Ranch Marketing Associates

One of the most historic and significant land assemblages in the western United States:
The properties of the Historic Montana Ranches, totaling over 80,000 acres, offer one of the most historic and significant land assemblages in the United States. Established in the late 1800's and early 1900's, the Historic Montana Ranches include the legendary OW, V Bar C, Pitchfork, Wolf and LX Bar Ranches along with two downtown Sheridan office buildings, and the old Birney Store & Saloon. In addition, there are five miles of the Tongue River and frontage on the Powder River, more than twelve creeks, five headquarters, spectacular western scenery, livestock production, water rights, wildlife and valuable mineral interests.

Location and Area:
The properties of the Historic Montana Ranches are all situated near Sheridan, Wyoming. The two downtown office buildings are in Sheridan, Wyoming and the LX Bar is in Campbell County, Wyoming. The remaining ranches and saloon are in three Montana counties just across the state line set along the Tongue River Valley and Hanging Woman Basin. The OW and V Bar C ranches are within a 60 minute drive of Sheridan. The Pitchfork and Wolf ranches are 35 minutes and 60 minutes respectively from Billings, Montana.

Sheridan, Wyoming:
Located in north-central Wyoming, in the valley of the Big Horn Mountains, Sheridan has deep western roots and a strong frontier spirit. With its location on the Bozeman Trail, Sheridan was the center of the 1800’s Western expansion history and maintains its western charm today. Sheridan’s historic Main Street district has over 30 buildings on the National Register of Historic Places and offers year-round community festivals and cultural events, cafes and fine dining, summer rodeos and Polo events. With a population of approximately 16,500, Sheridan is large enough to offer convenient amenities such as state-of-the-art hospitals and medical clinics, 4 scenic golf courses within a 35-mile radius and the Sheridan County Airport - offering daily flights from major cities.

Property Descriptions:

OW Ranch
The OW Ranch headquarters, considered one of the most significant ranch headquarters in the entire country, was restored back to its original glory and preserved as a National Historic Landmark in 1993. The OW Ranch was founded by John B. Kendrick, the first territorial Governor and Wyoming's first Senator. Kendrick was considered one of the most influential men in the development of the range cattle industry in Wyoming and Montana. The ranch consists of 46,848 total acres and includes Hanging Woman Creek, Trail Creek, Horse Creek, East Trail Creek and PK Creek. Currently running 1,500 pair, the ranch is well watered by creeks, springs and wells. The ranch puts up 500 to 1,000 tons of native grass hay on its dry land meadows.

The historical research and certification of the OW Ranch headquarters was completed by architect John Foote. There are complete architectural renderings and plans available for the entire compound. The Senator’s house, ice house, bath house and spring house took numerous years to restore and were completed in 1998.

The headquarters is served by the original historic spring that determined its location over 100 years ago and was completely restored in 1991. In 2006, the construction of the water storage vault, new well, new sewer and septic systems, fire system and water treatment building were completed. During this time, all utilities were buried to ensure the historic view shed around the headquarters.

V Bar C Ranch
Located just northwest of the OW Ranch, the V-C Ranch includes approximately five miles on both sides of the Tongue River. Once the original headquarters of the Brown Cattle Company, the V-C consists of 17,774 total acres. This historic ranch has had only two owners in 120 years and is located in an area full of history and legend. Improvements include the Edmund Randolph cabin, cookhouse, guest cabins, and the Salverson homestead. Along with Prairie Dog Creek and Canyon Creek, the ranch has in excess of 1,000 acre feet of water storage in the Tongue River Reservoir with territorial diversion rights out of the Tongue River. An extensive network of ditches and diversion structures, along with two sprinklers, irrigate approximately 600 acres that can yield an annual production of up to 2,500 tons of grass/alfalfa hay. The ranch operates as a 500 pair ranch that includes an additional 100 pair permit in the Custer National Forest. With control of both sides of the Tongue River, irrigated meadows, and tree covered hillsides, the V-C is a wildlife rich ranch with elk, deer, antelope, pheasants, turkey and numerous ducks and geese.

Pitchfork Ranch
The Pitchfork Ranch is just west of Fort Smith, Montana on the north side of the Bighorn Canyon at the foot of the Pryor Mountains. The Pitchfork consists of 15,264 total acres of rolling grass meadow with several canyons and big sky mountain views in every direction. The ranch has been leased to the adjacent ranching family as critical summer range for their 5,000 cow operation. It has historically summered 1,500 to 2,500 pair for the last 7 years and has seen substantial spring development during the last 4 years. The Pitchfork embodies all that is special about Montana as one of the most scenic ranches in existence, including several caves in its canyons, some with ancient petroglyphics.

