(a) Each and every sale and each and every purchase, delivery, and receipt of gas by volume made in this state, for which any accounting for the price paid or received for the gas so sold, purchased, delivered, or received must be made to an oil and gas lease owner, royalty owner thereunder, or other mineral interest owner, shall be made and the gas shall be measured, calculated, purchased, delivered, and accounted for on the basis of "a standard cubic foot of gas" as defined in § 15-74-302, and as determined under this subchapter. Whenever the provisions of this subchapter operate to change the basis of measurement provided for in existing contracts, then the price for gas, including royalty gas, provided for in such contracts shall, if either the purchaser or seller so desires, be adjusted to compensate for the change in the method of measuring the volume of gas delivered thereunder. This provision is intended to protect parties to contracts now in existence so that after this statute becomes effective the total amount of money paid for a volume of gas purchased or required to be accounted for under existing contracts shall remain unaffected by this subchapter.

(b) Nothing in this section shall affect or apply to purchases or sales made on any basis other than a volume basis.

(c) Any person, association of persons, or corporation who, as purchaser thereof, shall knowingly fail or refuse to so measure, calculate, or account for any gas so purchased, shall be subject to a penalty of not less than ten dollars ($10.00) nor more than five hundred dollars ($500) for each offense recoverable in the name of the state in the Pulaski County Circuit Court and each day of the violation shall constitute a separate offense.

(d) Nothing herein shall prevent any aggrieved party from maintaining a civil suit for damages in the county or counties in which the gas is produced.