Coalbed Methane Development Act of 1992

Coalbed Methane Development Act of 1992 - Amends the Mineral Leasing Act to direct the Secretary of the Interior to publish in the Federal Register a list of States ("affected States") where: (1) there is legal uncertainty regarding methane gas ownership; (2) such uncertainty impedes development of significant deposits of coalbed methane gas; (3) no legal scheme is in effect which permits and encourages coalbed methane gas development prior to the resolution of ownership of the gas; and (4) there is no extensive development of coalbed methane gas. Names West Virginia, Pennsylvania, Kentucky, Ohio, Tennessee, Indiana, and Illinois as affected States as of enactment of this Act.

Requires affected States to establish State agencies or instrumentalities ("State Boards") to promulgate regulations for the expeditious and economical development of coalbed methane gas deposits. Prescribes coalbed gas development and drilling guidelines.

Proscribes the drilling of any well for coalbed methane gas production without State Board approval.