A unique type of vernal pool are those formed on granite outcrops, as the substrate prevents percolation so that water accumulates in depressions when precipitation exceeds evaporation. The O2 dynamics of small, shallow vernal pools with dense populations of Isoetes australis were studied in situ, and the potential importance of the achlorophyllous leaf bases to underwater net photosynthesis (PN) and radial O2 loss to sediments is highlighted. O2 microelectrodes were used in situ to monitor pO2 in leaves, shallow sediments, and water in four vernal pools. The role of the achlorophyllous leaf bases in gas exchange was evaluated in laboratory studies of underwater PN, loss of tissue water, radial O2 loss, and light microscopy. Tissue and sediment pO2 showed large diurnal amplitudes and internal O2 was more similar to sediment pO2 than water pO2. In early afternoon, sediment pO2 was often higher than tissue pO2 and although sediment O2 declined substantially during the night, it did not become anoxic. The achlorophyllous leaf bases were 34% of the surface area of the shoots, and enhanced by 2.5-fold rates of underwater PN by the green portions, presumably by increasing the surface area for CO2 entry. In addition, these leaf bases would contribute to loss of O2 to the surrounding sediments. Numerous species of isoetids, seagrasses, and rosette-forming wetland plants have a large proportion of the leaf buried in sediments and this study indicates that the white achlorophyllous leaf bases may act as an important area of entry for CO2, or exit for O2, with the surrounding sediment.