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

(a) Purpose.--The purpose of this section is to consolidate 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 section as ''Burlington'' and formerly known as
Meridian Oil Inc.), conveys title acceptable to the Secretary
of Agriculture (referred to in this section as the
''Secretary'') to rights and interests 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 quit-claim deed, all Federal 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 gas mineral
interests 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 Federal rights, title,
and interests in National Forest System lands and National
Grasslands 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
section, all leasehold and contractual interests in the oil and gas
interests to be conveyed by Burlington to the United States under this
section shall be released, to the satisfaction of the Secretary.
(d) 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.
(e) 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.
(f) 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.
(g) 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.
(h) Other Laws.--The exchange under subsection (b)(1) shall be
deemed to meet the requirements of all other Federal laws, including
all land exchange laws, environmental laws, and cultural laws (such as
the National Historic Preservation Act (16 U.S.C. 470 et seq.)), and no
further compliance with any other law shall be required in order to
implement the exchanges.
(i) Continuation of Multiple Use.--Nothing in this Act, shall
limit, restrict, or otherwise affect 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.
Directs the Secretary of Agriculture to convey to the Burlington Resources Oil and Gas Company (formerly known as Meridian Oil Inc.) all Federal 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 rights and interests identified on the same map.
Directs the Secretary to convey to owners of the remaining non-oil gas mineral interests identified on the map all Federal rights, title, and interests in the National Forest System lands and National Grasslands in the State of North Dakota, contingent on the owners' conveyance to the Secretary, after Burlington's conveyance, of all their rights, title, and interests.
Directs the Secretary to grant to Burlington the use of federally-owned surface lands to explore for and develop interests conveyed to Burlington under this Act.