The West Virginia Declaration of Election by Lessor to Convert Royalty Interest to Working Interest is a legal document used in the state of West Virginia to establish the decision of a lessor to convert their royalty interest in an oil or gas lease into a working interest. Keywords: West Virginia, Declaration of Election, Lessor, Convert, Royalty Interest, Working Interest, oil, gas, lease This declaration is an important instrument that enables the lessor to actively participate in the operations of the lease, rather than passively receiving royalties. By converting their royalty interest to a working interest, the lessor becomes a co-owner and bears a share of the costs and risks associated with drilling, production, and operations. The West Virginia Declaration of Election by Lessor to Convert Royalty Interest to Working Interest outlines the terms and conditions under which the conversion will occur. It includes information such as the names and addresses of the lessor and lessee, the lease identification details, effective date of the conversion, and the percentage of working interest the lessor will hold. There may be different types of West Virginia Declarations of Election by Lessor to Convert Royalty Interest to Working Interest depending on specific variations in the terms. Some possible types could include a partial conversion, wherein the lessor converts only a portion of their royalty interest to a working interest, or a full conversion where the lessor converts their entire royalty interest. It is crucial for both parties, the lessor and lessee, to carefully review and comprehend the provisions of the West Virginia Declaration of Election by Lessor to Convert Royalty Interest to Working Interest before signing. This document has significant legal implications and should be drafted and executed with the assistance of legal professionals experienced in West Virginia oil and gas laws. In summary, the West Virginia Declaration of Election by Lessor to Convert Royalty Interest to Working Interest is a legally binding document that allows a lessor in a West Virginia oil or gas lease to convert their passive royalty interest into an active working interest. This declaration outlines the terms and conditions of the conversion and is essential in determining the lessor's new role and responsibilities in the lease operations.
West Virginia Declaration of Election by Lessor to Convert Royalty Interest to Working Interest
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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. Overriding Royalty Interest (ORRI) (US) - Westlaw westlaw.com ? Glossary ? PracticalLaw westlaw.com ? Glossary ? PracticalLaw
An overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.
Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
Overriding Royalty Interest Example The mineral estate can be severed from the surface, beginning two separate chains of title. The mineral owner has the right to explore and develop the minerals, but the vast majority do not have the finances or knowledge to drill and operate a well.
What Determines the Value of an Overriding Royalty Interest? Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
