Nebraska Declaration of Election by Lessor to Convert Royalty Interest to Working Interest

• Category: Oil Gas and Minerals - Declarations
• State: Multi-State
• Control #: US-OG-311
• Format: Word; Rich Text

Description

This form is used when the Declarant reserved a (Fraction or Percentage) royalty interest, and the option, but not the obligation, to convert the reserved royalty interest to an undivided percentage working interest, at payout, as defined in the Lease. Nebraska Declaration of Election by Lesser to Convert Royalty Interest to Working Interest is a legal document used in the state of Nebraska that allows a lesser (property owner) to convert their royalty interest in an oil, gas, or mineral lease to a working interest. This declaration is essential for lesser's who want to have a more active role in the operations, exploration, and extraction of natural resources on their property. Keywords: 1. Nebraska Declaration of Election: Refers to the legal document filed in the state of Nebraska that allows lesser's to convert their royalty interest to working interest. 2. Lessor: The property owner who possesses the royalty interest and wishes to convert it to a working interest. 3. Convert: The act of changing the ownership structure of the royalty interest to a working interest. 4. Royalty Interest: A share of the revenue or production received by the lesser from the lessee (company or individual) based on a percentage determined in the lease agreement. 5. Working Interest: A type of ownership interest in an oil, gas, or mineral lease that grants the owner the right to actively participate in the operations and bear associated costs in exchange for a percentage of the revenue or production. 6. Oil, Gas, and Mineral Lease: A contractual agreement between the lesser (property owner) and the lessee (company or individual) that grants the lessee the right to explore, extract, and produce natural resources from the property. 7. Operations: Refers to the various activities involved in the exploration, development, and production of natural resources, such as drilling, well maintenance, and site operations. 8. Exploration: The process of searching for potential oil, gas, or mineral deposits on the property through activities like seismic surveys, geophysical studies, and test drilling. 9. Extraction: The process of removing the natural resources (oil, gas, or minerals) from the ground. 10. Property: The land or area in which the oil, gas, or mineral lease is located. Different types of Nebraska Declarations of Election by Lesser to Convert Royalty Interest to Working Interest may vary depending on the specific terms and conditions mentioned in the document. These variations might include provisions regarding the percentage of working interest desired by the lesser, the specific activities they wish to actively participate in, or any additional agreements negotiated between the lesser and lessee regarding the conversion.

Nebraska Declaration of Election by Lesser to Convert Royalty Interest to Working Interest is a legal document used in the state of Nebraska that allows a lesser (property owner) to convert their royalty interest in an oil, gas, or mineral lease to a working interest. This declaration is essential for lesser's who want to have a more active role in the operations, exploration, and extraction of natural resources on their property. Keywords: 1. Nebraska Declaration of Election: Refers to the legal document filed in the state of Nebraska that allows lesser's to convert their royalty interest to working interest. 2. Lessor: The property owner who possesses the royalty interest and wishes to convert it to a working interest. 3. Convert: The act of changing the ownership structure of the royalty interest to a working interest. 4. Royalty Interest: A share of the revenue or production received by the lesser from the lessee (company or individual) based on a percentage determined in the lease agreement. 5. Working Interest: A type of ownership interest in an oil, gas, or mineral lease that grants the owner the right to actively participate in the operations and bear associated costs in exchange for a percentage of the revenue or production. 6. Oil, Gas, and Mineral Lease: A contractual agreement between the lesser (property owner) and the lessee (company or individual) that grants the lessee the right to explore, extract, and produce natural resources from the property. 7. Operations: Refers to the various activities involved in the exploration, development, and production of natural resources, such as drilling, well maintenance, and site operations. 8. Exploration: The process of searching for potential oil, gas, or mineral deposits on the property through activities like seismic surveys, geophysical studies, and test drilling. 9. Extraction: The process of removing the natural resources (oil, gas, or minerals) from the ground. 10. Property: The land or area in which the oil, gas, or mineral lease is located. Different types of Nebraska Declarations of Election by Lesser to Convert Royalty Interest to Working Interest may vary depending on the specific terms and conditions mentioned in the document. These variations might include provisions regarding the percentage of working interest desired by the lesser, the specific activities they wish to actively participate in, or any additional agreements negotiated between the lesser and lessee regarding the conversion.