Download Property Brochure - Farm & Ranch

TABLE of CONTENTS
INTRODUCTION ........................................... 1
LOCATION & ACCESS ................................2-3
PHYSICAL DESCRIPTION...........................4-5
CATTLE OPERATION ..................................6-7
CROP PRODUCTION ..................................... 9
IMPROVEMENTS .....................................10-11
STAFFING ...................................................... 12
CONSERVATION EASMENTS ...................... 12
STATE & FEDERAL GRAZING LEASES ...... 12
UTILITIES & SERVICES and TAXES ............. 13
WATER RIGHTS ............................................ 14
MINERAL RIGHTS ........................................ 15
ELEVATION, CLIMATE and
PRECIPITATION ............................................ 15
HUNTING & FISHING and
RECREATION ...........................................16-17
RANCH HISTORY ....................................18-19
SUMMARY STATEMENT .............................. 20
OFFERING PRICE and
CONDITIONS of SALE.................................. 21
STATE of MONTANA and RANCH MAPS .... 22

Bill and Desiree Moore built Kelly-Moore Paint Company into the largest privatelyowned
paint company in the United States. Their focus, unwavering attention to detail,
and work ethic also drove them to assemble the Broken O Ranch. Located along the Sun
River near Augusta, Montana, the Ranch contains the largest irrigated farming operation in
Montana and one of the top commercial cattle operations in the Rocky Mountain West.
Situated 45 miles northwest of Great Falls and east of the stunning Rocky Mountain
Front, the Broken O Ranch encompasses approximately 124,000 total acres of which
about 108,571 are deeded, about 15,270 are leased from the State of Montana, and
160 acres are subject to a Bureau of Land Management (BLM) lease. The Ranch is
undoubtedly one of the most grand and significant ranches of the Rocky Mountain West.
Over 20 miles of the beautiful Sun River flow through the heart of the Ranch, offering
prime irrigation benefits as well as amazing recreational assets. The Ranch may be one of
the largest and most diverse Ranches to come on the U.S. land market in decades.
With his beloved wife Desiree, Bill Moore spent twenty years assembling this massive land
holding. Spread across Lewis & Clark, Cascade and Teton Counties, the Ranch was carefully
shaped and improved to create this productive enterprise. The expansive cattle and farming
operations are well positioned to capitalize on the growing global demand for beef and grains.
The Broken O currently carries about 3,500 mother cows plus about 800 replacement heifers and
175 range bulls. With the devastating drought conditions being experienced in the Southwest,
cattle inventories continue to erode. Record calf prices and increased beef demand make this
productive operation a must see for an agricultural investor looking for solid returns.
INTRODUCTION
1
Sixty-eight center pivots irrigate about 11,600 acres with an additional 1,517 acres under
wheel-line and flood irrigation, historically producing 25,000 tons of alfalfa hay and about
700,000 bushels of small-grain crops annually. This extensive farming component allows for
flexibility in commodity production to address the burgeoning global markets.
The 3,000- to 5,000-head commercial feedlot allows the Ranch to adjust to cattle markets
and provides a solid revenue stream by feeding out between 2,000 and 3,000 head of
contract calves annually. The well-designed cattle handling facilities, livestock auction barn
and feed mill provide maximum operational flexibility. They are well built and appear to be
in excellent operating condition.
In addition to the extensive agricultural production, the Broken O possesses outstanding
recreational amenities. The Sun River corridor provides exceptional brown and rainbow
trout fishing, antelope, whitetail and mule deer hunting, as well as abundant upland game
bird and waterfowl populations.
According to the Fall 2011 issue of The Land Report, the next owner of the Broken O Ranch
would take an immediate position as the eighty-ninth largest land owner in the United
States. An iconic designation within our nation’s esteemed fraternity of landowners.
The Ranch is being offered turn-key including all livestock, hay and grain inventories at
the time of sale, plus machinery and equipment for $132,500,000 cash.

The Cattle Division and Headquarters of the Broken O Ranch are located 10 miles east of
Augusta and about 11 miles west of Simms on State Highway 21. The Farming Division is
located approximately two miles west of the Cattle Division via State Highway 21. Great
Falls, the third largest city in Montana, is a comfortable 45-minute drive from the Ranch.
An extensive internal road system has been developed utilizing gravel from the Ranch creating
year-round access to most areas. A number of cattle guards set in concrete foundations have
been installed throughout the Ranch for further ease of access. The utilization of double
steel gates at key locations provides for easy movement of large farming implements.
Driving from Great Falls to the Ranch, take Interstate 15 north to State Highway 200 at
Vaughn. Follow Highway 200 west to Simms where the highway divides and bear west
on State Highway 21 towards Augusta. Between mile markers 10 and 11, the Broken O
Ranch Cattle Division sign, readily visible on the north side of the highway, identifies the
road which leads to the Ranch Headquarters.
LOCATION & ACCESS
2
GREAT FALLS
Known in Montana as the “Electric City,” Great Falls is the commercial and banking
hub of north central Montana. With a population of approximately 60,000, Great Falls
offers a complete and diverse array of retail, dining, supply and equipment services. The
Great Falls Clinic Medical Center also provides quality health care and surgical services.
Malmstrom Air Force Base, located just east of Great Falls, is home to the 341st Missile
Wing, one of three U.S. Air Force Bases that maintain and operate the Minuteman III
intercontinental ballistic missile.
Convenient commercial air service is provided at Great Falls International Airport with
good connections offered by Delta, Horizon, Northwest, Allegiant Air and Continental
Airlines. Currently, direct flights are available to Denver, Las Vegas, Minneapolis, Phoenix,
Salt Lake City and Seattle. For up-to-date flight schedules and airport information, please
refer to the airport website: www.gtfairport.com.

