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 Massachusetts Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that allows individuals or entities holding overriding royalty interests (ORI's) in a property to convert them into working interests. This declaration is important in the oil and gas industry and is often used when the ORI's holder wishes to actively participate in the exploration, development, and production of the property. Keywords: Massachusetts, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, types. There are several variations of the Massachusetts Declaration of Election to Convert Overriding Royalty Interest to Working Interest, depending on specific circumstances and requirements. Some of these variations include: 1. Individual Conversion: This type is used when an individual holding overriding royalty interest wishes to convert it to a working interest. It typically outlines the terms and conditions, including the percentage of working interest desired. 2. Corporate Conversion: This variation is utilized by corporations or entities holding overriding royalty interests who want to convert them into working interests. It may include additional provisions related to corporate governance and legal requirements. 3. Partnership Conversion: Partnerships holding overriding royalty interests may opt for this type of declaration to convert them to working interests. It may outline the rights and responsibilities of each partner involved in the conversion. 4. Partial Conversion: In cases where individuals or entities wish to convert only a portion of their overriding royalty interests, a partial conversion declaration is used. It specifies the specific interests to be converted and any associated terms. 5. Voluntary Conversion: This type refers to a declaration that is filed voluntarily by the overriding royalty interest holder. It is not prompted by any legal requirement, but rather a strategic decision to actively participate in the operations of the property. 6. Compulsory Conversion: In certain circumstances, such as changes in lease terms or legal obligations, overriding royalty interest holders may be required to convert their interests to working interests. A compulsory conversion declaration is filed to comply with such requirements. It is crucial to consult with legal professionals or experts in the oil and gas industry when drafting or filing a Massachusetts Declaration of Election to Convert Overriding Royalty Interest to Working Interest. The variations mentioned above should serve as a starting point for understanding the different types and possible scenarios involved in such conversions.
