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The ridgevent overlaps existing shingles. I believe the game plan would be just to take a circular saw and cut a couple of inches horizontally below thee peak the length of the roof. Install the ridge vent over the shingles.
This is correct.
I'll also comment that when I had my Home Energy Audit performed about 6 weeks ago, I asked the auditor about attic fans. He wasn't a fan of them and said that they don't address the real problem. Attic, HVAC, lights, etc need to be sealed in the attic with the appropriate amounts of insulation. Given, I already have adequate ventilation and was part of your discussion. (Octagon gable vents, ridgevent, and soffit venting.)