Sec. 7. (a) This section applies to the following:
(1) Interests in oil and gas.
(2) Interests in coal bed methane.
(b) An interest referred to in subsection (a) in, on, under, or that may be taken from beneath the surface of land located in Indiana may be created:
(1) for life;
(2) for a term of years; or
(3) in fee;
in the manner and to the extent that other interests in real estate and title are created.
(c) Title to the estates specified under subsection (b) may be vested in one (1) or more persons by:
(1) sole ownership;
(2) tenancy in common;
(3) joint tenancy;
(4) tenancy by the entireties; or
(5) another manner recognized under Indiana law.
(d) Interests or estates specified in this section are freely alienable, in whole or in part, in the same manner as are other interests in real estate.