Mineral rights lease question

My wife has a 20 acre share of a mineral rights parcel in 18-16n-13e. We received a cold call lease contract in the mail in August for a 3year lease with 2 year option and 3/16 royalty for $300 an acre. We knew at the time from scanning that this was low so we didn't go through with it. We received an offer in the last couple weeks, unsolicited again, for $2750 per acre with a 5 year term and a 3/16 royalty. This seems like a great offer, but I'm baffled at how far apart these two offers could possibly be. Can anyone give advice as to the values and production potential in the area and any thoughts on the importance of the lease term lengths?

Personally, I would not do a five year lease. Too much can happen in that period of time as we have seen recently. The max would be three. There is a horizontal well just to the west of you in 24,25-16N14W and one immediately to the east of you in 17-16N-13W. I would also go for 1/5th, not 3/16ths. Be very careful with the terms of the lease. Do not take the first one they offer. Always need to negotiate for better clauses. Friend me if you need help. Current regulatory apps were just in 24, 25 and 36 of 16N-13W. Continental and Cimarex are in there.

Read over the last six months on the Blaine forum to get caught up to date on the activity and concerns in the area. You will be much better informed and get quite a few questions answered quickly.