Expiration, forfeiture, or cancellation of lease — New lease

If any lease executed under the provisions of this subchapter shall forfeit, expire, become cancelled, or be rescinded before the death of the life tenant, the life tenant may execute a new lease in the manner provided by this subchapter, but in that case the court shall not allow him or her any further proportion of the minerals, but may allow him or her all or any part of the consideration and the rentals as may seem to the court to be equitable and just.