PANNELL RANCH
CROOK COUNTY, WYOMING

LOCATION: The ranch is located about 8 miles east of Hulett, Wyoming on Hwy 24, then 8 miles north on the Mona road. It is also located about 55 miles northwest of Spearfish, South Dakota or about 30 miles northeast of Devils Tower. Click here for area map.

SIZE: There are about 2,399 acres of deeded land and about 80 acres of BLM lease so the entire ranch is about 2,479 acres. Click here for map.
The owners will also use their best effort to transfer an additional 2400 acres of bordering privately leased land to the buyers, for a total of about 4879 acres.

FENCES: Most of the exterior and interior fences are 4 and 5 strand barbed wire and most of the fences are in good shape. There are 5 major separate pastures. There are several smaller pastures.

WATER: There is one well on the property, and this well is about 60 feet deep. In addition to this there are approximately 4 miles of Belle Fourche River. You would own and have access to both sides of most of the river on the ranch. The average annual precipitation is about 17.4 inches. The owners haven't recently updated their irrigation water rights from the Belle Fourche River, but they think that updated water rights can be obtained if desired. There are also several stock dams.

IMPROVEMENTS: The ranch dwellings consist of an older frame home and a 1,960 square foot 1996 double wide home. There is a newer 40' X 24' two car garage with the modular. There are also several nice barns and open sheds at the headquarters. There is a very functional set of corrals and loading chute.

TOPOGRAPHY: The ranch consists of rolling, well sodded grassland with scattered pine trees and deciduous trees. The land near the river is mostly flat pasture land or hay ground and there are beautiful sandstone rimrock formations along some areas of the river.

VEGETATION & HAYLAND: There are many ponderosa pine trees, oak, ash and cottonwood trees that add to the beauty of the ranch. It has a combination of western wheatgrass, buffalo grass, crested wheatgrass and brome grass. There are about 565 acres of improved hay land consisting of 87 acres of grass/alfalfa mix and 478 acres of intermediate wheat grass. There is an ample hay base for wintering the cattle.

MINERAL RIGHTS: The sellers think that they own most of the mineral rights, but have never done a mineral rights search. The sellers will convey all owned oil, gas, mineral, surface and fossil rights.

SOILS: The soils are mainly shallow to moderately deep well drained soils on the uplands which are very suitable to well sodded native grasses and introduced grasses. Much of the river bottom land is very deep, well drained loamy soils with a clay mixture.

CARRYING CAPACITY: The carrying capacity is approximately 120 cow/calf pairs year round depending on weather, growing season, grazing management And hay supply. The brokers and sellers make no actual guarantee or representation of the carrying capacity of the ranch. Buyers will have to make their own determination regarding the carrying capacity.

SCHOOLS: The nearest grade school and high school are both located in Hulett, Wyoming, approximately 16 miles from the ranch. The school bus comes to within one mile of the ranch buildings.

FSA PAYMENTS: There is currently no FSA payment on this land. A new owner would need to contact the FSA to see if a new crop bases could be established and for further information on possible future payments.

WILDLIFE: The ranch has good hunting with abundant white tail deer, a few mule deer, turkeys and a resident elk herd occasionally crosses the ranch.

POSSESSION: Negotiable.

LISTED PRICE: $6,000,000.00 or about $2,501.00 per acre.

BROKERS NOTES: This ranch is currently being utilized as a purebred cattle ranch. Because of the productivity, beauty, and location, it is considered one of the top ranches in the area. It has several miles of the most desirable, scenic and historic area of the Belle Fourche River. This ranch has been owned by the Pannell family for over 100 years.

EXHIBIT A

PANNELL RANCH & HEINERT RANCH

CROOK COUNTY, WYOMING

LEGAL DESCRIPTION: DEEDED LAND

Township 56N, Range 63W, Crook County, Wyoming

Section 19: E1/2SE1/4, Lots 3, 4, E1/2SW1/4

Section 20: SW1/4

Section 28: NW1/4NW1/4

Section 29: S1/2SW1/4, NE1/4, N1/2SE1/4, SE1/4NW1/4

NE1/4NW1/4, W1/2NW1/4, N1/2SW1/4

Section 30: NE1/4, Lot 2, SE1/4NW1/4, Lots 3, 4, E1/2SW1/4, SE1/4

Section 31: Lot 1, E1/2NW1/4, NE1/4

Section 32: N1/2NW1/4, SE1/4NW1/4, E1/2SW1/4NW1/4

Township 56N, Range 63W, Crook County, Wyoming

Section 29: NE1/4NW1/4, W1/2NW1/4, N1/2SW1/4

TOTAL DEEDED ACRES 2,398.88