(1) All sales made by the Commissioner of State Lands pursuant to this subchapter prior to July 1, 1991, are confirmed, and the title of all purchases under the deeds from the Commissioner of State Lands are quieted, established, and confirmed.
(2) The area described in any of the deeds as being conveyed shall extend only to the line of ordinary highwater and shall not extend to the bed or channels of the chutes or adjoining area which lies below the line of ordinary highwater, the title to which formations below the line of ordinary highwater is reserved in the State of Arkansas.