(1) The circuit 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.
(2) All proceedings under the provisions of this subchapter shall begin at any time the court shall be in session twenty (20) days after service of summons on the respondents.
(3) The court may hear oral testimony to determine whether or not the execution of the lease is advisable.
(4) It shall also determine what part of the consideration therefor, the rentals accruing thereunder, and what proportion of the oil, gas, and minerals should be allowed to the life tenant in fee simple as compensation for the damage to his or her life estate on account of the execution of the lease.