LOCATION: The eastern boundary of the property is the lava flow known as The Malpais rock formation from the Little Black Peak Volcano. The volcano is approximately 7 miles NW of Carrizozo and the eruption occurred roughly 1000 years ago. The lava flow extends approximately 44 miles and it averages approximately 3 miles in width. The South boundary is US Highway 380 with approximately 7.8 miles of Hwy. frontage extending west from the lava flow to the west boundary of the ranch. There is a county maintained caliche road off of 380 that goes through the center of the ranch to the North boundary. The entrance to the ranch is only approximately 10 miles out of Carrizozo which is the county seat of Lincoln County, New Mexico. There are convenience stores offering fuel and assorted items, stores of all different types, restaurants, a bank, art galleries and a grocery market in Carrizozo. A major housing development has sold approximately six hundred; three to five acre lots witch will be developed over the next five to ten years. Approximately twenty homes have been built so far and more are being permitted. Carrizozo hosts its own police department as well the Lincoln County Sheriffs department. The ranch is located primarily in Lincoln County with the western five-six sections in Socorro County.

ACREAGE: 13,322 deeded (+/-)

8,457 BLM (+_)

2,320 State (+_)

TOPOGRAPHY: The ranch is characterized by gently rolling uplands to some buttes and hills. Elevation would range between 5400 and 6000 feet.

VEGETATION: Dominant vegetation includes blue grama and Tobosa grasses. Browse includes Chamisa, Winterfat and Mountain Mahogany. Juniper is scattered throughout the ranch providing winter protection and wildlife cover. Expansive 360 degree views offer 30 to 70 mile vistas with mountains on most sides including the Ruidoso Mountain range, Sierra Blanca at 12,000 ft., Nogal at 10,000 ft., the Capitans at 9,500 ft., Carrizo Peak at 9,000 and Vera Cruz at 8000 plus other mountains north, east, west and south of the ranch.

CLIMATE: Average rainfall would be about 10-12 inches. Winter snows are seldom heavy and last 2-3 days.

BUILDINGS/STRUCTURES:

The main house at the Headquarters is of 1950s vintage with 3 bedroom, 2 bathrooms and a fenced yard this home is in good condition due to the fact that the lessor of the ranch resided in the home until recently. Metal fabricated work shed built 1998. Has two big stalls plus bathroom, office, bedroom. Can fit trucks and trailers. Size: 60x60? Smaller wooden stock shed attached to corrals. Work room, feed room, tack room. Covered garage structure 40x40 for trucks and machinery. System of

corrals, chutes etc. at headquarters The two pivot sprinklers on the property are not in use and have not been maintained for several years. An air-cold diesel engine powers the turbine pump installed in the irrigation well which pumps water into a large earthen reservoir out of which water is pumped to the sprinkler. 1994 Palm Harbor trailer home. Not used much at all. Located near headquarters buildings. UTILITIES - electricity runs the length of the ranch from the HQ all the way to the diesel engine at the far northeast corner of the ranch.

PASTURES:

14 different pastures good solid grazing grass and watering system. 26 drinkers

WILDLIFE Ranch supports an antelope herd year round. Other wildlife includes deer, mountain lion, coyote, fox, rabbit, quail, occasional elk and Oryx from the White Sands area. Ranch gets 5 antelope permits per year.

WELLS AND WATER:

The irrigation well has a 600 acre feet per annum permit #T-01856 which is a historic 1952 Priority Water right.. Numerous earthen dams are intact and in place together with 8 storage tanks.

DISCLAIMER:

This information was obtained from sources deemed reliable and is not guaranteed, and is subject to verification by the purchaser, and the brokers assume no responsibility for the correctness thereof. Offering is subject to errors, omissions, prior sale and withdrawal without notice from market or changes made by Seller.

All acreage is approximate.

Scott Land Company, LLC-Krystal M. Nelson, NMQB

(#15892) and Tierra Verde Properties are Transaction Brokers for the Seller.