To provide for the conveyance of certain Federal lands administered by the Bureau of Land Management in Maricopa County, Arizona, in exchange for private lands located in Yavapai County, Arizona, and for other purposes.

Directs the Secretary of the Interior to convey to Pleasant Country Ltd. all right, title, and interest of the United States in and to certain Federal lands in Maricopa County, Arizona, in exchange for lands of equal value designated from the approximately 8,000 acres of private land in the vicinity of Lake Pleasant in Yavapai County, Arizona. Declares that the exchange shall not be considered a major Federal action for the purposes of the National Environmental Policy Act of 1969.