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 York Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that outlines the process and requirements for individuals or entities to convert their overriding royalty interest (ORRIS) into a working interest in an oil or gas property located in the state of New York. This declaration is specific to oil and gas properties in New York and is designed to provide clear guidelines for those seeking to make this conversion. The New York Declaration of Election to Convert Overriding Royalty Interest to Working Interest is essential for individuals or companies seeking to have a more active role in the management and development of an oil or gas property. By converting their ORRIS to a working interest, they become a direct participant in drilling, operating, and producing activities, sharing both the costs and benefits of the venture. The declaration outlines the legal procedures, documentation, and terms that must be followed in order to complete the conversion process. It typically includes information such as the names of the parties involved, detailed property description, effective date of the conversion, and the specific working interest percentage being acquired. It is important to note that while the New York Declaration of Election to Convert Overriding Royalty Interest to Working Interest generally follows a standardized format, there may be variations depending on the specific circumstances or agreements between the parties involved. These variations may include additional clauses, terms, or conditions that further define the rights and responsibilities of the parties. Overall, the New York Declaration of Election to Convert Overriding Royalty Interest to Working Interest serves as a legal framework for individuals or companies to convert their ORRIS to a working interest, allowing them to actively participate in the development and operations of an oil or gas property in New York. It ensures transparency, clarity, and protection of the rights and obligations of all parties involved in the conversion process.
