Los Padres National Forest Land Exchange Act of 2005

Los Padres National Forest Land Exchange Act of 2005 - Authorizes an exchange of approximately 340 acres held by the United Water Conservation District of California (the District lands) and approximately 440 acres of National Forest System lands.

Requires the land exchange to be conducted on an equal value basis, as determined by appraisal.

Directs the Secretary to reserve easements in the conveyance of the National Forest System (NFS) lands for access to roads and trails that the Secretary considers to be necessary or desirable to provide for administrative purposes and to ensure public access to NFS lands. Requires the District, as a condition on the receipt of the NFS land, to agree to construct a gravel parking area upon the District lands to provide access to the Potholes trail of the Los Padres National Forest. Subjects the site design for the parking area to approval by the Secretary. Permits the District to reasonably regulate vehicular access to the parking area.

Revokes certain public lands withdrawals insofar as they affect the conveyed NFS lands.

Exempts water rights from this land exchange.

Permits the the values of the lands to be exchanged to be equalized through the payment of a cash equalization payment in excess of the statutory limit specified under the Federal Land Policy and Management Act of 1976.

Requires the deposit of any cash equalization payment received by the Secretary under this Act into the fund established by the Sisk Act. Makes such payment available to the Secretary for expenditure for the acquisition, construction, or improvement of administrative or recreational facilities for the Los Padres National Forest in Ventura County, Santa Barbara County, and San Luis Obispo County, California, or for the acquisition of land or interests in land in such counties.

Requires the costs of conducting the land exchange to be shared equally by the District and the Secretary.

Adds the District lands acquired by the Secretary under this Act to the Los Padres National Forest.