Pretty standard, gas is a hot commodity right now. If they find gas, which I'm sure that they will (they are too which is why they are talking to you) you will be banking a check every month. I could go into details but there is low pressure gas in all the old oil fields. It is your resource, you choose. You can also check on what mineral leases go for in your area and put it up for lease, they have auctions all the time. If they are offering 7 they will go more like 10 to 14K, pooling is just a way of them being able to assign the lease to someone else if they are just acquiring leases to sell rather than being a production company. Bottom line is that a well requires pipelines to a collection point too, so it's a piping system that will be in place, not just a well. Also someone has to come all the time and check the well too so you'll have company man around alot, which has alot of advantages IMO and some disadvantages depending on how isolated you are. As for being open ended, that is to be expected as they would invest a sizeable sum installing all of that. So, if you do decide to go for it, counter their offer, add in what you want and pray that they drill some holes. you could be getting a $1000 or more a month check, just for gas for the next 20 years or more!!!
P&A is plug and abandon as previously stated, but would require perforations in the water zone to make it a producing water well, relatively simple IMO.
I worked for Schlumberger for 4 years as a field engineer doing oil and gas completions, stimulations and frac's. I own patented mineral rights and property too here in NM so I've been around the block a time or two.