My family owns mineral rights in Walker County, Texas. Za Za Energy is wanting to lease the mineral rights. It is about 3 miles from their Commodore Lease. What would a fair price be? What about royalties? Do you know if they are planning to drill any more in that area?
Have you looked into Za Za Energy? I would suggest reading the recent "Wall Street Journal" article about them. A check of their financial statements (quarterly earnings, etc) may be in order as well; they don't appear to be terribly solvent.
There is not always much negotiating to be done in terms of what company gets your lease, but be sure to do your homework so that you know who you're dealing with.
Best of Luck,