A bill to extend certain oil and gas leases by a period sufficient to allow the drilling of an ultra-deep well.

Extends the time period for certain oil and gas leases committed to a specified development plan until July 23, 1981. Stipulates that such extension shall cease to apply to leases where diligent drilling operations are not diligently prosecuted so as to produce oil or gas in sufficient quantities, as determined by the Secretary of the Interior.