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 New Hampshire Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that outlines the process and terms for converting an overriding royalty interest (ORRIS) into a working interest (WI) in the oil and gas industry. This declaration allows a party holding an ORRIS to exercise their option to convert it into a WI, thereby gaining a direct ownership interest in the underlying mineral rights and allowing them to participate in the exploration, development, and production activities. Keywords: New Hampshire, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, oil and gas industry, mineral rights, exploration, development, production activities. There may be variations or types of the New Hampshire Declaration of Election to Convert Overriding Royalty Interest to Working Interest depending on specific circumstances or agreements. Some possible variations could include: 1. Individual Conversion Declaration: This type of declaration is initiated by an individual or entity holding an ORRIS who wishes to convert it into WI. The document outlines the terms, conditions, and specific requirements for the conversion process. 2. Joint Conversion Declaration: When multiple parties with Orris collectively decide to convert them into Wis, a joint conversion declaration is drafted. This document serves as a unanimous agreement among all parties involved to convert their respective Orris into Wis. 3. Operator-initiated Conversion Declaration: In certain cases, the operator of an oil or gas well may propose the conversion of all Orris associated with the well into Wis, simplifying the ownership structure. The operator initiates this type of conversion declaration, specifying the terms and conditions for the conversion and providing a timeline for interested parties to endorse the conversion. 4. Partial Conversion Declaration: A partial conversion declaration occurs when an ORRIS holder chooses to convert only a portion of their ORRIS into a WI, while retaining the remaining interest as an ORRIS. This declaration clearly outlines the percentage or fraction of the ORRIS being converted. 5. Temporary Conversion Declaration: This type of declaration allows for a temporary conversion of an ORRIS into a WI. It may be initiated to facilitate drilling or other specific operations in an oil or gas well for a predetermined period, after which the interest returns to its original ORRIS status. These variations in the New Hampshire Declaration of Election to Convert Overriding Royalty Interest to Working Interest cater to different scenarios and intentions of parties involved, ensuring clarity and compliance throughout the conversion process.
The New Hampshire Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that outlines the process and terms for converting an overriding royalty interest (ORRIS) into a working interest (WI) in the oil and gas industry. This declaration allows a party holding an ORRIS to exercise their option to convert it into a WI, thereby gaining a direct ownership interest in the underlying mineral rights and allowing them to participate in the exploration, development, and production activities. Keywords: New Hampshire, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, oil and gas industry, mineral rights, exploration, development, production activities. There may be variations or types of the New Hampshire Declaration of Election to Convert Overriding Royalty Interest to Working Interest depending on specific circumstances or agreements. Some possible variations could include: 1. Individual Conversion Declaration: This type of declaration is initiated by an individual or entity holding an ORRIS who wishes to convert it into WI. The document outlines the terms, conditions, and specific requirements for the conversion process. 2. Joint Conversion Declaration: When multiple parties with Orris collectively decide to convert them into Wis, a joint conversion declaration is drafted. This document serves as a unanimous agreement among all parties involved to convert their respective Orris into Wis. 3. Operator-initiated Conversion Declaration: In certain cases, the operator of an oil or gas well may propose the conversion of all Orris associated with the well into Wis, simplifying the ownership structure. The operator initiates this type of conversion declaration, specifying the terms and conditions for the conversion and providing a timeline for interested parties to endorse the conversion. 4. Partial Conversion Declaration: A partial conversion declaration occurs when an ORRIS holder chooses to convert only a portion of their ORRIS into a WI, while retaining the remaining interest as an ORRIS. This declaration clearly outlines the percentage or fraction of the ORRIS being converted. 5. Temporary Conversion Declaration: This type of declaration allows for a temporary conversion of an ORRIS into a WI. It may be initiated to facilitate drilling or other specific operations in an oil or gas well for a predetermined period, after which the interest returns to its original ORRIS status. These variations in the New Hampshire Declaration of Election to Convert Overriding Royalty Interest to Working Interest cater to different scenarios and intentions of parties involved, ensuring clarity and compliance throughout the conversion process.
