Yesterday I spoke to a landman buddy of mine who is familiar with current activity in Leon. The numbers you mention in your post are consistent with what he told me. As with all leases in a particular area, bonus and royalty can and will fluctuate depending on the size (amount of net mineral acres) and previous history, and of course oftentimes the ability of the landowner to give things some time, as opposed to signing the first deal that presents itself. Quarter royalties for instance are not unheard of in this area, but not for all properties.
Have you ever heard the old saying, “All politics are local”? Well, as I often tell people, oil and gas land leasing is like politics. It’s local, very local - meaning your property can be valued differently than your neighbors. It’s not always that way, but certainly can be.
Follow the rules of good negotiating: give it some time, say what you mean and mean what you say, discover all the intelligence you can about the area, talk to neighbors, use online resources. Best of luck.