I have a question.
Is it common to have separate leases ( same tract of land) for each sibling?
If so, what would the purpose be, instead of having 1 lease with everyone's name on it?
This is normal. Although each sibling inherited the minerals through a common source, say your parent's will or estate, unless his minerals were specifically conveyed in some joint fashion (such as into a trust) typically each of you (the siblings) own a SEPARATE undivided interest in those same minerals.
For example; If Dad owned 160 net acres under 320 gross acres (the surface area). Upon his death his four kids inherit his minerals. Each of the four now own a separate individual 40 net acres. Although separate interests, these are "undivided" interests. So your 40 NET acres are under the entire 320 surface acres, as are each of your siblings 40 net acres. It is not as if your 40 acres are over here, your sister's over there, and another's elsewhere. Instead think of it as a percentage of the whole. Dad owned 50% of the minerals under 320 acres. The four siblings now each own 12.5% under that same entire 320 acres.
A single lease could be prepared for all of the siblings to sign. However, it is better to have each one of you sign your own individual lease. If some problem is discovered with the chain of title to one of the siblings interest, then the other individual interests are not encumbered with that problem. So don't worry about the individual leases (unless they're trying to pick off some with lesser terms). Hope this makes sense.
Could 1 sibling negotiate a better deal, or hold out for a better deal, without the others being involved? Would the Oil Co. even consider negotiating like that?
Patti, Most definetly, say you have three other siblings, the aquired (inherited,ect. ) mineral right would have an associated percentage of mineral interest. that percentage would now be divided by 4......... in the legals you should see 1/4 for you, 1/4 for sister sue, 1/4 for bro joe, ect........ you would all have a 1/4 percentage of that listed mineral interest. each 1/4 is now its own entity, its yours and only yours even tho it is 1/4 of the origional. you negotiate for only your 1/4, it doesn't matter what the other siblings do, it is yours and only yours. Hope this helps. Brian...