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Pennsylvania 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
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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 Pennsylvania Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document used in the oil and gas industry to convert a royalty interest into a working interest. This declaration is commonly used when a party who owns an overriding royalty interest (ORRIS) wishes to convert it into a working interest, which provides them with a direct ownership interest in the production and a share of the cost and income associated with the operation. Keywords: Pennsylvania, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest, oil and gas industry Different types of Pennsylvania Declarations of Election to Convert Overriding Royalty Interest to Working Interest may include: 1. Single Well Declaration: This type of declaration applies to converting an ORRIS to a working interest for a specific well or wells within a defined area. It allows the owner to participate in the costs and profits associated with those particular wells. 2. Area-Wide Declaration: This type of declaration encompasses a larger geographical area and provides the owner of the ORRIS with the option to convert their interest to a working interest across multiple wells or leasehold locations within the designated area. 3. Partial Conversion Declaration: In certain cases, the owner of an ORRIS may choose to convert only a part of their royalty interest into a working interest. This can be done through a partial conversion declaration, specifying the exact percentage or portion they wish to convert. 4. Full Conversion Declaration: This type of declaration is used when the owner of an ORRIS wants to convert their entire royalty interest into a working interest. It transfers the rights and responsibilities of the royalty interest owner to become a direct working interest owner. By filing a Pennsylvania Declaration of Election to Convert Overriding Royalty Interest to Working Interest, parties involved can ensure a clear and legally binding agreement to convert their royalty interest into a working interest, facilitating their direct participation in the operations and financial outcomes of oil and gas production in Pennsylvania.

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How to fill out Pennsylvania Declaration Of Election To Convert Overriding Royalty Interest To Working Interest?

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FAQ

Several factors determine the value of an overriding royalty interest in a working lease. They include: Location ? A mineral interest in high producing shale basins will be more valuable. Producing Wells ? Producing wells are valued higher than non-producing wells.

You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.

A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.

An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.

Overriding Royalty Interest (ORRI) ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.

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.

How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.

The value of a royalty interest is derived from expected future revenues generated by leasing and/or production, which are largely determined by oil and gas market prices and the current drilling environment.

ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.

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Pennsylvania Declaration of Election to Convert Overriding Royalty Interest to Working Interest
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