
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 10USC7424]

 
                         TITLE 10--ARMED FORCES
 
                    Subtitle C--Navy and Marine Corps
 
                     PART IV--GENERAL ADMINISTRATION
 
                  CHAPTER 641--NAVAL PETROLEUM RESERVES
 
Sec. 7424. Protection of oil reserves; contracts for 
        conservation
        
    (a) To consolidate and protect the oil lands owned by the United 
States, the Secretary may--
        (1) contract with owners and lessees of land inside or adjoining 
    naval petroleum reserves for--
            (A) conservation of oil and gas; and
            (B) compensation for estimated drainage in lieu of drilling 
        or operating offset wells; and

        (2) acquire privately owned lands or leases inside Naval 
    Petroleum Reserve Numbered 1 by exchange of--
            (A) lands of the United States inside Naval Petroleum 
        Reserve Numbered 1;
            (B) the right to royalty production from any of the naval 
        petroleum reserves; and
            (C) the right to any money due the United States as a result 
        of the wrongful extraction of petroleum products from lands 
        inside Naval Petroleum Reserve Numbered 1.

    (b) The Secretary shall report annually to Congress all agreements 
under this section.

(Aug. 10, 1956, ch. 1041, 70A Stat. 458; Pub. L. 87-796, Sec. 1(4), Oct. 
11, 1962, 76 Stat. 904; Pub. L. 94-258, title II, Sec. 201(5), Apr. 5, 
1976, 90 Stat. 309; Pub. L. 96-513, title V, Sec. 513(32)(A), Dec. 12, 
1980, 94 Stat. 2933.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
            Revised section                      Source (U.S. Code)            
   Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
7424..................................  34 U.S.C. 524 (4th par., less 1st    Ju
ne 4, 1920, ch. 228 (4th par.,
                                         proviso).                            l
ess 1st proviso, of amended 3d
                                                                              a
nd 4th provisos), 41 Stat. 813;
                                                                              J
une 30, 1938, ch. 851, Sec.  1,
                                                                              5
2 Stat. 1252; June 17, 1944, ch.
                                                                              2
62, 58 Stat. 282.
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---------------------------------

                               Amendments

    1980--Subsec. (a). Pub. L. 96-513 substituted ``Naval Petroleum 
Reserve Numbered 1'' for ``naval petroleum reserve numbered 1'' wherever 
appearing.
    1976--Subsec. (a). Pub. L. 94-258 struck out ``of the Navy'' after 
``Secretary'', ``and oil shale'' after ``petroleum'' in par. (1), and 
``in the ground'' after ``conservation'' in subpar. (A) of par. (1).
    1962--Subsec. (a). Pub. L. 87-796 inserted provisions in cl. (1) 
empowering the Secretary to contract with owners and lessees of land 
inside or adjoining oil shale reserves.


                    Effective Date of 1980 Amendment

    Amendment by Pub. L. 96-513 effective Dec. 12, 1980, see section 
701(b)(3) of Pub. L. 96-513, set out as a note under section 101 of this 
title.

                  Section Referred to in Other Sections

    This section is referred to in section 7425 of this title; title 43 
section 1601.
