Mr. McNitt is correct. Onshore is a reputable company. I have been informed that they are exclusively taking leases for Vintage Petroleum, which is a wholly owned subsidiary of Occidental Petroleum. Oxy is a very large and reputable oil company.
Mr. McNitt is also correct that $40 per acre is low. Depending upon where in Kings County the property is located, rents are at least twice that, with large landowners able to negotiate more. Your negotiation power is related to the percentage of interest that you own in the 160 acres.
Hope this helps.