SECTION 1. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds that:
            (1) The Weyerhaeuser Company has offered to the United 
        States Government an exchange of lands under which Weyerhaeuser 
        would receive approximately 50,000 acres of Federal land in 
        Arkansas and Oklahoma in return for conveying to the United 
        States lands owned by Weyerhaeuser consisting of approximately 
        165,000 acres of forested wetlands and other forest land of 
        public interest in Arkansas and Oklahoma, consisting of--
                    (A) certain Arkansas Ouachita lands located near 
                Lake Ouachita, Little Missouri Wild and Scenic River, 
                Flatside Wilderness and the Ouachita National Forest;
                    (B) certain lands in Oklahoma located near the 
                McCurtain County Wilderness, the Broken Bow Reservoir, 
                the Glover River, and the Ouachita National Forest; and
                    (C) certain Arkansas Cossatot lands located on the 
                Little and Cossatot Rivers and identified as the ``Pond 
                Creek Bottoms'' in the Lower Mississippi River Delta 
                section of the North American Waterfowl Management 
                Plan.
            (2) Acquisition of the Arkansas Cossatot lands by the 
        United States will remove the lands in the heart of a critical 
        wetland ecosystem from sustained timber production and other 
        development.
            (3) The acquisition of the Arkansas Ouachita lands and the 
        Oklahoma lands by the United States for administration by the 
        Forest Service will provide an opportunity for enhancement of 
        ecosystem management of the National Forest System lands and 
        resources.
            (4) The Arkansas Ouachita lands and the Oklahoma lands have 
        outstanding wildlife habitat and important recreational values 
        and should continue to be made available for activities such as 
        public hunting, fishing, trapping, nature observation, 
        enjoyment, education, and timber management.
            (5) Private use of the lands the United States will convey 
        to Weyerhaeuser will not conflict with established management 
        objectives on adjacent Federal lands.
            (6) The lands the United States will convey to Weyerhaeuser 
        as part of the exchange described in paragraph (1) do not 
        contain comparable fish, wildlife, or wetland values.
            (7) The United States will convey all mineral interests and 
        oil and gas interests to Weyerhaeuser on or under all surface 
        acres designated to be exchanged pursuant to the exchange 
        described in paragraph (1) in which the Federal Government owns 
        such interests.
            (8) Pursuant to such exchange, Weyerhaeuser will convey to 
        the United States all mineral interests and equivalent oil and 
        gas interests on or under all surface acres designated to be 
        exchanged pursuant to the exchange described in paragraph (1) 
        in which Weyerhaeuser owns such interests.
            (9) The United States and Weyerhaeuser have agreed to the 
        values and boundaries of all lands, mineral interests, and oil 
        and gas interests to be conveyed in the exchange and concur 
        that the lands, mineral interests, and oil and gas interests to 
        be conveyed by Weyerhaeuser and the lands, mineral interests, 
        and oil and gas interests to be conveyed by the United States 
        area approximately equal in value.
            (10) The exchange of lands, mineral interests, and oil and 
        gas interests between Weyerhaeuser and the United States is in 
        the public interest.
    (b) Purpose.--The purpose of this Act is to authorize and direct 
the Secretary of the Interior and the Secretary of Agriculture to enter 
into an exchange of lands, mineral interests, and oil and gas interests 
that will provide environmental, land management, recreational, and 
economic benefits to the States of Arkansas and Oklahoma and to the 
United States.

SEC. 2. DEFINITIONS.

