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Section 15

Armstrong County, Texas

LOCATION: Claude, TX - go south on Hwy 207 approximately 17 miles to FM 2272, then east 6 miles on FM 2272 to the end of the pavement (this is in line with County Road 21). Property access entrance is a locked gate on the north side of FM 2272, which leads to a private roadway. Subject property is located 1 mile north. See map.

6100 FM 291

Gray & Donley Co., Texas

LOCATION: Alanreed, TX - go approximately 2 miles south of I-40 on FM 291 to the property entrance. Subject property lays on the east side of the highway. LEGAL DESCRIPTION: The SW/4 and SE/4 of Section 20, Block E, D&P Ry Co Survey, Gray & Donley Counties, Texas. Complete legal description on file. ACREAGE: 319.5 +/- All grassland.

Galmor Pit Place

Wheeler Co., Texas

LOCATION: Twitty, TX - go south 1 mile on SH 83 from FM 592, to County Road V. Then west on CR V approximately 1/2 mile to the southeast corner of the property. LEGAL DESCRIPTION: A 132.70 acre tract of land out of Section 4, Block A-8, H&GN Ry. Co. Survey, Wheeler County, Texas. Complete legal description on file. ACREAGE: 132.

Williams Section 22

Donley County, Texas

LOCATION: From Alanreed, TX - go south on FM 291 approximately 2.3 miles to the northeast corner of the property. County Road B runs along the south side of the property. NOTE: The southeast corner of the property is on the east side of FM 291. LEGAL DESCRIPTION: All of Section 22, Block E, D&P Ry. Co. Survey, Donley County, Texas.

Horn B Ranch

Donley County, Texas

LOCATION: Clarendon, TX - go north on Hwy 70 approximately 6.4 miles to County Road K, then east one mile on CR K to the southwest corner of the property. LEGAL DESCRIPTION: Surveys #48, 53, & 54, all in Block C-3, D&P Ry Co Survey, Donley County, Texas. Complete legal description on file.

Skillet Creek Ranch

Donley County, Texas

LOCATION: Approximately 4.5 miles south of McLean, TX on Hwy 273. Property lays on the east side of the highway. LEGAL DESCRIPTION: Sections 45 & 46, and 41.13 acres in Section 56, All in Block E, D&P RR Co. Survey, and containing 1,321.13 acres, more or less, Donley County, Texas. ACREAGE: TOTAL: 1,321.

Johnson Ranch

Armstrong County, Texas

LOCATION: 9047 Oscar Road, Claude, TX -- The Johnson Ranch is located southeast of Amarillo, Texas in Armstrong County. Access is provided by FM 1258, then one mile south on County Road 9. This is approximately a thirty-minute drive from Amarillo. Access to air service is excellent, as the north end of FM 1258 is at the Rick Husband International Airport in Amarillo.

Spear Property

Hall County, Texas

LOCATION: Memphis, TX - go east on SH 256 approximately 4 miles to FM 3032, then south on FM 3032 about 1/2 mile, then west on County Road C for one mile to County Road 28, then about 1/2 mile south on County Road 28 to the northwest corner of the property. LEGAL DESCRIPTION: On file in office. ACREAGE: TOTAL 190+/- CRP 189.7 DRY FARMLAND GRASSLAND TOPOGRAPHY: Rolling grassland.
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