To become entitled to the benefits provided in this subchapter, a person shall make application therefor to the Oil and Gas Commission at or before the issuance of the permit to drill the discovery well in the pool upon a form approved by the commission in which the applicant shall, among other things, state under oath:
(1) The location of the proposed discovery well; and
(2) A legal description of the land within the participating area as to which the applicant is the owner at that date.