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 Ohio Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that allows individuals or entities to convert their overriding royalty interest (ORRIS) into a working interest in Ohio's oil and gas industry. This declaration signifies a shift from receiving a passive royalty income to actively participating in the exploration, production, and management of the oil and gas resources. Keywords: Ohio, declaration of election, convert, overriding royalty interest, working interest, oil and gas industry, exploration, production, management. Types of Ohio Declarations of Election to Convert Overriding Royalty Interest to Working Interest: 1. Individual Declaration: Individuals who currently hold an overriding royalty interest in Ohio can opt for this type of declaration. By converting their ORRIS to a working interest, individuals become actively involved in all operational and financial aspects of oil and gas production. 2. Corporate Declaration: Companies or corporations with an existing overriding royalty interest in Ohio can choose this type of declaration. Converting their ORRIS to a working interest allows them to have a direct stake in the decision-making processes and potential profits of oil and gas operations. 3. Partnership Declaration: Partnerships involved with an overriding royalty interest in Ohio may utilize this declaration. By converting their ORRIS to a working interest, partners gain a more hands-on role in the day-to-day activities and financial outcomes of oil and gas ventures. 4. Limited Liability Company (LLC) Declaration: LCS holding an overriding royalty interest in Ohio can undertake this type of declaration. This provides them with the opportunity to actively participate, manage and control the operations and outcomes of the oil and gas projects. 5. Trust Declaration: Trusts that hold an overriding royalty interest have the option to convert it to a working interest through this declaration. By doing so, the trust beneficiaries can become actively involved in decision-making and share the risks and rewards associated with oil and gas activities in Ohio. The Ohio Declaration of Election to Convert Overriding Royalty Interest to Working Interest aims to empower individuals and entities to take charge of their investments and potentially maximize their returns through direct involvement in the dynamic and lucrative oil and gas industry in Ohio.
