A bill to convey mineral rights in certain submerged lands to the governments of Guam and the Virgin Islands.

Directs the Secretary of the Interior to convey to the government of Guam, and the government of the Virgin Islands, within 60 days of the enactment of this Act, all right, title, and interest of the United States in deposits of oil, gas, and other minerals in the submerged lands conveyed to the governments of such territories pursuant to a specified law.

States that such conveyance shall be subject to any existing lease, permit, or other interest granted by the United States prior to the date of such conveyance. States that rentals, royalties, and fees which accrue after such date shall be payable to the government of the territory to which the mineral deposits have been conveyed.