Sparky:
You are definitely located in a “hot area” and you have a decent amount of net minerals in the area. If the current lease bonus is $1400/acre, I would go for a figure between $1800 - 2,000/acre with a 20% royalty and three year lease period. These leasing individuals have a ceiling amount they will pay and it’s your job to find out what that price is. Don’t forget, you can and should shop around to see who is leasing in your area and market your minerals before you sign a lease. I always negotiate on the high side as you can always go down on your bonus amounts. These are your minerals and you are in the driver’s seat in regards to the final approval.