(1) Seventy-five percent (75%) of the severance tax otherwise due during a period of five (5) years from the date of the certificate if the pool is located above the base of the deepest producing oil formation in the county where the discovery well is located at the date of the application;
(2) Seventy-five percent (75%) of the severance tax otherwise due during a period of ten (10) years from the date of the certificate if the pool is located below the base of the deepest producing oil formation in the county or if there was no oil production in the county at the date of the application; and
(3) The certificate shall designate whether the person named therein is entitled thereunder to the benefits of subdivisions (1) and (2) of this section, and the name of the field and pool covered thereby.
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