Use It or Lose It Act of 2011

Use It or Lose It Act of 2011 - Requires holders of leases authorizing exploration and production of oil or natural gas to develop them diligently in order to ensure timely production from the lease.

Amends the Mineral Leasing Act and the Outer Continental Shelf Lands Act to direct the Secretary of the Interior to require a lessee, as a condition of such a lease, to pay an annual fee of $4 per acre on the acres covered by a non-producing lease.

Directs the Secretary to issue regulations that: (1) prescribe requirements and benchmarks for diligent oil and gas development to produce oil and gas from each lease to the maximum extent practicable during the primary term of the lease, and (2) require each leaseholder to submit a diligent development plan describing how the lessee will meet such benchmarks.