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 Washington Declaration of Election to Convert Overriding Royalty Interest to Working Interest is an important legal document that allows individuals or entities to convert their overriding royalty interest into working interest in the state of Washington. This declaration signifies a change in ownership and rights over an oil, gas, or mineral lease. In Washington, there are primarily two types of Declarations of Election to Convert Overriding Royalty Interest to Working Interest: 1. Individual Declaration: An individual who initially holds overriding royalty interest in an oil, gas, or mineral lease can choose to convert it into working interest. This declaration is filed with the appropriate authorities and specifies the parties involved, the lease details, and the interest to be converted. 2. Entity Declaration: Similar to the individual declaration, an entity such as a company, partnership, or trust can also convert their overriding royalty interest into working interest. This type of declaration requires providing detailed information about the entity's structure, representatives, and legal documentation supporting the conversion. Keywords: Washington Declaration, Election to Convert, Overriding Royalty Interest, Working Interest, oil lease, gas lease, mineral lease, Washington state, individual declaration, entity declaration, ownership rights, legal document.The Washington Declaration of Election to Convert Overriding Royalty Interest to Working Interest is an important legal document that allows individuals or entities to convert their overriding royalty interest into working interest in the state of Washington. This declaration signifies a change in ownership and rights over an oil, gas, or mineral lease. In Washington, there are primarily two types of Declarations of Election to Convert Overriding Royalty Interest to Working Interest: 1. Individual Declaration: An individual who initially holds overriding royalty interest in an oil, gas, or mineral lease can choose to convert it into working interest. This declaration is filed with the appropriate authorities and specifies the parties involved, the lease details, and the interest to be converted. 2. Entity Declaration: Similar to the individual declaration, an entity such as a company, partnership, or trust can also convert their overriding royalty interest into working interest. This type of declaration requires providing detailed information about the entity's structure, representatives, and legal documentation supporting the conversion. Keywords: Washington Declaration, Election to Convert, Overriding Royalty Interest, Working Interest, oil lease, gas lease, mineral lease, Washington state, individual declaration, entity declaration, ownership rights, legal document.