    As used in this Act:
            (1) Land.--The terms ``land'' or ``lands'' mean the surface 
        estate and any other interests therein except for mineral 
        interests and oil and gas interests.
            (2) Mineral interests.--The term ``mineral interests'' 
        means geothermal steam and heat and all metals, ores, and 
        minerals of any nature whatsoever, except oil and gas 
        interests, in or upon lands subject to this Act including,but 
        not limited to, coal, lignite, peat, rock, sands, gravel, and 
        quartz.
            (3) Oil and gas interests.--The term ``oil and gas 
        interests'' means all oil and gas of any nature whatsoever 
        including carbon dioxide, helium, and gas taken from coal seams 
        (collectively ``oil and gas'') together with the right to enter 
        lands for the purpose of exploring the lands for oil and gas 
        and drilling, opening, developing, and working wells on such 
        lands and taking out and removing from such lands all such oil 
        and gas together with the right to occupy and make use of as 
        much of the surface of said lands as may reasonably be 
        necessary for these purposes subject to the Secretary of 
        Agriculture's rules and regulations set forth in section 251.15 
        of title 36, Code of Federal Regulations.
            (4) Secretaries.--The term ``Secretaries'' means the 
        Secretary of the Interior and the Secretary of Agriculture.
            (5) Weyerhaeuser.--The term ``Weyer- haeuser'' means 
        Weyerhaeuser Company, a company incorporated in the State of 
        Washington.

SEC. 3. EXCHANGE.

