(1) The court shall consider the petition and may in its absolute discretion require that other persons as it deems proper be made parties to the proceeding. The court may hear testimony to determine whether or not the execution of the lease is advisable.
(2) The court shall also determine what part of the bonus consideration paid for the lease; of the delay rentals, if any, accruing thereunder; of the other payments, if any, provided for therein; and of the royalties reserved therein and accruing thereunder, not exceeding one-half (½) of the royalties, should be awarded the life tenant as compensation for the lease upon his or her interest in the premises and for the damage to his or her life estate on account of the execution of the lease.