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 Phoenix Arizona Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that specifies the conversion of an overriding royalty interest into a working interest in an oil or gas lease. This declaration provides detailed instructions and outlines the terms and conditions for such a conversion. In Phoenix Arizona, there are various types of Declarations of Election to Convert Overriding Royalty Interest to Working Interest, including: 1. Individual Conversion: This type of declaration involves an individual or entity opting to convert their overriding royalty interest into a working interest. It typically includes details such as the specific lease or property involved, the percentage of interest being converted, and any associated costs or obligations. 2. Joint Venture Conversion: In some cases, multiple parties may choose to convert their overriding royalty interests collectively into a working interest through a joint venture. This type of declaration outlines the structure and responsibilities of the joint venture, including the distribution of costs, profits, and liabilities among the participating parties. 3. Corporate Conversion: A corporate conversion occurs when a company that holds an overriding royalty interest decides to convert it into a working interest. This type of declaration addresses the legal and financial implications of the conversion for the company, including changes in ownership, voting rights, and operational responsibilities. Keywords: Phoenix Arizona, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, Oil, Gas Lease, Legal document, Individual Conversion, Joint Venture Conversion, Corporate Conversion.