LOCAL SERVICES & SURROUNDING AREA
Augusta offers limited services which include a gas station, convenience store, post
office and café – a classic Montana ranching town. Choteau, the Teton County
seat, sits about 20 minutes to the north and provides a larger range of services.
A well-maintained public airstrip is situated on the northeast edge of Choteau.
Located at an elevation of 3,942', the 75' x 5,000' asphalt runway is in good
condition. Communications for this facility are available through Salt Lake City
at Frequency 133.4/285.4 (Great Falls RCAG).
Families can expect their children to receive a high-quality kindergarten through
high school education at Augusta Public Schools. Students attend from the
surrounding community to experience the unique environment of the small-sized
multi-grade classrooms. The high school is classified as a Class C school (under 160
students) by the Montana High School Association and provides a great learning
environment and competitive interscholastic athletic programs. School bus service
provides round trip transportation for elementary and high school students in the
area. The Augusta community has traditionally been very supportive of the school
system and has historically supported school bonds for capital improvements and
upgrades. With the Ranch typically employing as many as 25 families, it has a
significant impact on the local economy and the local school system.
The local area is primarily comprised of small- to mid-sized cattle and farming
operations. Further upstream on the Sun River, land ownership is comprised of
recreational and hunting landowners with scattered agricultural operations.
Situated about twenty-five miles west of the Ranch are several of the most noted
land forms of the Rocky Mountain Front – Castle Reef, Sawtooth Mountain and
the stunning Sun River Canyon. This majestic panorama of rugged limestone
peaks, sheer walls, towering reefs and deeply-cut canyons provides a viewscape
like nothing else in North America.
Approximate distances to other area cities and towns from the Broken O Ranch
Headquarters are as follows:
Augusta ...................................................................10 miles
Simms .....................................................................11 miles
Choteau ..................................................................37 miles
Great Falls ...............................................................45 miles
Helena .....................................................................85 miles
Missoula ................................................................145 miles
Bozeman ...............................................................183 miles
LOCATION & ACCESS
3

PHYSICAL DESCRIPTION
The topography of the Broken O Ranch can generally be
described as a Great Plains setting with strong water
influences throughout. The Sun River is a significant
geographical attraction as it flows from west to east through
the center of the Main Ranch Unit. Much of the Ranch
contains hills and valleys providing a diverse landscape.
The Broken O Ranch encompasses approximately 108,571
deeded acres plus an additional 15,270 acres of State
lease land and 160 acres of Bureau of Land Management
(BLM) lease land.
The deeded land is generally classified as follows:
• 85,454 ± Acres of Native Range and Pasture
• 11,600 ± Acres of Pivot Irrigated Crop Ground
• 6,000 ± Acres of Improved Pasture Ground;
• 3,000 ± Acres of Dryland Crop Ground
• 2,000 ± Acres of Sun River Riparian Corridor
• 1,317 ± Acres of Wheel-Line Irrigated Ground
• 200 ± Acres of Flood Irrigated Hay Ground
108,571 ± Total Estimated Deeded Acres
The irrigated acreage is part of existing change applications
which have been submitted to the Department of Natural
Resources and Conservation by the Seller.
The leased land is generally classified as the following:
State of Montana Lease Land
• 14,608 ± Acres of Native Range and Pasture
• 662 ± Acres of Pivot Irrigated Crop Ground
15,270 ± Total State of Montana Lease Land
(4,403 AUMs)
BLM Lease Land
• 160 ± Acres of Native Range and Pasture
15,430 ± Total Leased Acres
PHYSICAL DESCRIPTION
HARRIS UNIT
The Ranch is divided into two units, the Main Ranch Unit
and the Harris Unit. The Harris Unit lies about one mile
due north of the Main Ranch Unit boundary. This Unit is a
summer grazing pasture consisting of native range with the
following approximate acreages. These acreages and AUMs
are included in, not in addition to, the above calculations.
Deeded Land
• 8,364 ± Acres of Native Range and Pasture
State of Montana Lease Land
• 1,480 ± Acres of Native Range and Pasture
(381 AUMs)
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The Harris Unit is watered from Roundup Coulee and
from several springs which serve stock ponds. There are two
stock wells on the Harris Unit which can serve several stock
tanks and are for backup purposes only. It is utilized as one
pasture for spring and summer grazing of heifer pairs.
CROP LAND
Half of the approximately 3,000 acres of dryland crop
ground is farmed annually with the remaining acreage
summer fallowed, alternating each year. These fields are
normally planted in either spring wheat or barley. The
approximately 1,500 acres of dryland crop ground located
on the western portion of the Ranch has historically yielded
50-bushel winter wheat or 35- to 40-bushel spring wheat.
The remaining dryland crop acreage is located north of the

Sun River on the west end of the Ranch and averages closer to 25- to 30-bushel
yields of spring wheat. These fields are chem fallowed with the planted fields
being fertilized.
The irrigated and the dryland crop ground are on a three year soil testing
rotation system. This provides up-to-date information to the Agronomist and
the Ranch Manager for annual crop planning, while taking into consideration
fertilizer and fuel costs and the hay and grain markets. During this process the
annual farm plan is developed for the upcoming spring.
NATIVE & IMPROVED PASTURES
The native range pasture land is predominantly comprised of slender wheat
grass, blue grama, June grass and various fescues. Western wheat grass is
abundant in the majority of the higher elevation ranges.
Much of the 6,000 acres of improved pasture consist of crested wheat grass for
late spring and early summer grazing south of the highway. The steer pairs are
put into these pastures in early spring to utilize the high protein hard grasses to
maximize weight gain. At this time, the bulls are brought into the pasture with
the mother cows to begin the breeding cycle. Several large improved pastures
south of the highway contain pubescent wheat grass which greens up in late
June to early July and remains so for much of the summer.
The heifers will graze on brome and fescues of the sub-irrigated pastures until they
are moved to the hard high protein grasses, predominately comprised of western
wheat grass and sainfoin, of the Harris Unit from mid-June until October.
CONSERVATION RESERVE PROGRAM
The Ranch controls approximately 852 acres of land subject to the Conservation
Reserve Program (CRP), in five federal contracts generating approximately
$27,544.00 annually. These contracts expire in 2018 and the land subject to
the contracts is currently leased to a neighboring rancher. An additional 50
acres of CRP ground is located in the Harris Unit, and the payment from
this contract has annually been donated by the Seller to the State Land Trust
Division of the State of Montana.
The Ranch is not eligible to receive farm subsidy funds due to its total adjusted
gross income exceeding federal and state limits.
PHYSICAL DESCRIPTION
5

