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 Oregon Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that enables the conversion of an overriding royalty interest (ORI) into a working interest in oil, gas, or mineral rights in the state of Oregon. This declaration is crucial when parties wish to change their involvement in a project or property. When an individual or entity holds an ORI, they are entitled to receive a percentage of the revenue generated from the production of oil, gas, or minerals. However, the ORI holder does not have any operational or decision-making authority in the project. By converting an ORI into a working interest, the holder becomes actively involved in the process and assumes responsibilities, liabilities, and decision-making power. Keywords: Oregon Declaration, Election, Convert, Overriding Royalty Interest, Working Interest, Oil, Gas, Minerals, Legal Document, Revenue, Operational Authority, Decision-making Power. There are no known different types of Oregon Declarations of Election to Convert Overriding Royalty Interest to Working Interest, as the primary focus remains on the conversion process itself rather than variations.The Oregon Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that enables the conversion of an overriding royalty interest (ORI) into a working interest in oil, gas, or mineral rights in the state of Oregon. This declaration is crucial when parties wish to change their involvement in a project or property. When an individual or entity holds an ORI, they are entitled to receive a percentage of the revenue generated from the production of oil, gas, or minerals. However, the ORI holder does not have any operational or decision-making authority in the project. By converting an ORI into a working interest, the holder becomes actively involved in the process and assumes responsibilities, liabilities, and decision-making power. Keywords: Oregon Declaration, Election, Convert, Overriding Royalty Interest, Working Interest, Oil, Gas, Minerals, Legal Document, Revenue, Operational Authority, Decision-making Power. There are no known different types of Oregon Declarations of Election to Convert Overriding Royalty Interest to Working Interest, as the primary focus remains on the conversion process itself rather than variations.
