Well, I would probably counter the Chesapeake offer and see how they respond. Usually, in this area, they will offer you a certain amount of bonus money (a few hundred $/acre) for the standard 3/16 lease. They will usually offer a lower bonus amount for a 1/5 royalty. And they might even offer a 1/4 royalty with no bonus or a minimal bonus. I would ask what bonus they offer for each of these royalties. Then, feel free to counter offer to them, and you will find out how bad they want it in your particular section. They may not negotiate at all, or they may show some interest. Once you get what you feel is their best offer, you can if you wish contact some of the other companies and see if they are interested. And before you sign anything, you need an addendum to your oil and gas lease that will give you certain protections that are always left out of the leases that they offer. You will find that discussed elsewhere on this forum.