The Ranch ranks among the largest cow-calf operations
in Montana, currently running about 3,500 mother cows
plus about 175 bulls and about 800 replacement heifers.
According to an assessment conducted on the Ranch in
June 2011 by Norman C. Wheeler & Associates, the Ranch
is currently rated at 5,200 Animal Units.
As with any premier commercial cattle operation, bull
selection is critical and the Ranch carefully evaluates their
breeding stock on an annual basis. Replacement
bulls are closely assessed based on their yearling
Expected Progeny Difference (EPD). The
purpose of EPD is to compare the genetic merit
of the animal based on specific traits. Ultimately
the bull has to have good “eye appeal.” Bulls are
typically kept for six breeding years. Years of
discipline in the selection of breeding stock has
produced a uniform high-index cattle herd.
According to Dan Freeman, the Ranch Manager,
the history of producing high-index calves on the
Ranch at weaning has commanded a premium
from mid-west feeders and packers. Broken
O calves historically gain 3.25 to 3.75 pounds
per day, finish fast, and grade very high. The
annual steer crops command top dollar and have
developed a reputation for quality over the past
20 years.
First-calf heifers typically weigh around 1,100
pounds and begin calving in early February,
finishing up in late March, and typically produce calves
averaging 80 pounds at birth. These heifers are synchronized
to calve within the first three weeks in February. They calve
in the main calving facility located along the Sun River
just east of the Cattle Division where they can be closely
monitored. This expansive facility is heated and contains
over 100 jugs to accommodate the heifer herd during the
initial calving rush in early February. Once the calf is on
the ground, the pair is kept in the barn for about a day
CATTLE OPERATION
before the pairs are sexed into one of two holding lots
near the barn where they are held for three to four days
to ensure the new calf has taken to its mother and both
are healthy.
By February 20th, any remaining un-calved heifers are split
between the Freeman Barn and the New Barn Calving
Facilities to be put in with the older cows as they begin
the calving process. The average birth weights on the calves
from the older cows typically run about 80 to 90 pounds.
As the remaining heifers calve out, they are then trucked
back to the Main Calving Barn to be sexed and put with
the other first-calf heifers. The older cows have historically
calved out in lots near each of the calving facilities.
At birth, all calves are inoculated with Vitamin A and
tagged. Once calving wraps up and the pairs are sexed,
the steer pairs are turned out south of Highway 21 to the
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high-protein improved pastures and native grasses. They
continually move to the east-southeast through the deeded
and state lease lands until they end up at the Pick Hammer
Unit located at the very south end of the Ranch to utilize
the best hard grass for the most efficient gain. The heifer
pairs graze the sub-irrigated pastures north of the Sun River
and are moved from the pastures west to east and eventually
to the Harris Unit. By mid-May the bulls are turned out
with the cow herd to begin the breeding cycle.
Calves are weaned in late October and given
a preconditioning and an eight-way shot.
The 2011 weaned steer calves averaged 682
pounds. In 2011 the heifer calves averaged 630
pounds. Steers are shipped immediately after
weaning to commercial feedlots in Nebraska.
The heifer calves are weaned directly from the
Harris Unit and trucked to the Ranch feedlot.
The replacement heifers will go through three
separate culls until the final herd of heifers to
be bred is established in late March.
After weaning, cattle graze the dormant grass
and alfalfa stands left from the summer.
Most years, winter feeding of the cattle herd
does not begin until late December or early
January with first cutting alfalfa hay fed up
to calving time, dependent upon weather. In
this part of Montana, producers typically like
to keep about 2.50 tons of hay per cow in the
stack to get their cattle through the end of
April. However, the Ranch historically feeds between 2.0
and 2.25 tons per cow. A 22% protein ration (SmartLic®
supplements) is only used with first-calf heifers and threeyear
old cows through the fall. However, the older cows
are not put on a protein ration until after they calve. After
calving, the cows are transitioned to second cutting hay
rations providing a higher protein content to keep them
healthy and nourish the nursing calves.

After weaning, the ten-year old cows are sorted off from
the herd and sold by private treaty. Each year the number
of replacement heifers brought into the herd changes
depending on dry-cull cows and sorting off the ten
year-olds. Local ranchers actively seek to purchase any
remaining bred heifers to bring the strong genetic lines of
the Broken O into their herds.
The Ranch currently runs about 1,100 head of their own
replacement heifers which are culled down to between
700 and 800 head to be synchronized and artificially
inseminated over two days in late April. Two to three heifer
bulls (one bull per 35 heifers) are put in each of the heifer
pens for a period of 20 days for cleaning up heifers on
their second cycle that did not impregnate during the first
cycle. By early June the heifers and bulls are turned out to
grass. Heifer selection is a key component of continuing
the high standards of the Broken O cattle herd.
PASTURE UTILIZATON & STOCK WATER
The native pastures are adequately watered with numerous
stock tanks and reservoirs. A main water line which pulls
water out of the Company Irrigation Ditch serves a series of
stock tanks reaching from the highway to the south end of
the Ranch. The pump is located near the intersection of the
Dry Creek drainage and Highway 21 and runs due south for
approximately seven miles.
Supplemental water is provided through a series of springs
and wells which serve stock ponds and water tanks along
with several seasonal streams. Gasoline generators power
the pumps which serve a number of water tanks located in
the far south pastures. The generators are monitored on a
daily basis. These pumps are used for back-up water only
on dry years.
The pastures located at the base of Crown Butte east of the
Simms Highway (Montana Highway 200) are served by
stock ponds and a well.
CATTLE OPERATION
FEEDLOT OPERATION
The 3,000- to 5,000-head commercial feedlot is licensed,
permitted and in compliance with the Montana Department
of Environmental Quality. During the fall of 2011, about
3,600 head were fed in this facility.
With 32 individual pens on individual waterers and concrete
feed bunks, this feeding operation dwarfs many commercial
feedlots. The Ranch contract feeds approximately 650 yearling
bulls and about 1,500 replacement heifers on contract for
several local purebred breeders in addition to Ranch heifers.
The cost of running calves in the feedlot ranges from about
$0.85 per day for a grass-fed spayed heifer to about $1.50
per day for a bull calf. On average, the replacement heifers
cost about $1.00 per day to run in the feedlot. These
expenses increase over the course of the winter and early
spring as the animal gains weight. By March, this range will
increase to approximately $1.10 per day for spayed heifers,
bull calves costing about $1.95 per day and the heifer calves
costing about $1.30 per day, depending on the hay and
grain prices. The Ranch custom-feeds three different rations
for each of the three classifications of cattle.
A yardage fee of $0.35 per head per day is charged for contract
cattle which covers labor, electrical, manure spreading and
maintenance. The grain and hay is added to the yardage
fee at whatever price the commodity is valued at that time.
The feedlot has served as an additional revenue source by
running hay and grain grown on the Ranch through contract
confinement cattle. The only outside commodity purchased
is corn for the bull calves which is contracted from South
Dakota.
Cattle are inspected daily by the Ranch Manager or
Assistant Manager to ensure proper care and to identify
sick animals. Two employees manage the feedlot on a fulltime
basis, overseeing the feeding, maintenance and overall
management of the cattle.
7
PRIVATE GRAZING LEASES
In 2011 there were six private verbal grazing agreements
in place for the use of Ranch property. These leases have
yet to be determined for 2012. These have historically
been on a year-by-year basis and have generated additional
income for the Ranch through grazing fees. They have
totaled approximately 565 cattle at an average $18.00 per
pair per month. A listing of the charge rates is available
upon request.
According to the Ranch Manager these leases provided
cash-flow on a year-round basis and income diversification.
The next owner is under no obligation to continue these
agreements.

