(1) Irrespective of any other law on the subject, in any conveyance of title to lands owned by the State of Arkansas, except as provided in subsection (b) of this section, the state shall retain ownership of not less than one-half (½) interest in and to all the oil, gas, and other minerals therein or thereunder.
(2) The provisions of this section shall not affect the provisions of law governing the sale of tax-forfeited lands by the State of Arkansas.