    (a) Exchange of Lands and Mineral Interests.--
            (1) In general.--Subject to paragraph (2), within 120 days 
        after the date of the enactment of this Act, the Secretary of 
        Agriculture shall convey to Weyerhaeuser, subject to any valid 
        existing rights, approximately 20,000 acres of Federal lands 
        and mineral interests in the State of Arkansas and 
        approximately 30,000 acres of Federal lands and mineral 
        interests in the State of Oklahoma as depicted for exchange on 
        maps entitled ``Arkansas-Oklahoma Land Exchange--Federal 
        Arkansas and Oklahoma Lands'', dated ____________ 1996 and 
        available for public inspection in appropriate offices of the 
        Secretaries.
            (2) Offer and acceptance of lands.--The Secretary of 
        Agriculture shall make the conveyance to Weyerhaeuser if 
        Weyerhaeuser offers deeds of title, subject to limitations and 
        the reservation described in subsection (b), acceptable to the 
        Secretary of Agriculture that convey to the United States the 
        following:
                    (A) Approximately 110,000 acres of lands and 
                mineral interests owned by Weyerhaeuser in the State of 
                Oklahoma, as depicted for transfer to the United States 
                upon a map entitled ``Arkansas-Oklahoma Land Exchange--
                Weyerhaeuser Oklahoma Lands'', dated ____________ 1996 
                and available for public inspection in appropriate 
                offices of the Secretaries.
                    (B) Approximately 30,000 acres of lands and mineral 
                interests owned by Weyerhaeuser in the State of 
                Arkansas, as depicted for transfer to the United States 
                upon a map entitled ``Arkansas-Oklahoma Land Exchange--
                Weyerhaeuser Arkansas Ouachita Lands'', dated 
                ____________ 1996 and available for public inspection 
                in appropriate offices of the Secretaries.
                    (C) Approximately 25,000 acres of lands and mineral 
                interests owned by Weyerhaeuser in the State of 
                Arkansas, as depicted for transfer to the United States 
                upon a map entitled ``Arkansas-Oklahoma Land Exchange--
                Weyerhaeuser Arkansas Cossatot Lands'', dated 
                ____________ 1996 and available for public inspection 
                in appropriate offices of the Secretaries.
    (b) Exchange of Oil and Gas Interests.--
            (1) In general.--Subject to paragraph (2), at the same time 
        as the land and mineral interests exchange is carried out 
        pursuant to this section, the Secretary of Agriculture shall 
        exchange all Federal oil and gas interests, including existing 
        leases and other agreements, in the lands described in 
        subsection (a)(1) for equivalent oil and gas interests, 
        including existing leases and other agreements, owned by 
        Weyerhaeuser in the lands described in subsection (a)(2). Any 
        exchange of oil and gas interests pursuant to this Act may be 
        made without regard to the limitations requiring that exchanges 
        be made within the same State under section 206 of the Federal 
        Lands Policy and Management Act of 1976 (43 U.S.C. 1716).
            (2) Reservation.--In addition to exchanging oil and gas 
        interests pursuant to paragraph (1), to account for the acreage 
        imbalance in the exchange required under this Act, there is 
hereby reserved to Weyerhaeuser, its successors, and assigns until 
December 31, 2041, and for so long thereafter that oil or gas is 
produced therefrom (``term reservation''), all oil and gas in and under 
the acreage imbalance lands depicted for reservation by Weyerhaeuser 
upon a map entitled ``Arkansas-Oklahoma Land Exchange--Weyerhaeuser Oil 
and Gas Interest Reservation Lands'', dated ____________ 1996 and 
available for public inspection in appropriate offices of the 
Secretaries. Beginning January 1, 2042, there is hereby reserved to 
Weyerhaeuser, its successors and assigns, a proportionately reduced 
6.25 percent of 8/8's overriding royalty interest in all oil and gas 
produced from any well in any governmental section adjacent to or 
cornering a section in which oil and gas is being produced at the 
expiration of the term reservation (``overriding royalty''). The 
overriding royalty will continue until either the producing well (a 
well producing on December 31, 2041) ceases production or until all 
federally leased wells to which the overriding royalty applies cease 
production, which is later.
    (c) General Provisions.--
            (1) Valuation.--The lands, mineral interests, and oil and 
        gas interests exchanged pursuant to this Act shall be 
        approximately equal in value, as determined by the Secretaries 
        and agreed to by Weyerhaeuser. To ensure that the natural 
        values of the area are not affected by the exchange, a formal 
        appraisal based upon drilling or other surface disturbing 
        activities shall not be required for any mineral interests or 
        oil and gas interests exchanged.
            (2) Maps controlling.--The acreage cited in this Act is 
        approximate. In the case of a discrepancy between the 
        description of lands, mineral interests, and/or oil and gas 
        interests to be exchanged pursuant to subsection (a) and the 
        lands, mineral interests, and/or oil and gas interests depicted 
        on a map referred to in such subsection, the map shall control. 
        Subject to the notification required by paragraph (3), the maps 
        referenced in this Act are subject to such minor corrections as 
        may be agreed upon by the Secretaries and Weyerhaeuser.
            (3) Final maps.--Not later than 180 days after the 
        conclusion of the exchange required by subsection (a), the 
        Secretaries shall transmit maps accurately depicting the lands 
        and mineral interests conveyed and transferred pursuant to this 
Act and the acreage and boundary descriptions of such lands and mineral 
interests to the Committees on Energy and Natural Resources of the 
Senate and the Committee on Resources of the House of Representatives.
            (4) Cancellation.--If, before the exchange has been carried 
        out pursuant to subsections (a) and (b), Weyerhaeuser provides 
        written notification to the Secretaries that Weyerhaeuser no 
        longer intends to complete the exchange, with respect to the 
        lands, mineral interests, and oil and gas interests that would 
        otherwise be subject to the exchange, the status of such lands, 
        mineral interests, and oil and gas interests shall revert to 
        the status of such lands, mineral interests, and oil and gas 
        interests as of the day before the date of enactment of this 
        Act and shall be managed in accordance with applicable 
        management plans.
            (5) Withdrawal.--Subject to valid existing rights, the 
        lands, mineral interests, and oil and gas interests depicted 
        for conveyance to Weyerhaeuser for possible exchange on the 
        maps referenced in subsections (a) and (b) are withdrawn from 
        all forms of entry and appropriation under the public land laws 
        (including the mining laws); and from the operation of mineral 
        leasing and geothermal steam leasing laws effective upon the 
        date of the enactment of this Act. Such withdrawal shall 
        terminate 45 days after completion of the exchange provided for 
        in subsections (a) and (b) or on the date of notification by 
        Weyerhaeuser of a decision not to complete the exchange.

SEC. 4. DESIGNATION AND USE OF LANDS ACQUIRED BY THE UNITED STATES.

