The oil conservation division shall examine each application for certification as a preference producer or refiner. If the oil conservation division finds that the applicant is a bona fide refiner or producer and has satisfied the requirements of the preceding sections of the State Carbon Dioxide Act N.M. Stat. Ann. § 19-10A-1 to 19-10A-7; that the enhanced recovery project for which the carbon dioxide proposed to be used is feasible;

and that the applicant qualifies for the purchase of state carbon dioxide, it shall notify the commissioner of public lands in writing that the applicant is eligible to be granted a preference for the purchase of state carbon dioxide.