I am new to the forum, so please, be gentle: may not have posted in the correct forum.
Drilling will commence in the next week or so on a piece of land I own. Evangeline Parish, Louisiana. All matters satisfactory there.
However, another issue has come up. I have been contacted by Misstates Petroleum Company. Apparently, they are in the process of purchasing an existing pipeline that runs through my property. The gentleman who contacted me stated that they (midstates petroleum) gained interest in the pipeline because of upcoming activity in the area. It is my understanding from them that Conoco originally placed the pipeline decades ago. i have granted them the opportunity to "test" the pipeline, but have made no other agreements with them.
Yesterday, their representative sent me a proposed agreement without a sum filled for me to review. They claim to want to "go quickly" on this.
I have several questions:
1) This was family land. no one in my family knew of an existing pipeline, or did they remember receiving payment for a pipeline.
2) If this pipeline was not maintained for a number of years, does it remain the property of Conoco to be sold, or does it revert back to my ownership?
3) They claim the pipeline tested ok, and no land disturbance should be required. How can I guarantee that they will not offer me an unreasonable price with the intent to seek repairs after the agreement is signed?
4) What can I expect to see in compensation per rod?
Thanks for the help and any advice.
I own 107 acres there, and I don't even know how much acreage the pipeline passes through. Representative states he will bring a map when we meet (expect to meet in the next week or so).