This form is used when, as a result of continuous production from the Lease and Lands, payout, as defined in an Assignment, has occurred, and Declarant is entitled to elect to convert the Override to a Working Interest, as provided for in the Assignment.
The Arkansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document used in the state of Arkansas to convert an overriding royalty interest (ORRIS) into a working interest. This declaration outlines the specific terms and conditions under which an individual or entity chooses to convert their ORRIS to a working interest. Keywords: Arkansas, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest. There are different types of Arkansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest based on the specific circumstances or requirements, such as: 1. Individual Declaration: This type of declaration is used when an individual holding an overriding royalty interest in a property elects to convert it into a working interest. The individual assumes more responsibility and becomes actively involved in the operations and costs of the property. 2. Entity Declaration: When an entity, such as a company or organization, holding an overriding royalty interest decides to convert it into a working interest, they utilize this type of declaration. The entity takes on the role of an active investor or operator and shares in the risks and rewards of the property. 3. Partial Conversion Declaration: In some cases, a partial conversion may be desired, where only a portion of the overriding royalty interest is converted into a working interest. This type of declaration specifies the exact percentage or amount of the conversion and outlines the rights and obligations associated with the newly acquired working interest. 4. Temporary Conversion Declaration: In certain situations, an overriding royalty interest owner may choose to temporarily convert it to a working interest. This type of declaration specifies a defined period during which the conversion will be in effect and outlines the terms and conditions for the conversion period. 5. Permanent Conversion Declaration: Alternatively, a declaration of permanent conversion is used when the overriding royalty interest is permanently converted into a working interest. This type of declaration typically extinguishes the ORRIS entirely and fully transfers the rights and responsibilities of the working interest to the converter. It is important to consult legal professionals or experts in Arkansas law for guidance on the specific requirements and implications of the Arkansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest as they may vary based on individual circumstances and any applicable regulations or agreements.The Arkansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document used in the state of Arkansas to convert an overriding royalty interest (ORRIS) into a working interest. This declaration outlines the specific terms and conditions under which an individual or entity chooses to convert their ORRIS to a working interest. Keywords: Arkansas, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest. There are different types of Arkansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest based on the specific circumstances or requirements, such as: 1. Individual Declaration: This type of declaration is used when an individual holding an overriding royalty interest in a property elects to convert it into a working interest. The individual assumes more responsibility and becomes actively involved in the operations and costs of the property. 2. Entity Declaration: When an entity, such as a company or organization, holding an overriding royalty interest decides to convert it into a working interest, they utilize this type of declaration. The entity takes on the role of an active investor or operator and shares in the risks and rewards of the property. 3. Partial Conversion Declaration: In some cases, a partial conversion may be desired, where only a portion of the overriding royalty interest is converted into a working interest. This type of declaration specifies the exact percentage or amount of the conversion and outlines the rights and obligations associated with the newly acquired working interest. 4. Temporary Conversion Declaration: In certain situations, an overriding royalty interest owner may choose to temporarily convert it to a working interest. This type of declaration specifies a defined period during which the conversion will be in effect and outlines the terms and conditions for the conversion period. 5. Permanent Conversion Declaration: Alternatively, a declaration of permanent conversion is used when the overriding royalty interest is permanently converted into a working interest. This type of declaration typically extinguishes the ORRIS entirely and fully transfers the rights and responsibilities of the working interest to the converter. It is important to consult legal professionals or experts in Arkansas law for guidance on the specific requirements and implications of the Arkansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest as they may vary based on individual circumstances and any applicable regulations or agreements.
