(1) With respect to any tract of land in which the trust acquires or has acquired any interest subject to an outstanding federal mineral lease or prospecting permit, the lessee or permittee may submit a petition seeking extension of the permit or lease or any other action as may be necessary to give to the lessee or permittee any and all rights, privileges, and benefits which the lessee or permittee would have had under the permit or lease had the trust not acquired its interest in the tract. (2) In consideration of the voluntary termination by the federal lessee or permittee of the lease or permit as it relates to that tract, the director may issue to that lessee or permittee a lease of the acquired tract or any portion of that tract for recovery of the same mineral substances, granting the lessee or permittee all the rights, privileges, and benefits with reference to that tract which the lessee or permittee would have had by reason of the lessee's lease or permittee's permit from the United States had the state not acquired its interest in the tract.
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