Regarding Love Co 7S-2E: Current OGL offerings range from $500 to $800/NMA for a 3/16th royalty Active Lessees in the Township include RD Williams & Co. (agent for XTO), Acoma Energy (Denver, CO) and Trailhead Exploration (via agent Blue Baron Energy of Norman,OK). Echo and Continental Resources (CLR) are also present. However, Echo has gained a reputation for not having a handle on title (mineral and leasehold) as well as not paying lease bonuses in a timely manner. Moreover, CLR is only accepting THEIR lease form at this time. Pick your poison carefully…
To arm yourself:
I’d draw attention to Pooling Order 631487 for applicant XTO Energy, dated 10/6/14 covering the Caney, Hunton, Sylvan and Woodford in section 31-7S-2E offering election terms of:
$1,302 & 1/8th
$1,202 & 3/16th
Also, Pooling Order 630580 for applicant XTO Energy, dated 1/27/14 covering the Caney, Hunton, Sylvan and Woodford in section 32-7S-2E offering election terms of: $1,350 & 1/8th $1,200 & 3/16th
Keep in mind: 
The aforementioned Poolings were issued in a $80+/bbl environment and most would argue 2014 was a more “competitive leasing environment”.
You will receive more favorable consideration if you can deliver a “multi section” lease. Besides the obvious advantage of delivering more acreage to the lessee; in this instance the lessee is not required to attest to the terms given to these “multi section” leases during the pooling application process at the OCC. Thus, making these types of land grabs more advantageous for both parties.
Options to extend: Again, pick your poison here. Generally speaking it’s not a deal breaker as it relates to the Lessee. However, if you’re going to play this game, ensure there’s an escalator if the option is exercised. E.g. most are willing to offer a 150% increase in bonus consideration should the option be exercised. Ensure this is in the body of the lease… Also consider you could receive more consideration for a lease with a full 5 year primary term - it really boils down to your tolerance.
LASTLY AND MOST IMPORTANTLY:
Do Not execute and return the original OGL before you have received bonus consideration - essentially once the lessee has your original OGL in hand, there is nothing to stop the lessee from filing it before paying you…
Alternatively, offer to provide the executed original once you have been paid. In the interim, offer to provide a IRS form W-9 (needed for payment anyway) and a COPY of the executed Original. This is how our industry has operated for years prior to recent.
That being said, Letters of Intent and Letter Agreements are not to be trusted. These are simply used to keep you interest “on the hook” with the offering party. Sure they may eventually buy a lease, but what if a better offer comes along in the mean time?? Moreover, these types of agreements usually only favor the potential lessee and allow them to walk away at any time for any reason. Why should you not have the same option?