    (a) National Forest System.--
            (1) Addition to the system.--Upon acceptance of title by 
        the Secretary of Agriculture, the 140,000 acres of land 
        conveyed to the United States pursuant to section 3(a)(2) (A) 
        and (B) of this Act shall be administered by the Secretary of 
        Agriculture in accordance with the laws and regulations 
        pertaining to the National Forest system.
            (2) Plan amendments.--Within 36 months after the completion 
        of the exchange required by this Act, the Secretary of 
        Agriculture shall amend applicable land and resource management 
        plans and accompanying documents pursuant to section 6 of the 
        Forest and Rangeland Renewable Resources Planning Act of 1974, 
        as amended by the National Forest Management Act of 1976 (16 
        U.S.C. 1604).
    (b) Other.--
            (1) Addition to the national wildlife refuge system.--Once 
        acquired by the United States, the 25,000 acres of land 
        identified in section 3(a)(2)(C), the Cossatot lands, shall be 
        managed by the Secretary of the Interior as a component of the 
        Cossatot National Wildlife Refuge in accordance with the 
        National Wildlife Refuge System Administration Act of 1966 (16 
        U.S.C. 668dd-668ee).
            (2) Plan preparation.--Within 24 months after the 
        completion of the exchange required by this Act, the Secretary 
        of the Interior shall prepare and implement a single refuge 
        management plan for the Cossatot National Wildlife Refuge, as 
        expanded by this Act. Such plans shall recognize the important 
        public purposes served by the nonconsumptive activities, other 
        recreational activities, and wildlife-related public use, 
        including hunting, fishing and trapping. The plan shall permit, 
        to the maximum extent practicable, compatible uses to the 
        extent that they are consistent with sound wildlife management 
        and in accordance with the National Wildlife Refuge System 
        Administration Act of 1966 (16 U.S.C. 668dd-668ee) and other 
        applicable laws. Any regulations promulgated by the Secretary 
        of the Interior with respect to hunting, fishing, and trapping 
        on those lands shall, to the extent practicable, be consistent 
        with State fish and wildlife laws and regulations. In preparing 
        the management plan and regulations, the Secretary of the 
        Interior shall consult with the Arkansas Game and Fish 
        Commission.
            (3) Interim use of lands.--
                    (A) In general.--Except as provided in paragraph 
                (2), during the period beginning on the date of the 
                completion of the exchange of lands required by this 
                Act and ending on the first date of the implementation 
                of the plan prepared under paragraph (2), the Secretary 
                of the Interior shall administer all lands added to the 
                Cossatot National Wildlife Refuge pursuant to this Act 
                in accordance with the National Wildlife Refuge System 
                Administration Act of 1966 (16 U.S.C. 668dd-668ee) and 
                other applicable laws.
                    (B) Hunting Seasons.--During the period described 
                in subparagraph (A), the duration of any hunting season 
                on the lands described in paragraph (1) shall comport 
                with the applicable State law.

SEC. 5. OUACHITA NATIONAL FOREST BOUNDARY ADJUSTMENT.

    (a) In general.--Upon acceptance of title by the Secretary of 
Agriculture of the lands conveyed to the United States pursuant to 
section 3(a)(2) (A) and (B), the boundaries of the Ouachita National 
Forest shall be adjusted to encompass those lands conveyed to the 
United States generally depicted on the maps entitled ``Arkansas-
Oklahoma Land Exchange--Weyerhaeuser Oklahoma Lands'' and ``Arkansas-
Oklahoma Land Exchange--Weyerhaeuser Arkansas Ouachita Lands'', dated 
____________ 1996. For the purpose of section 7 of the Land and Water 
Conservation Fund Act of 1965 (16 U.S.C. 460l-9), the boundaries of the 
Ouachita National Forest, as adjusted by this Act, shall be considered 
to be the boundaries of the Forest as of January 1, 1965.
    (b) Maps and Boundary Descriptions.--Not later than 180 days after 
the date of enactment of this Act, the Secretary of Agriculture shall 
prepare a boundary description of the lands depicted on the maps 
referred to in section 3(a)(2) (A) and (B). Such maps and boundary 
description shall have the same force and effect as if included in this 
Act, except that the Secretary of Agriculture may correct clerical and 
typographical errors.
Authorizes and directs the Secretaries of Agriculture and the Interior to enter into an exchange with the Weyerhaeuser Company of specified lands, including mineral, oil, and gas interests, in Arkansas and Oklahoma. 
Provides for the inclusion of such lands in the Ouachita National Forest and the Cossatot National Wildlife Refuge.
To provide for the exchange of certain federally owned lands and mineral interests therein, and for other purposes.