A bill to amend the Mineral Leasing Act of February 25, 1920, as amended.

Excludes gilsonite and those hydrocarbons determined by the Secretary of the Interior to be leased as coal or oil shale from being subject to disposition under the Mineral Leasing Act of 1920.

Provides for the leasing of lands known to contain native asphalt, solid or semisolid bitumen, or bituminous rock, and that a lease for such minerals issued prior to the enactment of this Act may be exchanged for an "oil and gas" lease.