High Water Cut Crude Oil Incentives Act of 1979

High Water Cut Crude Oil Incentives Act of 1979 - Amends the Emergency Petroleum Allocation Act of 1973 to allow the first sale of qualified high water cut crude oil to be exempt from price regulation under such Act. Requires a well to be producing at the maximum feasible rate throughout a 12-month period and in accordance with recognized conservation practices to qualify for such exemption.