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.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.