The farming component of the Ranch is expansive and complex. On average, the Broken
O Ranch produces 25,000 tons of alfalfa hay and about 700,000 bushels of grain crops
annually. Wheat yields on irrigated crop land average 70 to 75 bushels per acre. Barley crops
average about 80 bushels and can go as high as 110 bushels per acre.
Protein levels of the wheat crop are monitored very closely. Typically, protein levels
on these crops range between 14% and 14.5%, with protein levels on dryland crops
typically between 15% to 16%. A dry fertilizer mix is applied in the spring when the
crop is planted. The abnormally wet spring of 2011 washed much of the fertilizer out
of the ground resulting in lower than normal protein levels in both the irrigated and
dryland wheat crops. Historically the high-protein levels maintained in the wheat crops
have commanded a premium on the commodities market.
One hundred grain bins and flat storage facilities provide for over 1,000,000 bushels of
grain storage on the Ranch. Thirty-eight fan systems are utilized among the 52 bins with
aeration capabilities.
The massive grain storage capacity of the Ranch has historically allowed the management
to carefully watch grain markets and hold to sell during high demand/high value markets.
This has required patience in waiting for strong grain prices.
The Ranch has one substantial alfalfa hay contract in place for 2012. Approximately 1,000
tons of second cutting hay is shipped to Othello, Washington where it is processed and
cubed for shipment to the Pacific Rim. Historically, the Ranch has also shipped hay to
CROP PRODUCTION
9
various dairy operations in Southern Idaho. Additional local hay sales occur annually with
neighboring cattle producers. The Ranch generally sells between 7,000 to 8,000 tons of hay
annually between direct sales or running it through cattle in the feedlot.
Typically, about 800 to 1,000 acres of hay land is taken out of production and put into
grain on an annual basis as part of the long-term farm plan. After three years of growing
small grains, fields will be planted back into alfalfa production. A comprehensive 2012
Farm Plan will be available to well-qualified Prospective Buyers.
IRRIGATION SYSTEMS
The 68 center pivots on the Ranch consist of 60 Valley® systems, four Olson Pivot ©
systems, three older Lockwood® systems and a Wade Rain® pivot system. The Ranch
has transitioned some of the older systems into the Valley® brand which has provided
consistency in maintenance and simplified keeping replacement components for one
type of system. The Olson Pivot © systems were installed in the early 1980s and may need
replacement within the next several years. All irrigation systems and replacement parts
will convey to the Buyer at the Closing of a Sale.
Water is pumped to each of these pivot systems directly from surface sources such as
supply ditches and streams which feed pumping stations. Five of the existing pivot
systems are gravity flow. Electrical pumping costs associated with these systems were
$18.62 per acre in 2010. In general, electrical pumping costs in the Western States will
run between $30.00 and $100.00 per acre annually.

All of the improvements on the Ranch, including interior and perimeter fencing, are well
maintained. They are very functional and reflect no large future deferred maintenance
expenses.
EQUIPMENT & STORAGE FACILITIES
The buildings at the Cattle and Farm Division appear to be very well maintained and
functional. Matching full-service shop facilities are located at both the Cattle and Farm
Divisions complete with concrete floors, heat, 220-volt power and large roll-up doors
to accommodate large machinery. Bathrooms and break rooms are also provided at each
location.
Equipment storage facilities are also located at both Divisions and are adequate to serve an
operation of this size and scale. Combines, tractors, semis, swathers and balers are all stored
in one of these storage facilities through the winter months.
A complete inventory of the facilities will be provided to well-qualified Prospective Buyers
and their agents.
IMPROVEMENTS
10
CATTLE HANDLING FACILITIES
The corral system and holding pens at the Cattle Division can comfortably handle in excess
of 5,000 head of cattle. The Ranch utilizes a state-of-the-art tub and alley system connected
to a hydraulic squeeze chute to efficiently process cattle. Pregnancy testing and branding
takes place at several locations throughout the Ranch. The Cattle Division facility primarily
processes cattle during weaning and shipping and is utilized for any of the cattle being held
in the feedlot. A 60,000-pound Fairbanks-Morse® certified beam scale serves the expansive
cattle facility. Two alley systems can be run in parallel which lead to two separate loading
chutes – providing for efficient loading/unloading of large numbers of cattle.
Each of the three calving facilities also contain corral systems to sort and process cattle. In
addition to the calving facilities and the facility at the Cattle Division, five supplemental
cattle handling pens are located at various locations throughout the Ranch.
A modern sale barn with seating for about 300 is located at the Cattle Division. This facility
was once utilized by the Ranch for the sale of livestock. Today, this facility is primarily used
by several purebred breeders whose bull calves are fed in the feedlot and sold at this barn.

