Sec. 24. (a) This section applies to an application for prospecting permits or leases for the following:
(1) Shore lands.
(2) River beds.
(3) Lake beds.
(b) The owner of the right to prospect for and develop and produce petroleum from the abutting land has a preferential right for thirty (30) days after the owner has received notice from the commission of the application for:
(1) a prospecting permit; or
(2) if petroleum has been discovered in commercial quantities in a structure underlying the abutting land, a lease;
for the part of the shore land, river bed, and lake bed that adjoins the abutting land upon the terms and conditions provided in this chapter, notwithstanding any acreage limitations provided in this chapter for permits and leases.