Lease offer from Magnolia Resorces,LLC

I just had a lease offer from Magnolia Resources, LLC for $1,500 NMA and 1/5 royalty. This is on Sec 20, 18N 19W. in Dewey County. Can anyone tell me if this is a good offer?? The lease says it's with MEP MID-CON III, LLC. I had this piece leased back in '08, but not for this much. Any help would be greatly appreciated.