FEED MILL
The Feed Mill is located at the Cattle Division near the
feedlot and is operated by two full-time ranch hands
when running at capacity. One person operates the
computer system which calculates the rations going
into the feed truck. The second person runs the truck,
distributing a pre-calculated feed ration and weight to
each pen.
Four 38,000-bushel bins feed into the Feed Mill through
a series of augers and storage hoppers. Computers in the
Mill calculate rations to be fed to each pen.
OWNER’S HOME
The approximately 10,000 square-foot owner’s
home is ensconced in a stunning setting on the
Ranch, overlooking the Sun River Valley up to the
breathtaking Rocky Mountain Front. The home
consists of five bedrooms, seven full bathrooms, a
spacious office area and recreational room as well as
an indoor swimming pool. The well-designed kitchen
and expansive family room, which includes a wet bar,
is well suited to accommodate entertaining and large
family events. Just off the kitchen is a more formal
dining room which enjoys commanding views of
the Ranch, plus an intimate breakfast nook area
for smaller gatherings. The upstairs reading room is
private and overlooks the living spaces below. The
home has an attached garage which comfortably
accommodates three full-size vehicles.
EMPLOYEE HOUSING
A complete inventory of the employee homes and
mobile homes will be available to well-qualified
Prospective Buyers and their agents.
IMPROVEMENTS
11

STAFFING
Besides the county government payrolls, the Broken O Ranch is one of largest employers in
the region. With 25 full-time ranch hands and an additional four to five ranch hands during
calving and irrigation season, staffing is an important part of the Ranch Manager’s duties.
Dan Freeman has been the Manager of the Broken O Ranch serving the Moore Family since
Bill and Desiree Moore purchased the Ranch in 1988. Dan and his wife, Tina, are desirous
of retiring and spending more time with the grandkids after dedicating 25 years of their lives
to the Moore Family.
For the past two years, Dan has mentored a replacement to run the Ranch upon his
retirement, Kyle Kelley. Kyle grew up on his family’s ranch in the Deer Lodge Valley.
Kyle’s expertise is on the livestock side of the operation, although he is quickly learning
the farming operation. Dan would be willing to work with a new owner on a consulting
basis during a transition period. It is his strong desire to serve a new owner to continue
the tradition of the Broken O Ranch and see it grow and prosper.
Two full-time mechanics handle the maintenance on all machinery, vehicles and heavy
equipment. Their responsibilities are divided between the Farm Division and the Cattle
Division/Heavy Equipment. Six to seven ranch hands from the farm crew spend the winter
months strictly on maintenance of the equipment and the hauling of grain.
The focus of the staff is on maximizing the production of crops and beef. The crew is
divided between these two general areas in order to maintain continuity and efficiency in
the season-to-season tasks. After crops are harvested and calves are weaned and shipped,
the crews shift their attention to maintenance and repairs on calving facilities, fencing
and livestock water in preparation for the colder winter months.
In addition, the Ranch employs a full-time bookkeeper who also oversees the maintenance
and upkeep of the Owner’s Home. She would be willing to work with the new owner of
the Ranch to transition ownership and bookkeeping.
CONSERVATION EASMENTS
Three conservation easements with the Montana Land Reliance are in place encumbering
approximately 9,701 acres along the Sun River corridor. These easements were placed
over a three year period in 1995, 1997 and 1998, limiting the usage of these acres to
agricultural use only. The easement contracts restrict the number of residences to be
placed on the land under easement and restrict the subdivision and sale of the property
to 160 to 320-acre tracts for agricultural use only.
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STATE & FEDERAL GRAZING LEASES
The Broken O Ranch also grazes cattle on 33 State of Montana Leases for a total of
15,270± acres which provide approximately 4,403 AUMs. A small 160-acre Bureau of
Land Management (BLM) federal permit is also controlled by the Ranch.
These types of grazing leases are typical of large working ranches in Montana and the entire
Rocky Mountain West and are usually transferred with the deeded lands. Generally, the deeded
lands control access and water and these leases have some measurable contributory value based
on their AUM ratings. It has been estimated that the state and federal leases controlled by the
Broken O Ranch contribute only about 0.08% to its overall carrying capacity.

UTILITIES & SERVICES
Electricity is provided by Sun River Electric Cooperative based in Fairfield. Telephone service is provided
by Three Rivers Communications. Domestic water for the homes and corrals is provided by individual
wells. All residences are on individual septic systems.
Annual electric costs for the improvements (excluding the residences) and stock water wells typically run
about $9,500.00. The annual irrigation electrical cost is currently running about $275,000.00
REAL ESTATE TAXES
The taxes on the real estate and improvements for 2011 were $243,051.51.
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The Ranch controls an extensive number of irrigation and
stock water rights on streams, stock ponds and wells with
very good priority dates. A complete list of water rights and
water right claims controlled by the Ranch is available upon
request through our Bozeman Office. In this document,
water rights refer to post-1973 rights for stock, domestic or
other uses that have been issued permits or certificates for
use. Water right claims refer to pre-1973 rights, including
decreed rights made by the Ranch that have not been fully
adjudicated by the Montana Water Court.
According to the Montana Department of Natural Resources
and Conservation’s (DNRC) Water Rights Division the
Broken O Ranch owns the following water rights and water
right claims:
WATER RIGHT CLAIMS
• 267.7 CFS* flow rate for 19 decreed water right
claims out of the Sun River, Elk Creek, Dry Creek,
and an unnamed tributary of North Fork Simms Creek.
• 48.0 CFS* flow rate for use/filed water right claims
from Dry Creek, Cutting Shed Coulee, School
Section Coulee, Big Coulee, Elbow Coulee, much of
which irrigates the same acreage included in the
decreed water right claims.
CFS – cubic feet per second
The priority dates of water rights on the Broken O Ranch start
as early as 1871. Of the 25 irrigation rights, 22 were decreed in
the June 13, 1911, Sun River Decree, Cascade County Case
No. 4742. A total of 24,497.9 acres of irrigation is currently
provided by the 25 water right claims.
Because the most productive lands on the Ranch are already
under sprinkler irrigation, very little land is currently being
flood irrigated. A change application is being prepared by
the Ranch to submit to the DNRC to further preserve
the Ranch’s historic water use. This protected water will
WATER RIGHTS & WATER RIGHT CLAIMS
be left instream, which will benefit the fishery resource.
Once approved by the DNRC, this protected water may
be left instream, may be available to sell to a downstream
buyer, or could be moved to other portions of the Ranch
if new ownership elects to install additional pivot systems.
However, acreage stipulations entered by the Ranch limit
irrigation on the portion of the Ranch, north of the Sun
River, so additional irrigation development would need to
be placed on lands south of the river.
CONTRACT STORAGE WATER
The Ranch owns the following contract water in addition to
the previously decreed water rights:
• 3,760.00 Acre-Feet in the Nilan Reservoir;
• 1,944.78 Acre-Feet in the Greenfields Irrigation District;
• 202.36 Acre-Feet in the Fort Shaw Irrigation District.
The Ranch controls approximately 44% of the stored water
in the Nilan Reservoir, located west of Augusta, which is
filled from Smith and Ford Creeks. When the water leaves
the reservoir, it is delivered via Smith Creek which in turn
flows into Elk Creek. Nilan water is diverted from Elk Creek
into the Hogan-Scheerer Ditch or can be diverted, as needed,
into the Bickle-Burke, Company or Lytle-Clemons Ditches.
In addition to stored Nilan water, the Ranch has 460
acre-feet of free-flow water, which is excess water available
only during spring runoff.
The Florence Canal is a distribution canal delivering Nilan
Reservoir stored water to a pivot located on the south end of
the Ranch near the Mott House and Calving Facility.
The Greenfields and Fort Shaw Water Projects were federallyfunded
Bureau of Reclamation Water Projects constructed
by the Army Corp of Engineers. This expansive water project
was authorized by the Secretary of the Interior in February
1906. Actual construction began on the Fort Shaw Division
in May 1907, and wrapped up by late summer of 1908,
with the first water flowing through the Canal in 1909. The
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Greenfields Division of this irrigation project began in 1913,
with water flowing to irrigators in 1920.
The Floweree Canal is the Ranch’s primary distribution canal
which carries previously decreed Sun River water to irrigated
land lying north of the River. It also captures and delivers
use/filed water from Cutting Shed, School Section, Elbow
and Big Coulees. The Ranch controls the majority of the
water in the Floweree Canal with only one other user at the
end of the canal.
DOMESTIC & STOCK WATER RIGHTS
According to the Department of Natural Resources and
Conservation, the Ranch has currently filed on 27 domestic
water rights and 35 stock water rights on seasonal streams,
stock ponds and wells. A complete list of the Domestic and
Stock Water Rights is available upon request through our
Bozeman Office.
WATER RIGHT ADJUDICATION
Water rights in the Sun River Basin (Basin 41K) are
currently going through re-adjudication with the Montana
Water Court, and as a result of that process, some water
rights may be changed as to validity, amount, priority
date, place of use and other changes the Court may
decide. The Seller has made all filings currently required
and will transfer the water rights as they currently stand
with no warranty, as is common in real estate transactions
in Montana pending completion of Montana’s general
stream adjudication process. All water rights and water
right claims appurtenant to and for the benefit of the
Ranch will be conveyed to the Buyer at closing of a sale.
*Flow rates given are as stipulated with objectors during the temporary
preliminary decree review. Final determination of flow rate will be made by the
Montana Water Court upon issuance of the final decree.

