In May, my sister and I received an offer to lease our mineral rights from "A Interests" for $5k consideration. We signed and returned the leases, and received our checks.
In September, we received an offer to ratify a lease of our mineral rights from "B Land & Minerals" for $14k consideration. In addition to the documents looking more professional, it included the information that we did not hold the executive rights, and copies of signtures from the other persons with mineral rights in property.
Three days later, "A Interests" called and told us because we do not hold the executive rights and that the leases we signed are invalid pursuant to the warranty provision of the lease. I cannot find anything in the lease about executive rights, invalidation of the lease, etc., but I am not an attorney and am new at this. They said they would release us from the lease if we return the consideration money we received.
My sister called "B Land & Minerals" and was told we did not have to wait for the release to sign the ratifacation of their lease.
Thanks to the discussion on this website about executive rights, I understand the lease with "A Interests" must be invalid.
1) if the lease is invalid, are we obliged to return the $5k consideration?
2) must we wait for the release before we can ratify the B Land & Minerals lease?
Thanks to anyone who can help with this.