Amends the Outer Continental Shelf Lands Act to authorize the governor of Virginia to petition the Secretary of the Interior for authorization to conduct natural gas or crude oil (or both) exploration and extraction activities in any area that is at least 50 miles beyond the state's coastal zone.
Requires the Secretary of the Treasury to deposit into a Clean Energy Fund of 50% of all rentals, royalties, bonus bids, and other sums due and payable to the United States from leases entered into under this Act for natural gas or crude oil (or both) exploration and extraction activities. Requires deposit of the other 50% into a special account in the Treasury from which the Secretary shall disburse: (1) 75% to the state; (2) 12.5% to provide financial assistance to states in accordance with the Land and Water Conservation Fund Act of 1965; and (3) 12.5% to a reserve fund to be used to mitigate for any environmental damage that occur as a result of extraction activities authorized under this Act.
Specifies alternative mandatory uses of such funds by Virginia.
Declares that the lines extending seaward and defining the state's Adjacent Zone are as indicated on the map entitled "Atlantic OCS Region State Adjacent Zones and OCS Planning Areas," dated September 2005 and on file in the Office of the Director, Minerals Management Service.