Sec. 27. (a) Money received under this chapter shall be paid by the department into a fund to be kept by the treasurer of state and known as the oil and gas fund.
(b) Money paid into this fund shall be devoted to the following purposes upon appropriation:
(1) To the expenses of administering this chapter.
(2) To the division of reclamation of the department of natural resources for the purpose of administering IC 14-37.
(3) To research pertaining to exploration for, development of, and wise use of petroleum resources in Indiana.