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 Orange California Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that outlines the process of converting an overriding royalty interest (ORRIS) into a working interest in the Orange County, California area. This declaration is typically used in the oil and gas industry and allows the holder of an ORRIS to convert their ownership rights into a working interest, thereby gaining more control and potential revenue from the oil and gas activities. Keywords: Orange California, Declaration, Election, Convert, Overriding Royalty Interest, Working Interest, legal document, process, Orange County, oil and gas industry, ownership rights, revenue. There can be variations or types of the Orange California Declaration of Election to Convert Overriding Royalty Interest to Working Interest, depending on specific circumstances or amendments made to the original document. Here are two possible types: 1. Individual Converters Declaration: This type of declaration is for individuals or entities who hold overriding royalty interests in oil and gas properties located in Orange County, California. By submitting this declaration, the individual or entity expresses their intention to convert their overriding royalty interest to a working interest, gaining more significant control and involvement in the oil and gas operations. 2. Operator's Acceptance Declaration: This type of declaration is filled out by the operator of the oil and gas properties in Orange County, California. In this document, the operator acknowledges and accepts the conversion of overriding royalty interests to working interests as specified in the individual converters' declarations. This declaration ensures that the operator recognizes and incorporates the changes in ownership and responsibilities resulting from the conversion. Overall, the Orange California Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a crucial legal document that empowers holders of overriding royalty interests to become more actively involved in oil and gas activities in Orange County, California.The Orange California Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that outlines the process of converting an overriding royalty interest (ORRIS) into a working interest in the Orange County, California area. This declaration is typically used in the oil and gas industry and allows the holder of an ORRIS to convert their ownership rights into a working interest, thereby gaining more control and potential revenue from the oil and gas activities. Keywords: Orange California, Declaration, Election, Convert, Overriding Royalty Interest, Working Interest, legal document, process, Orange County, oil and gas industry, ownership rights, revenue. There can be variations or types of the Orange California Declaration of Election to Convert Overriding Royalty Interest to Working Interest, depending on specific circumstances or amendments made to the original document. Here are two possible types: 1. Individual Converters Declaration: This type of declaration is for individuals or entities who hold overriding royalty interests in oil and gas properties located in Orange County, California. By submitting this declaration, the individual or entity expresses their intention to convert their overriding royalty interest to a working interest, gaining more significant control and involvement in the oil and gas operations. 2. Operator's Acceptance Declaration: This type of declaration is filled out by the operator of the oil and gas properties in Orange County, California. In this document, the operator acknowledges and accepts the conversion of overriding royalty interests to working interests as specified in the individual converters' declarations. This declaration ensures that the operator recognizes and incorporates the changes in ownership and responsibilities resulting from the conversion. Overall, the Orange California Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a crucial legal document that empowers holders of overriding royalty interests to become more actively involved in oil and gas activities in Orange County, California.
