I am the successor Trustee of a Testamentary Trust that owns Mineral rights. My job is to divide the Mineral rights and assign them to three Beneficiaries.
Location is in Kern County California
Township 32 South, Range 29 East , M.D.B. & M.
Section 28: NW1/4 NE1/4 SW1/4; and SW1/4 NW1/4 SW1/4
From the last Lease agreement:
APN 446-090-08 PTN
Mineral Percentage 10.00%
Gross ACRES 20.00
Net mineral ACRES 2.00
This agreement was generated in October 2012 and surrendered in December 2014.
The name on the Lease had the Trustee name (she passed away) and the Testamentary Trust name.
A prior lease agreement was filed in 1987 under the name of the owner or possibly the father of the owner but not in a trust name. I assume both leases were unproductive.
Having inquired with a lawyer familiar with Oil Leases and from that area, the cost of finding and transferring the Deed would start at $1,500.00 and possibly escalate to thousands more depending.
My question is, since it was leased twice with no benefit to the Lessor and the Net Mineral ACRES are small is there ever a chance to recouped the expenditure.
And what are my alternatives?