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North Carolina Declaration of Election to Convert Overriding Royalty Interest to Working Interest

Category:
Oil Gas and Minerals - Declarations
State:
Multi-State
Control #:
US-OG-312
Format:
Word; 
Rich Text
Instant download
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Description

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 North Carolina Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that allows an overriding royalty interest owner to convert their interest into a working interest in an oil and gas lease. This declaration provides specific details and terms regarding the conversion process and outlines the rights, responsibilities, and obligations of both parties involved. Keywords: North Carolina Declaration, election, convert, overriding royalty interest, working interest, oil and gas lease, legal document, rights, responsibilities, obligations. There are no different types of North Carolina Declarations of Election to Convert Overriding Royalty Interest to Working Interest. However, variations may exist depending on specific lease agreements, royalty interest percentages, and additional clauses or provisions incorporated into the document. It is important to review each individual declaration to understand the unique terms and conditions applicable to the conversion process.

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FAQ

An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.

An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.

Oil and gas interests are interests in real property and thereby have the same attributes as other real property such as a home or a ranch. Although the ownership of oil and gas interests can take many forms, courts commonly analogize the ownership of oil and gas interests to a bundle of sticks.

Definition of record title is as follows: Record Title: Primary ownership of an interest in an oil and gas or geothermal lease including the obligation to pay rent, and the right to transfer and relinquish the lease. Overriding royalty interests and operating rights interest are severable from record title interests.

Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.

The definition of assignment in real estate is the sale, transfer, or conveyance of a whole property ownership/rights or part of it to another party. The term in the oil and gas industry is used for sale, transfer, or conveyance of working interest, lease, royalty, overriding royalty interest, or net profit interest.

A percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property. Working interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating a well or unit.

Net Revenue Interest is the portion of an oil and gas leaseholder's interest in production that they are entitled to receive as part of their lease. The amount is calculated after deducting all royalty payments, production costs, and other fees.

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The Wake North Carolina Declaration of Election to Convert Overriding Royalty Interest to Working Interest ... the document in and click Download. Fill out and ... Oil Gas and Minerals. Get state-specific templates and documents on US Legal Forms — the biggest online catalogue of fillable available for ...Transfers include record title and overriding royalty assignments, operating rights transfers, mergers, name changes, and estate transfers. Definitions of ... Edit, sign, and share Declaration of Election to Convert Overriding Royalty Interest to Working Interest online. No need to install software, ... Kanes Forms Provides basic oil and gas legal forms for Landman, Attorneys, and Mineral Owners. Legal Forms for Oil & Gas land professionals. Easy-to-use Legal form templates. Basic Oil & Gas Legal forms, Multi-state oil & gas lease forms, ... working interest owner approval and 75% royalty (excluding overriding royalty ownership) interest approval within six months of the Commission order ... Nov 10, 2020 — Read Bison Interests, LLC v. Antero Res. Corp., 854 S.E.2d 211, see flags on bad law, and search Casetext's comprehensive legal database. Overriding royalty interest is carved out of the working interest and expires with the lease. Learn about ORRIs including calculations, valuation, ... Nov 10, 2020 — Case opinion for WV Supreme Court of Appeals BISON INTERESTS LLC v. ANTERO RESOURCES CORPORATION CGAS. Read the Court's full decision on ...

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North Carolina Declaration of Election to Convert Overriding Royalty Interest to Working Interest
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