(a) The State of Arkansas shall not acquire title to the oil, gas, and other minerals in and under lands covered by navigable waters artificially created by agencies of the United States or the State of Arkansas in any instance where the underlying minerals are not purchased or condemned and compensation paid therefor.

(b) The private ownership of the oil, gas, and other minerals in and under lands covered by artificially created navigable waters as established by this section shall be subservient to, and the exercise of rights of extraction and removal thereof shall not be permitted to interfere with or impair, the rights of public navigation, transportation, fishing, and recreation in and upon such navigable waters.

(c) No affirmative action shall be required by the mineral owner or the State of Arkansas to enable the mineral owner to retain ownership of the minerals in and under the artificially inundated lands.

(d)

(1) If the mineral owner desires record proof of his or her continued ownership of the minerals, he or she may file an application with the Commissioner of State Lands for a quitclaim deed covering the minerals in and under the inundated lands.

(2) If the inundated lands have been surveyed and platted by an agency of the United States or the State of Arkansas, the mineral owner may furnish a copy of the survey and plat to the Commissioner of State Lands.

(3) If the survey and plat sufficiently identify the land, no further survey shall be required.

(e)

(1) In the alternative, the mineral owner may file a deposit of the estimated cost of a survey with his or her application, and the Commissioner of State Lands shall direct the county surveyor of the county in which the lands are located, or some other competent surveyor, to make an accurate survey of the lands and to plat them in reference to the survey of adjacent lands and file the survey and plat in the office of the Commissioner of State Lands.

(2) Upon the filing of the survey and plat, the Commissioner of State Lands shall pay for the cost of the survey out of the money deposited as provided in subdivision (e)(1) of this section.

(3) If the deposit is insufficient for that purpose, the Commissioner of State Lands may require an additional deposit.

(4) If any deposited funds remain after payment, they shall be refunded to the depositor.

(f) After the survey and plat of the agency of the United States or the State of Arkansas or the survey and plat of the surveyor selected by the Commissioner of State Lands are filed, the applicant shall file affidavits of at least two (2) competent persons having full personal knowledge of the facts, establishing that the applicant is the present owner of the minerals in and under the lands shown in the survey and that the lands have been inundated without payment of compensation for the minerals by an agency of the United States or the State of Arkansas.

(g) Upon receipt of the survey and affidavits, the Commissioner of State Lands may issue a quitclaim deed to the applicant upon the payment of a deed fee of one dollar ($1.00). The quitclaim deed shall establish that the state has no claim in and makes no claim to the oil, gas, and other minerals in and under the lands described in the survey.

(h) The State of Arkansas quitclaims and relinquishes to the previous mineral owner and his or her successors and assigns all of the state's right, title, and interest to the oil, gas, and other minerals in and under lands covered prior to February 23, 1965, by artificially created navigable waters caused by an agency of the United States or the State of Arkansas and for which compensation has not been paid.

(i) If the previous mineral owner desires record proof of his or her continued ownership of the minerals, he or she may follow the procedure outlined in this section and obtain a quitclaim deed from the Commissioner of State Lands.