Ross Explorations, Inc., and Tim R. Smith v. Earl R. Wilson Estate of Clara M. Miller, Deceased Dayton Hale, Jr., and Carol Miller Britt

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.C. §§ 181 et seq., was amended in 1987, plaintiffs acquired leases directly from the United States Bureau of Land Management (BLM) for $3.50 an acre and commenced this action to declare the…