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 Montana Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that allows individuals or entities to convert their overriding royalty interest into a working interest in an oil and gas lease in Montana. This declaration provides the necessary information and instructions for the conversion process. Keywords: Montana Declaration of Election, Convert Overriding Royalty Interest, Working Interest, legal document, oil and gas lease, conversion process. Types of Montana Declaration of Election to Convert Overriding Royalty Interest to Working Interest: 1. Individual Conversion: This type of declaration is used by individuals who own overriding royalty interest and wish to convert it into a working interest in an oil and gas lease in Montana. It outlines the specific terms and conditions for the conversion and details the responsibilities and benefits associated with the working interest. 2. Corporate Conversion: Corporations or business entities that hold overriding royalty interest can utilize this type of declaration to convert it into a working interest. The document includes relevant provisions that address corporate ownership and responsibilities related to the working interest. 3. Partnership Conversion: Partnerships with overriding royalty interest can use this declaration to convert it into a working interest. It outlines the specific terms and division of responsibilities among partners regarding the conversion and subsequent operations as working interest owners. 4. Farm-Out Conversion: In cases where there is a farm-out agreement between the overriding royalty interest holder and the working interest owner, this type of declaration is utilized. It details the process of converting the overriding royalty interest into a working interest as specified in the farm-out agreement. Note: It is essential to consult an attorney or legal expert familiar with Montana oil and gas laws to ensure compliance and accuracy when drafting and executing the Montana Declaration of Election to Convert Overriding Royalty Interest to Working Interest.The Montana Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that allows individuals or entities to convert their overriding royalty interest into a working interest in an oil and gas lease in Montana. This declaration provides the necessary information and instructions for the conversion process. Keywords: Montana Declaration of Election, Convert Overriding Royalty Interest, Working Interest, legal document, oil and gas lease, conversion process. Types of Montana Declaration of Election to Convert Overriding Royalty Interest to Working Interest: 1. Individual Conversion: This type of declaration is used by individuals who own overriding royalty interest and wish to convert it into a working interest in an oil and gas lease in Montana. It outlines the specific terms and conditions for the conversion and details the responsibilities and benefits associated with the working interest. 2. Corporate Conversion: Corporations or business entities that hold overriding royalty interest can utilize this type of declaration to convert it into a working interest. The document includes relevant provisions that address corporate ownership and responsibilities related to the working interest. 3. Partnership Conversion: Partnerships with overriding royalty interest can use this declaration to convert it into a working interest. It outlines the specific terms and division of responsibilities among partners regarding the conversion and subsequent operations as working interest owners. 4. Farm-Out Conversion: In cases where there is a farm-out agreement between the overriding royalty interest holder and the working interest owner, this type of declaration is utilized. It details the process of converting the overriding royalty interest into a working interest as specified in the farm-out agreement. Note: It is essential to consult an attorney or legal expert familiar with Montana oil and gas laws to ensure compliance and accuracy when drafting and executing the Montana Declaration of Election to Convert Overriding Royalty Interest to Working Interest.
