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 Nebraska Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that outlines the process by which an overriding royalty interest (ORRIS) can be converted into a working interest in the state of Nebraska. This conversion allows the owner of the ORRIS to become actively involved in the operations and decision-making processes of an oil and gas lease. The primary purpose of the Nebraska Declaration of Election to Convert Overriding Royalty Interest to Working Interest is to provide a mechanism for ORRIS owners to have a more direct role in the development and production of oil and gas resources on their owned property. By converting their royalty interest into a working interest, the owner gains the rights and responsibilities associated with being a working interest owner. The key keywords related to this topic include: 1. Nebraska: Refers to the state of Nebraska, where this particular declaration is applicable. 2. Declaration: Describes a formal statement or document that signifies intent or agreement. 3. Election: Refers to the choice made by the ORRIS owner to convert their overriding royalty interest into a working interest. 4. Convert: Indicates the process of transforming one type of interest (ORRIS) into another (working interest). 5. Overriding Royalty Interest: Represents a share of production revenues reserved for someone other than the working interest owner. 6. Working Interest: Refers to the ownership interest in an oil and gas lease that bears the cost of development and operation. 7. Oil and Gas: Denotes the natural resources being explored, produced, and managed in accordance with the conversion described in the declaration. Although there may not be explicit different types of Nebraska Declarations of Election to Convert Overriding Royalty Interest to Working Interest, variations can arise depending on specific lease agreements, terms, or any additional provisions outlined in the declaration. It is essential to consult legal counsel or review specific documentation to understand the context and conditions of a particular declaration.The Nebraska Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that outlines the process by which an overriding royalty interest (ORRIS) can be converted into a working interest in the state of Nebraska. This conversion allows the owner of the ORRIS to become actively involved in the operations and decision-making processes of an oil and gas lease. The primary purpose of the Nebraska Declaration of Election to Convert Overriding Royalty Interest to Working Interest is to provide a mechanism for ORRIS owners to have a more direct role in the development and production of oil and gas resources on their owned property. By converting their royalty interest into a working interest, the owner gains the rights and responsibilities associated with being a working interest owner. The key keywords related to this topic include: 1. Nebraska: Refers to the state of Nebraska, where this particular declaration is applicable. 2. Declaration: Describes a formal statement or document that signifies intent or agreement. 3. Election: Refers to the choice made by the ORRIS owner to convert their overriding royalty interest into a working interest. 4. Convert: Indicates the process of transforming one type of interest (ORRIS) into another (working interest). 5. Overriding Royalty Interest: Represents a share of production revenues reserved for someone other than the working interest owner. 6. Working Interest: Refers to the ownership interest in an oil and gas lease that bears the cost of development and operation. 7. Oil and Gas: Denotes the natural resources being explored, produced, and managed in accordance with the conversion described in the declaration. Although there may not be explicit different types of Nebraska Declarations of Election to Convert Overriding Royalty Interest to Working Interest, variations can arise depending on specific lease agreements, terms, or any additional provisions outlined in the declaration. It is essential to consult legal counsel or review specific documentation to understand the context and conditions of a particular declaration.
