(a) In order to protect the natural gas fields and oil fields in this state, it is declared to be unlawful for any person to negligently permit any gas or oil well to go wild or to get out of control.

(b) The owner of any wild well shall, after twenty-four (24) hours' written notice by the Oil and Gas Commission given to him or her or to the person in possession of the well, make reasonable effort to control such well.

(c) The commission shall have the right to take charge of the work of controlling any wild well and shall have the right to proceed through its own agents or by contract with a responsible contractor to control the well or otherwise to prevent the escape or loss of gas or oil from the well all at the reasonable expense of the owner of the well if the owner of the well fails within twenty-four (24) hours after service of the notice provided for in subsection (b) of this section to:

(1) Control the well if control could reasonably be achieved within the period; or

(2) Begin in good faith upon service of the notice operations to control the well; or

(3) Prosecute diligently such operations.

(d) In order to secure to the commission the payment of the reasonable cost and expense of controlling or plugging the well, the commission shall retain the possession of the well and shall be entitled to receive and retain the rents, revenues, and incomes therefrom until the costs and expense incurred by the commission shall be repaid. When all costs and expenses have been repaid, the commission shall restore possession of the well to the owner. However, in the event the income received by the commission shall not be sufficient to reimburse the commission as provided for in this section, the commission shall have a lien or privilege upon all of the property of the owner of the well, except property exempt by law. The commission shall then proceed to enforce the lien or privilege by suit brought in any court of competent jurisdiction the same as any other civil action and the judgment so obtained shall be executed in the same manner now provided by law for execution of judgments. Any excess over the amount due the commission which the property seized and sold may bring, after payment of court costs, shall be paid over to the owner of the well.