Is there a form letter to send to a company replying to a request for options on a lease? And what to ask for and accept from them?
Your question is too vague because different states have different clauses due to their statutes. You can request a draft lease and then highly recommend that a good oil and gas attorney for your state review the lease. Most savvy mineral owners would want the highest royalty and no post production charges among about 20 other important clauses, so get that legal help.
@M_Barnes is spot on. I respond in general and simply tell them they need to improve the offer for a serious consideration. This may start a negotiation without you stating a max term requirement.