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ROSS EXPLORATIONS, INC. v. WILSON

No. 90-2293.

946 F.2d 594 (1991)

ROSS EXPLORATIONS, INC., and Tim R. Smith, Appellees, v. Earl R. WILSON; Estate of Clara M. Miller, Deceased; Dayton Hale, Jr., and Carol Miller Britt, Appellants.

United States Court of Appeals, Eighth Circuit.

Decided October 9, 1991.

Rehearing and Rehearing Denied November 13, 1991.

Attorney(s) appearing for the Case

Isaac P. Espy, Tuscaloosa, Ala., for appellants.

Gregory Smith, Fort Smith, Ark., for appellees.

Before FAGG and LOKEN, Circuit Judges, and HAMILTON, District Judge.

Rehearing and Rehearing En Banc Denied November 13, 1991.

LOKEN, Circuit Judge.

In 1984, Earl R. Wilson and Clara Miller acquired executory rights to lease public land from the federal government for $1 an acre for oil and gas exploration and development. In 1985, they agreed to assign the leases, when issued, to plaintiffs Ross Explorations, Inc. and Tim R. Smith for $50 an acre plus a five percent overriding royalty. After the Mineral Leasing Act, 30 U.S...

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