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 Bexar Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that outlines the process of converting overriding royalty interest to working interest in the oil and gas industry. This declaration is important for individuals or entities who want to change their ownership rights from receiving a percentage of production revenue (overriding royalty interest) to becoming a direct participant in the daily operations and expenses of the oil or gas well (working interest). Keywords: Bexar Texas, declaration, election, convert, overriding royalty interest, working interest, legal document, oil and gas industry, ownership rights, production revenue, operations, expenses, well. Different types of Bexar Texas Declarations of Election to Convert Overriding Royalty Interest to Working Interest may include: 1. Individual Declaration: This type of declaration is filed by an individual who holds overriding royalty interest and wishes to convert it to working interest. It outlines their intent to become a direct participant in the operations and expenses related to the oil or gas well. 2. Corporate Declaration: Corporations that hold overriding royalty interest can file this declaration to convert their interest into working interest. This type of declaration allows corporations to have a more active role in the operations and decision-making processes of the oil or gas well. 3. Joint Declaration: In cases where multiple parties collectively hold overriding royalty interest, a joint declaration is filed. This declaration states the combined interest of each party involved and their joint decision to convert the overriding royalty interest to working interest. 4. Partial Conversion Declaration: Sometimes, an individual or entity may choose to convert only a portion of their overriding royalty interest to working interest. This type of declaration specifies the exact percentage or portion to be converted, indicating their intention to have a hybrid ownership structure. It is important to consult with legal professionals or experts in the oil and gas industry before preparing and filing a Bexar Texas Declaration of Election to Convert Overriding Royalty Interest to Working Interest to ensure compliance with state laws and regulations.
