(1) If, prior to exploration and drilling for oil and gas, it appears that an oil and gas company or an individual who is to explore and drill will be driving heavy equipment on county roads or municipal streets, then the company or individual shall file a reasonable bond with the county or with the municipality, as the case may be, to cover anticipated damages to the county roads or municipal streets.
(2) The bond shall be in an amount determined by the county road foreman and supervisor or by the municipal street department or appropriate municipal street official to be sufficient to repair damage caused to the roads or streets by operating the equipment on them.