Amends the Natural Gas Policy Act of 1978 to provide that the maximum lawful price applicable to any first sale of natural gas from December 8, 1982 through January 1, 1985, shall be the maximum lawful price applicable to such sale on September 1, 1982. Provides that the maximum lawful price from December 8, 1982 through January 1, 1985, for any first sale of natural gas from a well the surface drilling of which began prior to December 8, 1982, and for which there was no applicable maximum lawful price on September 1, 1982, solely because of the elimination of price controls pursuant to the Act, shall be the contract price specified for deliveries of such natural gas on September 1, 1982. Provides that following the expiration of the price freeze imposed by this Act, the maximum lawful price for any first sale of natural gas on September 1, 1982, shall increase from the September 1, 1982 level at the rate specified for that category of natural gas. Extends for two years the expiration date of: (1) price controls; and (2) standby authority.