My family signed a lease a couple weeks ago for property my grandparents owned in Richland County Montana many years ago. We received $75/acre, 15% royalty, for a five year lease. We weren't entirely sure how competitive it was but that property had not received a lease offer for almost thirty years. We decided that the money was a blessing and ended up taking the offer. We received an offer shortly after we mailed ours out and it was for $70, apparently there is not a lot of competition in our particular area and our offer looks like it was not that bad.
We learned that some owners were getting quite a bit more money than us, but their property is smack dab in the middle of the areas that are producing, we are towards the south end and it sounds like (something later confirmed by my family) the production is not in that area.
An old friend of my brothers is more familiar with the oil industry and he told us to make sure we had a "Pue Clause" or something along those lines, apparently without those the company can keep your lease for years if you don't have one and part of it produces oil. Ours did not have one and we had to ask for one to be included. The attorney said that most honest companies include those without having to be asked. He told us to maybe reconsider who we dealt with because they tried pulling a fast one on us. We sat on our lease until the end but did not receive an offer so we decided to take it. So far, we are happy. Thousands of dollars to sign a few pieces of paper was a pretty good deal when it was all said and done. I sure hope it works out!
Best of luck,