The independent review of a University of Texas- Austin study on fracking was released Thursday which revealed conflicts of interest as well as numerous 'failures and inadequacies in several procedural areas.'

In a statement released by UT-Austin, the university confirmed that all the recommendations made by the independent panel of experts who reviewed the study will be implemented.

Following the controversy, the director of the energy institute at the university Raymond Orbach, 78, resigned from his position and so did the lead researcher of the study, 72-year-old Charles Groat from his faculty position, the statement revealed.

The root cause of the controversy was the UT Austin's Energy Institute's original study titled, 'Fact-Based Regulation for Environmental Protection in the Shale Gas Development,' which was released earlier this year. It claimed that there was no relationship whatsoever between fracking and water contamination, as projected by many environmentalist.

The study was conducted to dispel all doubts that the public had regarding the process of natural gas extraction through high-volume hydraulic fracturing, or 'fracking.' But, instead of evading them, the study created a new storm.

In summer of 2012, the Public Accountability Initiative, a watchdog group, reported that the head of the study, UT professor Charles "Chip" Groat, had been sitting on the board of a drilling company the entire time. In fact, he had received over $1.5 million over the last five years as compensation, which prompted the University to announce an independent review of the study a month later, which was released Thursday.

The independent outside review panel, included many academics and was headed by the former chairman of Lockheed Martin Corp. (LMT), Norman R. Augustine.

"Primary among the shortcomings was the failure of the principal investigator to disclose a conflict of interest that could have had a bearing on the credibility a reader wished to assign to the resulting work," the review read.

UT-Austin has announced that it will take the panel's review of the study very seriously and will work with the administration 'to conduct a compliance review for the purposes of improving internal procedures as they relate to the university's conflict of interest, conflict of commitment, and financial and relationship disclosures.'