MINERAL RIGHTS
The Seller will convey with the Ranch 100% of whatever mineral, oil, gas, geo-thermal,
hydro-carbon and gravel rights it actually owns, subject to reservations by previous owners.
The Seller makes no representation as to the quantity or quality of any mineral or other subsurface
rights appurtenant to the Ranch.
Two oil and gas leases are currently in place on the Ranch for the mineral acres that the Ranch
owns. The existing leases pay approximately $79,000.00 annually to the Ranch. Details of
these leases will be provided to well-qualified Buyers and their agents.
ELEVATION, CLIMATE & PRECIPITATION
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The elevation gain on the Ranch from the lowest point
of the Sun River to the highest elevation is about 1,090
feet. The western edge of the Ranch on the Sun River
sits at 4,000 feet above sea level with the eastern edge
at 3,600 feet. The peak at the southern portion of the
Ranch has an elevation of 4,694 and the Owner’s Home
sits at 3,800 feet. Due to the surrounding mountains,
the massive acreage and the diverse terrain, along with
the variations in elevation, there are many microclimates
within the confines of the Ranch.
The average annual precipitation is 12 to 13 inches.
The average growing season of the area is approximately
129 days. The long hours of summer sunshine combined
with the majority of the rainfall in May and June
provide a favorable climate for dryland farming.
Average high temperatures in June, July and August range
from 72° to 81° Fahrenheit. In December, January and February
average low temperatures are between 32° and 41°.
Summer average minimum temperatures range from
45° to 51°. Winter average minimum temperatures are
typically between 11° and 16°. There is plenty of sunshine
throughout the year.

Controlling approximately 20 miles on both sides of the Sun River creates a virtual
private fishing reserve within the confines of the Ranch. Continuous pool and riffle
fishing make it difficult for drift boats to put in upstream of the Ranch and float this
stretch in a day, other than during high water. Sporty browns and rainbow trout thrive in
the deep pools and feed in the riffles, generating good numbers of large fish.
The Sun River originates in the renowned Bob Marshall Wilderness and flows for a
little over five miles before reaching the Gibson Reservoir. The Gibson Dam regulates
the River, providing consistent flows through most of the summer months. The Gibson
Reservoir and Diversion Lake are located northwest of the Ranch on the Sun River. These
reservoirs contain rainbow and brook trout and Arctic grayling. Pishkun and Willow
Creek Reservoirs, also in the Sun River drainage, offer the angler opportunities to catch
“trophy” trout and pike, as well as Kokanee salmon. After coursing through the Ranch,
the Sun River continues southeast where it joins the Missouri River at Great Falls.
Lowry Lake is a spring-fed private lake located just north of the Cattle Division. The Lake
is approximately one mile long and is stocked with Kamloops trout. The Lake and the Sun
River provide outstanding waterfowl hunting with the location of the Ranch situated along
the western edge of the Central Flyway. Along the River corridor are extensive spring-fed
wetlands combined with a plethora of small streams that feed into the Sun River creating a
prime habitat for waterfowl, upland game birds and other wildlife. In the heat of July and
August, Lowry Lake is also a great location for jet skiing or boating.
HUNTING & FISHING
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Significant populations of Hungarian partridge, pheasant and sharp-tailed grouse are
observed throughout the Ranch. The irrigated grain fields through the core of the Ranch
provide a readily accessible food source. The lush riparian habitat along the River and
other tributary streams combined with the grain crops and cover greatly enhances the
quality and numbers of wildlife which is apparent through the abundant numbers of
whitetail, mule deer and antelope scattered throughout.
For the employees of the Ranch there is an incentive program offered for a buck drawing.
The Ranch allows for seven buck permits to be drawn annually. Any employee, with proper
hunting tags, who has been working for the Ranch ten or more years, is automatically
allowed to hunt each year; all other employees wishing to hunt for bucks are handled
by the drawing process through the Ranch. Employees can also hunt whitetail and mule
deer does on the Ranch during season.
Public hunting has been allowed through permission only. Typically, two to three
hunters per day are allowed on certain portions of the Ranch to hunt whitetail and mule
deer does. The Ranch is located in hunting District 444. For specific regulations and
additional information please refer to the Montana Fish, Wildlife and Parks website at
www.fwp.mt.gov.
A waterfowl hunting and fishing lease is currently in place with a personal friend of
William E. Moore. The lease is limited to waterfowl hunting and fishing the stocked
ponds and the River. The lease includes using one of the ranch houses, and the total
annual income from the lease is $10,200.00.

