINGS COUNTY, 
              NORTH DAKOTA.

    (a) Purpose.--The purpose of this Act is to direct the 
consolidation of certain mineral interests in the Little Missouri 
National Grasslands in Billings County, North Dakota, through the 
exchange of Federal and private mineral interests in order to enhance 
land management capability and environmental and wildlife protection.
    (b) Exchange.--Notwithstanding any other provision of law--
            (1) if, not later than 45 days after the date of enactment 
        of this Act, Burlington Resources Oil & Gas Company (referred 
        to in this Act as ``Burlington'' and formerly known as Meridian 
        Oil Inc.), conveys title acceptable to the Secretary of 
        Agriculture (referred to in this Act as the ``Secretary'') to 
        all oil and gas rights and interests on lands identified on the 
        map entitled ``Billings County, North Dakota, Consolidated 
        Mineral Exchange--November 1995'', by quitclaim deed acceptable 
        to the Secretary, the Secretary shall convey to Burlington, 
        subject to valid existing rights, by quitclaim deed, all 
        Federal oil and gas rights and interests identified on that 
        map; and
            (2) if Burlington makes the conveyance under paragraph (1) 
        and, not later than 180 days after the date of enactment of 
        this Act, the owners of the remaining non-oil and gas mineral 
        interests on lands identified on that map convey title 
        acceptable to the Secretary to all rights, title, and interests 
        in the interests held by them, by quitclaim deed acceptable to 
        the Secretary, the Secretary shall convey to those owners, 
        subject to valid existing rights, by exchange deed, all 
        remaining Federal non-oil and gas mineral rights, title, and 
        interests in National Forest System lands and National 
        Grasslands identified on that map in the State of North Dakota 
        as are agreed to by the Secretary and the owners of those 
        interests.
    (c) Leasehold Interests.--As a condition precedent to the 
conveyance of interests by the Secretary to Burlington under this Act, 
all leasehold and contractual interests in the oil and gas interests to 
be conveyed by Burlington to the United States under this Act shall be 
released, to the satisfaction of the Secretary.
    (d) Equal Valuation of Oil and Gas Rights Exchange.--The values of 
the interests to be exchanged under subsection (b)(1) shall be deemed 
to be equal.
    (e) Approximate Equal Value of Exchanges With Other Interest 
Owners.--The values of the interests to be exchanged under subsection 
(b)(2) shall be approximately equal, as determined by the Secretary.
    (f) Land Use.--
            (1) Exploration and development.--The Secretary shall grant 
        to Burlington, and its successors and assigns, the use of 
        Federally-owned surface lands to explore for and develop 
        interests conveyed to Burlington under this Act, subject to 
        applicable Federal and State laws.
            (2) Surface occupancy and use.--Rights to surface occupancy 
        and use that Burlington would have absent the exchange under 
        this Act on its interests conveyed under this Act shall apply 
        to the same extent on the federally owned surface estate 
        overlying oil and gas rights conveyed to Burlington under this 
        Act.
    (g) Environmental Protection for Environmentally Sensitive Lands.--
All activities of Burlington, and its successors and assigns, relating 
to exploration and development on environmentally sensitive National 
Forest System lands, as described in the ``Memorandum of Understanding 
Concerning Certain Severed Mineral Estates, Billings County, North 
Dakota'', executed by the Forest Service and Burlington and dated 
November 2, 1995, shall be subject to the terms of the memorandum.
    (h) Map.--The map referred to in subsection (b) shall be provided 
to the Committee on Energy and Natural Resources of the Senate and the 
Committee on Resources of the House of Representatives, kept on file in 
the office of the Chief of the Forest Service, and made available for 
public inspection in the office of the Forest Supervisor of the Custer 
National Forest within 45 days after the date of enactment of this Act.
    (i) Continuation of Multiple Use.--Nothing in this Act shall limit, 
restrict, or otherwise effect the application of the principle of 
multiple use (including outdoor recreation, range, timber, watershed, 
and fish and wildlife purposes) in any area of the Little Missouri 
National Grasslands. Federal grazing permits or privileges in areas 
designated on the map entitled ``Billings County, North Dakota, 
Consolidated Mineral Exchange--November 1995'' or those lands described 
in the ``Memorandum of Understanding Concerning Certain Severed Mineral 
Estates, Billings County, North Dakota'', shall not be curtailed or 
otherwise limited as a result of the exchange authorized by this Act.