MEMORANDUM OPINION
MORRIS SHEPPARD ARNOLD, District Judge.
The instant case comes before the court on a stipulated factual record. In 1979 defendants James and Ora Bobo, who own certain lands in Hempstead County, Arkansas, executed an oil and gas lease covering such land. On May 16, 1984, the lessee's interest was assigned to Randy Ratliff. The original lease and the assignment are both recorded (JS ¶¶ 3, 10).
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