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and Preserve, Alaska Peninsula National Wildlife Refuge,
and Becharof National Wildlife Refuge.
(b) VALUE.—
(1) IN
GENERAL.—The value of the selection
rights shall be equal to the fair market value of—
(A) the oil and gas interests in the lands or
interests in lands that are the subject of the selec-
tion rights; and
(B) in the case of the lands or interests in
lands for which Koniag is to receive the entire
subsurface estate, the subsurface estate of the
lands or interests in lands that are the subject of
the selection rights.
(2) APPRAISAL.—
(A) SELECTION OF APPRAISER.—
(i) IN GENERAL.—Not later than 90
days after the date of enactment of this title
the Secretary and Koniag shall meet to se-
lect a qualified appraiser to conduct an ap-
praisal of the selection rights. Subject to
clause (ii), the appraiser shall be selected by
the mutual agreement of the Secretary and
Koniag.
(ii) FAILURE TO AGREE.—If the Sec-
retary and Koniag fail to agree on an ap-
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praiser by the date that is 60 days after the
date of the initial meeting referred to in
clause (i), the Secretary and Koniag shall,
by the date that is not later than 90 days
after the date of the initial meeting, each
designate an appraiser who is qualified to
perform the appraisal. The 2 appraisers so
identified shall select a third qualified ap-
praiser who shall perform the appraisal.
(B) STANDARDS AND METHODOLOGY.—The
appraisal shall be conducted in conformity with
the standards of the Appraisal Foundation (as
defined in section 1121(9) of the Financial Insti-
tutions Reform, Recovery, and Enforcement Act
of 1989 (12 U.S.C. 3350(9)).
(C) SUBMISSION OF APPRAISAL REPORT.—
Not later than 180 days after the selection of an
appraiser pursuant to subparagraph (A), the ap-
praiser shall submit to the Secretary and to
Koniag a written appraisal report specifying the
value of the selection rights and the methodology
used to arrive at the value.
(3) DETERMINATION OF VALUE.—
(A) DETERMINATION BY THE SECRETARY.—
Not later than 60 days after the date of the re-
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ceipt of the appraisal report under paragraph
(2)(c), the Secretary shall determine the value of
the selection rights and shall notify Koniag of
the determination.
(B) 
ALTERNATIVE
DETERMINATION
OF
VALUE.—
(i) IN
GENERAL.—Subject to clause
(ii), if Koniag does not agree with the value
determined by the Secretary under subpara-
graph (A), the procedures specified in sec-
tion 206(d) of the Federal Land Policy and
Management Act of 1976 (43 U.S.C. 1716
(d)) shall be used to establish the value.
(ii) AVERAGE
VALUE
LIMITATION.—
The average value per acre of the selection
rights shall not be less than the value utiliz-
ing the risk adjusted discount cash flow
methodology, but in no event may exceed
$300.
SEC. 1503. KONIAG ACCOUNT.
(a) IN GENERAL.—
(1) The Secretary shall enter into negotiations
for an agreement or agreements to exchange Federal
lands or interests therein which are in the State of
Alaska for the Selection Rights.
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(2) If the value of the Federal property to be ex-
changed is less than the value of the Selection Rights
established in section 1501, and if such Federal prop-
erty to be exchanged is not generating receipts to the
Federal Government in excess of $1,000,000 per year,
then the Secretary may exchange the Federal property
for that portion of the Selection Rights having a value
equal to that of the Federal property. The remaining
selection rights shall remain available for additional
exchanges.
(3) For the purposes of any exchange to be con-
summated under this title, if less than all the selec-
tion rights are being exchanged, then the value of the
selection rights being exchanged shall be equal to the
number of acres of selection rights being exchanged
multiplied by a fraction, the numerator of which is
the value of all the selection rights as determined pur-
suant to section 1502 hereof and the denominator of
which is the total number of acres of selection rights.
(B) ADDITIONAL EXCHANGES.—If, after ten
years from the date of the enactment of this title,
the Secretary was unable to conclude such ex-
changes as may be required to acquire all of the
selection rights, he shall conclude exchanges for
the remaining selection rights for such Federal