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 Wisconsin Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that allows individuals or entities to convert their overriding royalty interest (ORRIS) in an oil or gas lease to a working interest (WI). This declaration provides specific guidelines and procedures to follow when making this conversion in the state of Wisconsin. Keywords: Wisconsin, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, oil, gas lease. In Wisconsin, there are two main types of Declarations of Election to Convert Overriding Royalty Interest to Working Interest: 1. Individual Declaration: This type of declaration is utilized by individuals who hold overriding royalty interests in an oil or gas lease in Wisconsin. It allows the individual to convert their ORRIS to a WI, granting them a direct working interest in the lease. By making this election, individuals can actively participate in the operations and management of the lease, rather than just receiving passive royalty payments. 2. Entity Declaration: This type of declaration is used by entities, such as corporations or partnerships, holding overriding royalty interests in Wisconsin oil or gas leases. Similar to the individual declaration, it enables the entity to convert their ORRIS to a WI, allowing them to have a direct working interest in the lease. This conversion provides entities with the ability to participate in the lease's decision-making process and potentially increase their financial returns. The Wisconsin Declaration of Election to Convert Overriding Royalty Interest to Working Interest is an important legal document that ensures the smooth transition of interests from ORRIS to WI in oil and gas leases within the state. It outlines the necessary steps, terms, and conditions to be followed by individuals or entities wishing to exercise their right to convert their overriding royalty interests. This declaration helps provide clarity and legal protection to all parties involved in this conversion process.
