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.
Houston Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that pertains to the conversion of an overriding royalty interest (ORRIS) into a working interest (WI) in Houston, Texas. The conversion process allows the owner of the ORRIS to acquire a more active role in the management, operations, and decision-making processes of the oil and gas lease. This declaration provides the necessary framework for individuals or entities seeking to convert their ORRIS to a WI in Houston, Texas. By electing to convert, the ORRIS owner relinquishes their passive royalty interest and becomes a direct participant in the exploration, production, and development activities on the lease. This conversion often involves assuming certain financial, operational, and administrative responsibilities. Keywords relevant to the Houston Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest include: 1. Declaration: The document initiates the process of converting the ORRIS to WI and sets out the intentions of the ORRIS owner. 2. Election: Refers to the decision made by the ORRIS owner to convert their interest into a working interest. 3. Overriding Royalty Interest (ORRIS): A share of revenue or production from an oil and gas lease that is free of operational expenses. 4. Working Interest (WI): A percentage of ownership in which the owner is liable for certain costs associated with exploration, drilling, and operations. 5. Conversion: The act of transforming an ORRIS into a WI and assuming the associated rights and responsibilities. 6. Oil and Gas Lease: A contract granting the rights to explore, develop, produce, and extract oil and gas resources from a specific area. 7. Houston, Texas: The location where this declaration is being executed, and where the conversion will take effect. 8. Exploration and Production: Activities related to finding, evaluating, and extracting oil and gas resources from the lease. 9. Financial Responsibilities: Refers to the financial obligations the WI owner will assume, such as drilling costs, operating expenses, and maintenance fees. 10. Operational Responsibilities: The tasks and duties associated with managing and administering the lease, such as decision-making, reporting, and compliance with regulations. It's important to note that there might be variations in the types of Houston Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest, depending on specific conditions, contractual arrangements, and industry practices. However, the keywords mentioned above are pertinent for most cases.Houston Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that pertains to the conversion of an overriding royalty interest (ORRIS) into a working interest (WI) in Houston, Texas. The conversion process allows the owner of the ORRIS to acquire a more active role in the management, operations, and decision-making processes of the oil and gas lease. This declaration provides the necessary framework for individuals or entities seeking to convert their ORRIS to a WI in Houston, Texas. By electing to convert, the ORRIS owner relinquishes their passive royalty interest and becomes a direct participant in the exploration, production, and development activities on the lease. This conversion often involves assuming certain financial, operational, and administrative responsibilities. Keywords relevant to the Houston Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest include: 1. Declaration: The document initiates the process of converting the ORRIS to WI and sets out the intentions of the ORRIS owner. 2. Election: Refers to the decision made by the ORRIS owner to convert their interest into a working interest. 3. Overriding Royalty Interest (ORRIS): A share of revenue or production from an oil and gas lease that is free of operational expenses. 4. Working Interest (WI): A percentage of ownership in which the owner is liable for certain costs associated with exploration, drilling, and operations. 5. Conversion: The act of transforming an ORRIS into a WI and assuming the associated rights and responsibilities. 6. Oil and Gas Lease: A contract granting the rights to explore, develop, produce, and extract oil and gas resources from a specific area. 7. Houston, Texas: The location where this declaration is being executed, and where the conversion will take effect. 8. Exploration and Production: Activities related to finding, evaluating, and extracting oil and gas resources from the lease. 9. Financial Responsibilities: Refers to the financial obligations the WI owner will assume, such as drilling costs, operating expenses, and maintenance fees. 10. Operational Responsibilities: The tasks and duties associated with managing and administering the lease, such as decision-making, reporting, and compliance with regulations. It's important to note that there might be variations in the types of Houston Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest, depending on specific conditions, contractual arrangements, and industry practices. However, the keywords mentioned above are pertinent for most cases.
