I've been offered a 5-year extension of an original 5-year Oil & Gas lease I signed in 2008 on my mineral rights in Converse County, WY: Township 33 North, Range 68 West, Sections 25 & 26. The offer is for $175 per acre bonus payment and 15% royalty for an additional 5 years.
Given the recent activity in Converse County, (e.g. the recent record bid on federal lands in Converse County), the bonus payment offer seems low. Is there anyone who has been offered payment for leasing their rights in the area recently that can give me guidance whether to accept or reject the offer, or suggest a reasonable counter offer?