The outdoor amenities of North Central Montana are abundant, fulfilling the prerequisites
of any recreation enthusiast. The Bob Marshall Wilderness Complex situated just
west of the Ranch is comprised of about 1,535,352 acres. “The Bob” is the fifth largest
wilderness area in the United States. Its sustained beauty is due in part to the Wilderness
Act of 1964 which prevents any roads or structures from being created, as well as no
motorized or mechanical equipment allowed in the area. The Wilderness is accessible by
foot or on horseback through its abundant trail system. Hunting, fishing and camping
are all allowed with the proper permitting. Wildlife within the area includes grizzly and
black bears, moose, elk, mountain goat, bighorn sheep, wolverine, wildcats and lynx.
To the northeast of the Ranch, near the town of Fairfield, lies Freezeout Lake. While
this Wildlife Management Area offers hunting, wildlife viewing, and the opportunity
to iceboat in the winter, it is also the primary staging area for snow geese in their spring
migration from the Gulf States. In early March as many as 300,000 snow geese and
AREA RECREATION
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10,000 tundra swans gather at the Lake to rest before continuing to the extreme northwest
Arctic Coast of Canada.
Fairfield also offers golfing at the Harvest Hills Golf Course with a beautiful backdrop of
the Rocky Mountain Front. Golfing is available at the Choteau Country Club, as well as a
new course at the Eagle Falls Golf Club in Great Falls.
For many decades, travelers have journeyed down the Missouri to see the inspirational
rock formations and limestone cliffs. Scenic boat tours are available to enjoy the beauty
that has not changed since the days of Lewis and Clark. To gain additional knowledge of
the “Corps of Discovery” Expedition and the history of the area, it is well worth visiting
the Lewis and Clark Interpretive Center in Great Falls which offers lecture series, films
and exhibits.

Like many other young adventuresome entrepreneurs in the 1800s,
Daniel Flowerree left his home in Missouri in 1852 to find his fame
and fortune in the gold fields of Montana. After several years of hard
luck, he found his fortune in the mining claims around Helena.
Young Flowerree soon realized the abundant possibilities in the
cattle industry in Montana with its vast grassy prairies and plentiful
water resources. Flowerree trailed 65 head of mother cows from
his home state to the grasslands of Montana. On his way through
Miles City, he acquired a business partner by the name of Lowry.
These two stockmen worked their way west to the Sun River Valley.
It was in the early 1870s that these cattlemen purchased 1,500 head
from Texas and they made their way north along the renowned
Chisholm Trail. Several years later another large herd was purchased
from the Oregon Territory and trailed across the Rocky Mountains
to the Sun River Valley.
The Flowerree and Lowry Cattle Company was created and the town
of Lowry was established on the Ranch (on the eastern edge of the
current day Broken O Ranch). The two cattle barons also bought
and raised a large remuda of horses which they utilized on the Ranch
and traded with other cattlemen and locals. When the Flowerree
and Lowry Cattle Company was in its prime in the early 1880s, local
historians claim that these cowmen were running between 25,000
and 40,000 head of cattle from Wolf Creek to the Canadian border!
The brutal winters of 1881 and 1886 set them back significantly.
The hard crust and cold prevented the cattle from breaking through
the snow to reach the grass underneath. Montana’s own Charles
Russell made famous the winter of 1886 in his oil painting of “The
Last of Five Thousand.”
Through the financial trials and tribulations of the devastating winters
when the majority of the cattle herd were lost, Daniel Flowerree’s son,
William K. Flowerree, became a great asset to his father. With the
aging of his father, William began taking over many of the ranching
responsibilities. The open range was diminishing with settlers moving
from the east, and the Flowerrees realized that in order to operate the
size of herd they needed, land would need to be purchased.
RANCH HISTORY
Will Flowerree, Founder of the Broken O Ranch.
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…“it was impossible to buy all the land necessary to run the
cattle they owned. The method which they used for securing the
needed capital, was by organizing the ranch into a company.
The organization of the ranch took place in 1892. It was then
renamed the Flowerree Sheep & Horse Co.”
The Flowerree Ranch – A Stockman’s Paradise, Jon K. Hane – Page 44.
The passing of the Reclamation Act by the federal government
in 1900 allowed anyone to claim land which they were able to
irrigate and take out of prairie. With the plentiful supply of
water from the Sun River flowing through the Ranch, young
William saw this as a superb opportunity to acquire additional
lands to run cattle, but more importantly, land to grow hay
crops in order to avoid the devastating losses of the 1881 and
1886 winters. William was soon put in charge of building a
canal to irrigate the vast prairie lands north of the Sun River.
With slips and over 150 men, it took three years to complete
the main ditch.
“The actual acreage acquired, and put under irrigation, was
16,000 acres. Another 20,000 acres was used for range land
in the surrounding country, making a total of 36,000 acres.”
The Flowerree Ranch – A Stockman’s Paradise, Jon K. Hane – Page 45.
The Ranch flourished for nearly 45 years before it
eventually fell on hard times and was sold at a sheriff’s
sale on the courthouse steps to the Teton Land Company.
With new management the Ranch once again became the
largest cattle ranch in Teton County. The Texas longhorns
brought to Montana by Flowerree were replaced with
English Hereford cattle which were better acclimated to
the climate of the Rocky Mountain Front.
Some of the place names or sub-ranch houses, of the Teton
Land Company are the “Soldiers Home,” the “Red Shed”, the
“New Barn” and the “Grimes Place.”
The Flowerree Ranch – A Stockman’s Paradise, Jon K. Hane – Page 49

