The Minnesota Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) is a legal document used in the state of Minnesota to transfer a portion of the rights and interests in an oil and gas lease. This type of assignment allows the assignor to retain a certain percentage of the production payment, while assigning the remaining interest to another party. Minnesota has several types of partial assignments of oil and gas leases, each serving a distinct purpose. These may include: 1. Partial Assignment of Oil and Gas Lease with Reservation of Production Payment: This type of assignment is commonly used when the assignor wishes to transfer a part of their rights in the lease while retaining a reserved production payment. The production payment refers to a percentage or amount of the oil and gas proceeds that the assignor continues to receive. 2. Partial Assignment of Oil and Gas Lease without Reservation of Production Payment: In this scenario, the assignor fully transfers a portion of their rights under the lease without reserving any rights to the production payment. This type of assignment allows for a complete transfer of interests. 3. Partial Assignment of Oil and Gas Lease with Overriding Royalty Interest: An overriding royalty interest refers to a share of production or revenue that is separate from the original royalty interest. This type of assignment grants a specific percentage or amount of the overriding royalty interest to the assignee while the assignor retains their original royalty interest. The Minnesota Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) document contains various sections that outline the terms and conditions of the assignment. This includes the identification of the assignor, assignee, and the leased property, as well as the specific interest being assigned. Other critical provisions found in this document include the effective date of the assignment, the percentage or amount of the production payment reserved by the assignor (if applicable), the term of the assignment, and any representations and warranties made by both parties. It is important to note that the precise language and clauses within the Minnesota Partial Assignment of Oil and Gas Lease (Producing Lease. Reservation of Production Payment) may vary depending on the specific circumstances and the agreement reached between the assignor and assignee. Therefore, it is advisable for both parties involved to consult with legal professionals to ensure the document accurately reflects their intentions and protects their rights.