77-3-426. Lessee to prevent waste. Oil and gas leases issued under the provisions of this part must all be subject to the conditions that the lessee in conducting explorations and mining or drilling operations shall use all reasonable precautions to prevent waste of oil or gas developed in the land or the entrance of water through wells drilled by the lessee to the oil or gas sands or oil-bearing or gas-bearing strata to the destruction or injury of the oil or gas deposits. Violations of any of these conditions constitutes grounds for the forfeiture of the lease after a hearing on the violations before the board.