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 Delaware Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that pertains to the conversion of overriding royalty interests (ORRIS) to working interests (WI) in the state of Delaware. This declaration outlines the process and procedures to be followed by parties involved in the conversion, ensuring compliance with relevant laws and regulations. Keywords: Delaware, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest. There are different types of Delaware Declaration of Election to Convert Overriding Royalty Interest to Working Interest that may vary based on specific circumstances or parties involved. These variations include: 1. Individual Declaration: This type of declaration involves an individual or a single party who holds the overriding royalty interest and elects to convert it to a working interest. The document will specify the individual's name, contact details, and the details of the overriding royalty interest. 2. Multiple Party Declaration: In cases where multiple parties hold overriding royalty interests in the same property or project, a joint or multiple party declaration may be required. This declaration outlines the consent and agreement of all parties involved to convert their overriding royalty interests to working interests. 3. Operator Declaration: This type of declaration may be filed by the operator of the project or property, who has the legal authority to convert overriding royalty interests to working interests. The operator's declaration includes details about the property, the overriding royalty interests, and the specific terms and conditions for conversion. 4. Assignment Declaration: If an overriding royalty interest is being transferred or assigned to another party, an assignment declaration may be needed. This declaration outlines the transfer of rights and responsibilities from one party to another, in regard to the conversion of the overriding royalty interest to a working interest. It is important to note that the specifics of each Delaware Declaration of Election to Convert Overriding Royalty Interest to Working Interest may vary, depending on the individual circumstances and the legal requirements stipulated by the state of Delaware. It is advisable to consult with a qualified legal professional to ensure accuracy and compliance when preparing or reviewing such declarations.
