It is the purpose of this article to:
(1) Foster, encourage, promote, and establish a legal and regulatory framework for the development and approval of underground carbon dioxide sequestration facilities;
(2) Designate a state agency responsible for establishing standards and rules for the development and approval of underground carbon dioxide sequestration and storage facilities; and
(3) Safeguard, protect and enforce the correlative rights of operators, mineral owners, pore space owners, and surface owners in that each may obtain just and reasonable compensation for their respective contribution for underground carbon dioxide sequestration facilities.