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 Pennsylvania Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document used in the oil and gas industry to convert a royalty interest into a working interest. This declaration is commonly used when a party who owns an overriding royalty interest (ORRIS) wishes to convert it into a working interest, which provides them with a direct ownership interest in the production and a share of the cost and income associated with the operation. Keywords: Pennsylvania, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, oil and gas industry Different types of Pennsylvania Declarations of Election to Convert Overriding Royalty Interest to Working Interest may include: 1. Single Well Declaration: This type of declaration applies to converting an ORRIS to a working interest for a specific well or wells within a defined area. It allows the owner to participate in the costs and profits associated with those particular wells. 2. Area-Wide Declaration: This type of declaration encompasses a larger geographical area and provides the owner of the ORRIS with the option to convert their interest to a working interest across multiple wells or leasehold locations within the designated area. 3. Partial Conversion Declaration: In certain cases, the owner of an ORRIS may choose to convert only a part of their royalty interest into a working interest. This can be done through a partial conversion declaration, specifying the exact percentage or portion they wish to convert. 4. Full Conversion Declaration: This type of declaration is used when the owner of an ORRIS wants to convert their entire royalty interest into a working interest. It transfers the rights and responsibilities of the royalty interest owner to become a direct working interest owner. By filing a Pennsylvania Declaration of Election to Convert Overriding Royalty Interest to Working Interest, parties involved can ensure a clear and legally binding agreement to convert their royalty interest into a working interest, facilitating their direct participation in the operations and financial outcomes of oil and gas production in Pennsylvania.The Pennsylvania Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document used in the oil and gas industry to convert a royalty interest into a working interest. This declaration is commonly used when a party who owns an overriding royalty interest (ORRIS) wishes to convert it into a working interest, which provides them with a direct ownership interest in the production and a share of the cost and income associated with the operation. Keywords: Pennsylvania, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, oil and gas industry Different types of Pennsylvania Declarations of Election to Convert Overriding Royalty Interest to Working Interest may include: 1. Single Well Declaration: This type of declaration applies to converting an ORRIS to a working interest for a specific well or wells within a defined area. It allows the owner to participate in the costs and profits associated with those particular wells. 2. Area-Wide Declaration: This type of declaration encompasses a larger geographical area and provides the owner of the ORRIS with the option to convert their interest to a working interest across multiple wells or leasehold locations within the designated area. 3. Partial Conversion Declaration: In certain cases, the owner of an ORRIS may choose to convert only a part of their royalty interest into a working interest. This can be done through a partial conversion declaration, specifying the exact percentage or portion they wish to convert. 4. Full Conversion Declaration: This type of declaration is used when the owner of an ORRIS wants to convert their entire royalty interest into a working interest. It transfers the rights and responsibilities of the royalty interest owner to become a direct working interest owner. By filing a Pennsylvania Declaration of Election to Convert Overriding Royalty Interest to Working Interest, parties involved can ensure a clear and legally binding agreement to convert their royalty interest into a working interest, facilitating their direct participation in the operations and financial outcomes of oil and gas production in Pennsylvania.