In 1944, Teton Land Company was sold to John Hamilton. Under Hamilton, several ranch
buildings were updated and bathrooms were installed in many of the bunkhouses. Additional
crop lands were established and irrigated increasing the production of the Ranch.
William and Desiree Moore, founders of the Kelly-Moore Paint Company, first came to the
Sun River Valley in 1988 and purchased the Hamilton Ranch and, soon thereafter, the Freeman
Ranch – constituting the core of the Broken O Ranch. Over the course of the next 20 years, the
Moores continued to purchase and block land resulting in the present-day configuration.
The Moores quickly realized their need for a competent and trustworthy individual to
not only manage his assets, but one who was well respected in the community. With
the acquisition of the Freeman Ranch, they found Dan Freeman. Freeman’s family had
operated a commercial cattle operation along the Sun River since 1948. Dan Freeman
has been an integral part of the Moore Family and development of the Broken O.
The Ranch and lifestyle that Montana offered quickly became William Moore’s passion.
He would spend weeks on end there entertaining friends and riding with his close friend,
RANCH HISTORY
19
Dan Freeman. Freeman recalls spending many days riding in his pickup with Moore,
answering questions ranging from irrigation head gates and barley crops to their breeding
program for the upcoming year.
William Moore was a hands-on owner who wanted to be knowledgeable about not only
the operation of the Ranch, but the lifestyle that surrounded it. He spent countless
hours reading and studying to increase his knowledge base in agricultural production.
Freeman comments that Bill “…was still jumping ditches at 70 years of age.” A lifelong
innovator, he constantly challenged Freeman and his crew to find better and more
efficient ways of operation and was always the first to provide the necessary tools for
success. William Moore was a very unassuming man and took tremendous pride in his
cattle and the stewardship of the land and its resources.
With all the changes throughout the history of the Sun River Valley, the integrity,
productivity and attraction to the area have remained unchanged for those pioneering
spirits similar to young Daniel Flowerree.

Rarely do we see authentic legacy ranches encompassing over 100,000 acres of deeded land
come on the Western real estate market. The history and grandeur of the Broken O Ranch
remain pale unless personally witnessed. The magnificence goes beyond the breathtaking
views of the Rocky Mountain Front and the beautiful Sun River corridor meandering through
the heart of the Ranch.
The western skyline before us was filled high with a steel-blue army of mountains, drawn in
battalions of peaks and reefs and gorges and crags as far along the entire rim of the earth as
could be seen. Summit after summit bladed up thousands of feet as if charging into the air to
strike first at storm and lightning, valleys and clefts chasmed wide as if split and hollowed by
thunderblast upon thunderblast.
SUMMARY STATEMENT
Ivan Doig, “This House of Sky”- Page 180.
The Broken O Ranch reflects Bill Moore’s commitment to the land and his passion for the
cattle industry. An icon of American ingenuity, hard work and excellence, Moore transcended
his profession and applied that same level of commitment to his love of the land and the
Western way of life. This commitment is evident in the stewardship and attention to detail
manifested in so many aspects of the Ranch and its operation. Great skill and care has
been applied to every facet of the operation, from the selection of the breeding stock to the
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exquisitely managed grass resource to the maintenance of the infrastructure. The integrity of
this ranching tour de force exudes an aura of unique greatness.
This storied operation holds a singular position by containing the largest irrigated acreage in
the State of Montana. The Broken O sits on a pedestal as one of the iconic ranches of the
West. Other large operations exist in the Rocky Mountain West, but few rival the production,
beauty and scale offered by the Broken O Ranch. The successor to the Broken O will inherit
a ranching history like no other in Montana.
“Through a period of 80-years this ranch has been noted as one of the largest and best stock
ranches in Montana.”
The Flowerree Ranch – A Stockman’s Paradise, Jon K. Hane – Page 50.
The remarkable condition of the range land is the product of William and Desiree Moore’s
25 years of careful stewardship and direction. The Broken O Ranch is one of the most
significant holdings in the Rocky Mountain West to become available in decades. The scale,
commodity production, recreational amenities and overall diversity make the Ranch one of
the most unique offerings we may ever see. The next owner of the Broken O Ranch will take
an immediate high rank among the Nation’s elite in the beef and agricultural industries.

OFFERING PRICE & CONDITIONS OF SALE
The Broken O Ranch, as previously described herein, is offered at US $132,500,000 Cash or at Terms acceptable solely at the discretion of the
Seller. The conditions of sale are as follows:
1. All offers to purchase or letters of intent must be in writing and accompanied by a wire transfer of $15,000,000 to the
escrow account of Helena Abstract and Title Company;
2. Earnest money deposits will be placed in escrow with Helena Abstract and Title Company, which will then place the
funds with local banks at nominal rates of interest accruing to the benefit of the Buyer until Closing;
3. All Prospective Buyers must demonstrate to the satisfaction of the Seller unquestioned financial capability to purchase
the Ranch prior to scheduling an inspection of the Ranch;
4. The Seller will provide and pay for an owner’s title insurance policy. Title to the real property will be conveyed by a
limited warranty deed;
5. Inventory of livestock, machinery and equipment will be transferred via bill of sale at Closing;
6. All of the water right claims and contract storage water rights controlled by the Ranch will be transferred to the
Buyer at Closing, and all of the mineral rights which the Seller actually owns will be conveyed to the Buyer at Closing;
7. Buyers’ Brokers are welcome and invited to contact Michael S. Swan in our Bozeman Office for information regarding
Cooperation Policies;
8. Any additional documentation provided to Prospective Buyers and their Agents related to and expanding upon the
information contained in this offering brochure will be subject to terms of a Confidentiality Agreement to be signed by
the Prospective Buyer and their Agents prior to the delivery of such documentation.
The Seller reserves the right to effect a tax-deferred exchange for other real property in accordance with provisions in Section 1031 of the Internal
Revenue Code. The Buyer will not be required to incur any additional expenses nor to step into the chain of title on any property which the Seller
may acquire.
This entire Offering is subject to errors, omissions, prior sale, change or withdrawal without notice and approval of purchase by the Seller. Information
regarding land classifications, acreages, carrying capacities, crop yields, potential profits, etc., are intended only as general guidelines and
have been obtained from sources deemed reliable; however, accuracy is not warranted or guaranteed by the Seller or Bates Sanders Swan Land
Company. Prospective Buyers should verify all information to their sole and complete satisfaction.
Photographic collection for the brochure from rowe-vantinephotographic.com, Toni Chew and the Broken O Ranch.
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STATE OF MONTANA
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