The Governor is authorized and directed, for and in the name of the State of Arkansas, to join with other states in the Interstate Compact to Conserve Oil and Gas, which was heretofore executed in the City of Dallas, Texas, on February 16, 1935, and now deposited with the Department of State of the United States, and which has been twice extended for a two-year period, and to enter into and execute an agreement with other states now parties or which may hereafter become parties, whereby said compact shall be extended for a period of two (2) years from September 1, 1941, subject to the approval of Congress.