Powder River Basin Resource Development Act of 2001

Powder River Basin Resource Development Act of 2001 - Authorizes and encourages Federal coal lessees and oil and gas developers to enter into a written agreement that details operations, and assigns or assesses costs or compensation regarding the contemporaneous concurrent, or sequential development of coal, natural gas, and oil in the Powder River Basin.

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 the Powder River Basin.