(1) Any oil well which has been inactive and has failed to produce any volume of crude oil for a period of at least twelve (12) consecutive calendar months which is restored and reestablished as a producer of crude oil shall be exempt from the payment of severance taxes on the volume of production for a period of ten (10) years from and after the date upon which the production is reestablished.
(2) Any oil field established by the Oil and Gas Commission which has become inactive by the cessation of production for a period of not less than twelve (12) consecutive calendar months shall be exempt from the payment of severance taxes in the event production of crude oil from the field is reestablished with respect to all crude oil subsequently produced from the zones, horizons, and formations which had previously been productive but subsequently ceased to produce.