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Read my answer below this. I suspect it is NOT a lease. You need to get an expert to look at what you have. Do not sign anything without doing that. It still might be worth considering but I'd bet it is not a lease. At least, not the traditional oil and gas lease. Could be some type of royalty lease. Which is really a conveyance.

I bet a dollar to a donut this is not an oil and gas lease. I'd bet it's a hybrid conveyance, some form of royalty deed with a 5 yr prescription period. I may be wrong but that's my guess.

FYI / map of this area attached. 

Attachments:

I received numerous offers SIMILAR to yours prior to drilling, while drilling and while fracking the multiple wells in my unit.  I will tell you from experience, the $ offered are no where near the royalty amounts I received and am still receiving.  

That is what you get with 95% of unsolicited offers. Fishing expeditions.  There are however some surprisingly aggressive offers currently for minerals that have new wells coming on line in the not too distant future.  Buyers are largely focused on near term Return On Investment (ROI).

I want to say they got up to 9000/acre for 70 acres for me.  I don't remember who they were.  

I'd say that qualifies as surprisingly aggressive.  The top of the market in 2008/2009 was $10,000 an acre for minerals under a quarter royalty lease.

There were two people in my section who sold.  One for 6800 and the other for 7200.  Im gonna say they kept on me just seeing if there was any number I would settle on which there wasn't any.

I'd say by your avatar, the force is strong with you.  And you're in a good Haynesville Shale location.  Good Luck.

I just received an offer in Sect 34-11-10 for $1,500 per acre with 1/5th royalty for 3+2 years

Sounds like that is a lease.  I received an offer from them to buy.  Im not aware of what the going rate for leasing is right now in that area but I would be more concerned about the 1/5th royalty and then deductions rather than the $amount

34 is an Indigo operated Haynesville unit, also prospective for Bossier Shale, and Indigo has a "spacing application" (this is not a well permit) which includes a single HC (Cross Unit Lateral) well for S/2 of S22 & S27 & N/4 of S34 on the hearing schedule for 4/21.  It could be many months after that date that Indigo will be ready to drill that well, so no need to get in a rush.  Know your negotiating position and reach out to Indigo to begin a conversation.  Let me know if you need any help.  Do Not lease to a "flipper", only to Indigo or a land company representing the company.

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