In this paper, we aim to present a cooperative relaying based two way wireless communication scheme which can provide both spectral and energy efficiency in future wireless networks. To this end, we propose a novel network coding based Dynamic Spectrum Leasing (DSL) technique in which the cognitive secondary users cooperatively relay the primary data for two-way primary communication. In exchange for the relaying services, the primary grants exclusive access to the secondary users for their own activity. We model the random geometry of the ad hoc secondary users using a Poisson point process. We devise a game theoretic framework for the division of leasing time between the primary cooperation and secondary activity phases. We demonstrate that under these considerations and employing network coding, DSL can improve the number of bits that are successfully transmitted by 54% as compared to un-coded direct two way primary communication. Also the energy costs of the proposed DSL scheme are more than 10 times lower. Employing DSL also enables the cognitive users to get reasonable time for their own transmission after increasing the primary spectral and energy efficiency.