Keville

The Hollister Estate Company, a California corporation (Estate), owned the Hollister Ranch in Santa Barbara County. In July 1962 Estate conveyed to plaintiffs and others (all shareholders in Estate) as tenants in common a 50 percent undivided interest “in any and all minerals in, upon or under, and any and all mineral rights in and to” the Hollister Ranch. Estate, however, reserved for itself, its successors and assigns, “. . . the sole and exclusive right and power to enter into and execute leases and agreements for the purpose of prospecting, exploring and mining for minerals thereon, and for the purpose of extracting and transporting minerals; and the right to do any and all things on said real property necessary or proper for mining purposes, or for the purpose of mining, or boring or exploring for oil or other minerals thereon.”

In August 1965, Estate conveyed its interests- in the Hollister Ranch to defendant Hollister Company, which in turn conveyed portions of its interests to other defendants.

in this action for declaratory relief plaintiffs, owners of 9.105 percent of the non-executive mineral interest, sought a declaration that defendants’ executive interest…