Gary, as everyone else stated you should never lease at $10 per acre with a 1/8th (12.5%) royalty. I'd say that regardless of where your minerals are located. Though unlike Wilson I'd not be adverse to leasing with an investor/speculator, if their offer was attractive enough. Sometimes those who want to participate will offer a superior deal to what the oil companies will show. Though that is not the case you've posted.
As to Converse Co, WY; Currently portions of this county are as "hot" as any place in Wyoming. In those areas several oil companies have been actively trying to lease minerals for the past two years. So if this $10 with an 1/8th is your first offer it suggests your minerals are quite a distance from the area in play. Somebody, probably a speculator, is just fishing outside the edges of the play to tie up minerals on the cheap. They're willing to risk $800 on the chance the current play will extend your way before their five year lease is up.
Rather than tying up your interest for $800, the best thing to do is wait to see if the play moves your direction. If it comes into "your" neighborhood, you might expect 3/16th (18.75%) royalty on offers of $200, $400, or $600 per net acre depending upon how close you are to their active area. On the other hand, if the play never moves your way, well then all you have "lost" is their potential $800 payment. That is the essence of your decision.
In the meantime, take a look at the State's website map to see how near/far you are from the current permiting and drilling within the county. Go to http://WOGCC.state.wy.us and search out your location. Good Luck.