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 Collin Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that establishes the decision of an individual or entity to convert their overriding royalty interest into a working interest in oil, gas, or mineral leases located in Collin County, Texas. This declaration is often made by individuals or companies who seek to have a more active role in the operations and decision-making processes associated with these leases. The purpose of this declaration is to formally notify all relevant parties, including the lease operator, other working interest owners, and any governing authorities, about the decision to convert the overriding royalty interest. By doing so, the individual or entity gains the rights, obligations, and responsibilities associated with being a working interest owner. By converting their overriding royalty interest to working interest, the declaring gains the right to actively participate in the exploration, production, and development of the oil, gas, or mineral resources. This includes the ability to make decisions regarding drilling operations, marketing arrangements, and any other activities related to maximizing the value and potential of the leased property. There may be different types or variations of the Collin Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest, depending on the specific terms, conditions, and provisions outlined in the document. These may include variations regarding ownership percentages, operating expenses, risk-sharing agreements, or any other unique arrangements agreed upon by the involved parties. In summary, the Collin Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legally binding document that enables an overriding royalty interest holder to convert their interest to a working interest owner. This allows them to actively participate in the decision-making and operations associated with oil, gas, or mineral leases located in Collin County, Texas.The Collin Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that establishes the decision of an individual or entity to convert their overriding royalty interest into a working interest in oil, gas, or mineral leases located in Collin County, Texas. This declaration is often made by individuals or companies who seek to have a more active role in the operations and decision-making processes associated with these leases. The purpose of this declaration is to formally notify all relevant parties, including the lease operator, other working interest owners, and any governing authorities, about the decision to convert the overriding royalty interest. By doing so, the individual or entity gains the rights, obligations, and responsibilities associated with being a working interest owner. By converting their overriding royalty interest to working interest, the declaring gains the right to actively participate in the exploration, production, and development of the oil, gas, or mineral resources. This includes the ability to make decisions regarding drilling operations, marketing arrangements, and any other activities related to maximizing the value and potential of the leased property. There may be different types or variations of the Collin Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest, depending on the specific terms, conditions, and provisions outlined in the document. These may include variations regarding ownership percentages, operating expenses, risk-sharing agreements, or any other unique arrangements agreed upon by the involved parties. In summary, the Collin Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legally binding document that enables an overriding royalty interest holder to convert their interest to a working interest owner. This allows them to actively participate in the decision-making and operations associated with oil, gas, or mineral leases located in Collin County, Texas.