Wolf Ranch
The Wolf Ranch is just shy of one square mile of valley and contoured meadows with beautiful improvements and substantial water and mineral rights. The ranch has a remodeled 2,200 square foot house with wrap around deck on three sides surrounded by mature trees and views of the Big Horn Mountains. The improvements include a large shop, barn, garage, shed and set of wood corrals. With its location at the confluence of Soap Creek and Dry Soap Creek, the Wolf Ranch is an excellent trout spawning watershed.

LX Bar Ranch
The LX Bar Ranch was built by John B. Kendrick in the early 1900's and was the Powder River headquarters of the legendary Kendrick Cattle Company. The LX Bar was modeled similarly to the original OW headquarters but in hand-cut sandstone and is located on the Powder River in Campbell County, Wyoming.

Birney Store & Saloon
The Birney Store & Saloon is located on the Tongue River in the town of Birney, Montana and was once a historic saloon and general store. The building has a new roof and includes two lots that slope down to the river. This is a great property with a fabulous location on a great fishing river.

122 and 130 North Main Street, Sheridan, WY
Two office buildings, adjacent to each other, on historic North Main Street in downtown Sheridan, Wyoming consisting of 2,750 square feet and 3,187 square feet. One of the buildings was the original Bank of Commerce and both buildings are on the historic registry.

Wildlife and Hunting:
Currently, the OW Ranch wildlife resources are managed in common with three other adjoing ranches. All ranches operate under one outfitter on a year-to- year basis covering approximately 250,000 acres. The hunting lease is assessed annually and managed for conservation and trophy game production. The V-C Ranch is surrounded by 130,000 acres of privately owned and professionally managed ranches. These neighboring ranches provide excellent hunting, complete with lodging, guest facilities, and world class guides and outfitters. A great opportunity exists on the V-C Ranch for developing the hunting resources.

Water Rights:
The historic Montana Ranches have excellent water rights including over 5 miles of the Tongue River, frontage on the Powder River, more than twelve creeks, over 261 acre feet of surface water dating back to 1868, 15 springs, 11 stock wells and 6 domestic wells producing over 359 gallons per minute, 24 damned ponds with 157 acre feet of water and over 2,000 acre feet of water storage in the Tongue River Reservoir.

Mineral Holdings:
The mineral holdings offered for sale represent 50% of Seller's interest in fee minerals and mineral working interests. The overriding royalty interest (ORRI) is not being offered for sale. These properties and their aggregated mineral holdings conservatively consist of 5,000 net fee mineral acres in Montana. Also included is 50% of a 10% non-operating working interest in 125,000 acres of Big Horn, Rosebud, and Powder River counties in Montana and Campbell and Sheridan counties in Wyoming. In addition, this offering includes 50% of 40,000 net acres and 60,000 gross acres of fee, state, and federal leases in Powder River County, Montana. The Proven, Probable, and Possible oil and gas reserves within this vast lease and mineral holding could be extensive.

Property/Name	Acreage Breakdown
OW Ranch	Deeded Acres	30,737
	State Acres	11,555
	BLM Acres	2,080
	Private Acres	2,476
V Bar C Ranch	Deeded Acres	12,123
	State Acres	959
	BLM Acres	4,692
Pitchfork/Wolf	Deeded Acres	5,860
	State Acres	10,000
Birney Store & Saloon	n/a
Horseshoe Bend	Deeded Acres	10
(Part of V-C Ranch)
Buckley Homestead	Deeded Acres	440
(Part of OW Ranch)
Randolph Cabin	Deeded Acres	24
(Part of V-C Ranch)
LX Bar	Deeded Acres	25
Sheridan Properties	n/a
(122 & 130 Main Street)

Value of all Properties includes the real estate, improvements, equipment, livestock and 50% of Seller's Interest in Fee Minerals and Mineral working interests.

Terms: All properties are being sold as a package and the sale of one is conditioned on the sale of all.

Shown by appointment only to pre-qualified Purchasers. Broker cooperation invited.

Big Horn, Powder River and Rosebud County, Montana
Sheridan and Campbell County, Wyoming

Price: $75,000,000  Contact: Ron Morris or Matt Johnston or Billy Long or Richard Peterson