Powder River Basin Resource Development Act of 2001 - Encourages Federal coal lessees and oil and gas developers, in any common area in the Powder River Basin, Wyoming, where a Federal coal lease overlaps all or a portion of an oil and gas lease or right to develop, to enter into a written agreement that details operations, and assigns or assesses costs or compensation for concurrent or sequential development of coal, natural gas, and oil in such area.
Prescribes guidelines for petitions to a U.S. district court and court proceedings for relief and assignment of a development priority in the event that a Federal coal lessee and an oil and gas developer do not reach such an agreement.
Declares that this Act does not serve as precedent for leasing for mineral development outside of any common area within or outside the Powder River Basin.