(1) Whenever any oil, gas and mineral lease which is now or may hereafter be recorded in any county of this state shall expire or terminate, the holder of such oil, gas and mineral lease, or the last assignee of record thereof, as the case may be, shall be required to cancel of record such oil, gas and mineral lease by entering upon the margin of the record of such lease, a notation that said oil, gas and mineral lease has terminated and expired, which entry shall be attested by the clerk of the chancery court and shall discharge and release the lands therein described from said oil, gas and mineral lease; or the holder or last assignee of record, as the case may be, of an oil, gas and mineral lease may execute an instrument, duly recordable under the laws of this state, stating that the said oil, gas and mineral lease has expired and terminated and that no further rights or claims will be asserted thereunder.

The chancery clerk shall be allowed a fee of One Dollar ($1.00) for making such cancellation, and shall not be required to index same on sectional index but shall be required to note the cancellation on the margin of the record where said lease is recorded and if said cancellation is by separate instrument he shall note the cancellation on the margin where lease is recorded showing book and page of said instrument of cancellation.

(2) If the holder of an oil, gas and mineral lease or the last assignee of record, as the case may be, shall not, within one (1) month after written request made by the lessor or his assigns, cancel on the record said oil, gas and mineral lease, or furnish proof, as above provided, that the same has expired and terminated, the lessee or the last assignee of record, as the case may be, of such oil, gas and mineral lease, shall forfeit the sum of One Hundred Dollars ($100), which may be recovered by suit on the part of the party aggrieved.