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 Wyoming Declaration of Election to Convert Overriding Royalty Interest to Working Interest refers to a legal document used in the state of Wyoming to convert an overriding royalty interest (ORRIS) to a working interest in an oil and gas lease. This declaration allows the ORRIS holder to convert their interest from a non-operating royalty interest to a working interest, thus obtaining the rights and responsibilities of an operator in the extraction and production process. This document outlines the procedures, terms, and conditions under which the conversion can take place. Keywords: Wyoming, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, oil and gas lease, non-operating royalty interest, extraction, production process. Types of Wyoming Declaration of Election to Convert Overriding Royalty Interest to Working Interest: 1. Simple Declaration of Election: This type involves a straightforward conversion of overriding royalty interest to working interest without any additional terms or conditions. 2. Conditional Declaration of Election: In this type, the conversion is subject to certain conditions that need to be fulfilled before the conversion can take effect. These conditions may include the attainment of a specific level of production, lease term limitations, or approval from other involved parties. 3. Partial Conversion Declaration of Election: This type allows the ORRIS holder to convert only a portion of their overriding royalty interest to a working interest while retaining the remaining portion as an ORRIS. 4. Full Conversion Declaration of Election: This type involves the complete conversion of the overriding royalty interest to a working interest, transferring all rights and responsibilities to the ORRIS holder as a working interest owner. 5. Time-Limited Declaration of Election: This type establishes a specific timeframe within which the ORRIS holder can exercise their election to convert the overriding royalty interest to a working interest. Failure to exercise the conversion within the designated timeframe may result in forfeiture of the conversion rights. It is essential to consult with a qualified attorney or legal professional familiar with Wyoming's laws and regulations to draft and execute the Wyoming Declaration of Election to Convert Overriding Royalty Interest to Working Interest accurately and in compliance with all applicable requirements.The Wyoming Declaration of Election to Convert Overriding Royalty Interest to Working Interest refers to a legal document used in the state of Wyoming to convert an overriding royalty interest (ORRIS) to a working interest in an oil and gas lease. This declaration allows the ORRIS holder to convert their interest from a non-operating royalty interest to a working interest, thus obtaining the rights and responsibilities of an operator in the extraction and production process. This document outlines the procedures, terms, and conditions under which the conversion can take place. Keywords: Wyoming, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, oil and gas lease, non-operating royalty interest, extraction, production process. Types of Wyoming Declaration of Election to Convert Overriding Royalty Interest to Working Interest: 1. Simple Declaration of Election: This type involves a straightforward conversion of overriding royalty interest to working interest without any additional terms or conditions. 2. Conditional Declaration of Election: In this type, the conversion is subject to certain conditions that need to be fulfilled before the conversion can take effect. These conditions may include the attainment of a specific level of production, lease term limitations, or approval from other involved parties. 3. Partial Conversion Declaration of Election: This type allows the ORRIS holder to convert only a portion of their overriding royalty interest to a working interest while retaining the remaining portion as an ORRIS. 4. Full Conversion Declaration of Election: This type involves the complete conversion of the overriding royalty interest to a working interest, transferring all rights and responsibilities to the ORRIS holder as a working interest owner. 5. Time-Limited Declaration of Election: This type establishes a specific timeframe within which the ORRIS holder can exercise their election to convert the overriding royalty interest to a working interest. Failure to exercise the conversion within the designated timeframe may result in forfeiture of the conversion rights. It is essential to consult with a qualified attorney or legal professional familiar with Wyoming's laws and regulations to draft and execute the Wyoming Declaration of Election to Convert Overriding Royalty Interest to Working Interest accurately and in compliance with all applicable requirements.
