Land Features - The Jones Ranch has level to gently rolling red sandy land prized in the Dimmit and Zavala County area. The topography generally slopes west toward Galvaneno Creek which bisects the property. Elevations on the ranch range from 540 feet to 670 feet. The hilltops provide panoramic vistas over the South Texas rangeland.

Vegetation - The ranch has heavy mid to tall canopy brush in the deeper soils with low to mid canopy brush in the shallow soils. Vegetation includes mesquite, some huisache, coma, black brush, white brush, guayacan, twisted acacia, prickly pear, leather stem, tasajillo, wild persimmon, cenizo, Spanish dagger, sotol yucca, etc. The ranch has native grasses and buffelgrass. The level brush areas are mostly mesquite prickly pear and brush. Galvaneno Creek is superb game corridor lined with mesquite, hackberry and heavy underbrush. The hilltops have mostly black brush, guajillo, guayacan and cenizo. Ranch management has engaged in a land clearing project of select areas surrounding watering areas in each pasture as well as the area of the improvements. The selective cleared land is estimated to be 12% to 16% of the overall ranch area to provide better native grass growth for livestock, edge effect for wildlife and quail hunting areas. The red sandy soils are responsive to rainfall and grow a variety of native brush and native and improved grasses which provides good wildlife habitat and grazing for cattle.

Water Features - There are two permitted high volume Carrizo water wells for fresh water use with piping to supplement two large stock tanks. A third high volume well is plumbed just north of the barn is ready for a pump. There is one operating electric domestic water well with poly storage tanks and an RO system providing water to the hunting camp. The ten stock tanks on the ranch have been cleaned out during the recent drought. There are six large, round concrete water troughs or pilas with one in the center of each of the six section pastures which have been replastered and sealed to hold water.

Utilities - The property has septic tank service for the hunting camp and the barn apartment.

Fencing and Livestock Facilities - The Jones Ranch has mostly standard height perimeter fencing consisting of four strand barbed wire on primarily wood posts. The ranch has certain “stretches” of game fencing primarily along the northern and a portion of the western boundary. The game fencing is 8’ tall net wire with T-posts and pipe line posts and H-braces, etc. Much of the older cross fencing has been removed with the H-braces left in place.

Improvements

• Hunting Camp - Structural improvements include seven (8' x 20) Self-contained Mini Suites and one (8' x 40') Kitchen House with & metal roofing; all connected by covered TRX decking and porches. Each of the comfortable, self-contained mini-suite units is of recent construction with one bedroom with bunk beds, mini-split heating and air-conditioning unit, bathroom with shower. Camp is served with a new water well with RO system. Good gravel road and parking surface for Camp.

• Covered Shed – (40' x 45)' with two Conex containers for use as a tool room and secure storage, RV Canopy/Cover (18' x 30') RV Cover, Walk-in Game Cooler, (6' x 8')

• New Barn with Living Quarters – recently constructed 9,375 square foot (75' x 125') corrugated metal building on concrete slab foundation with 3,750 square foot (50' x 75') enclosed and R-30 insulated building with tool room, utility room, and +900 square foot 2-bedroom apartment under roof (finish out under construction); large overhead doors.

• 15 good quality deer blinds

• 17 stand and fill feeders

• 15-ton overhead bulk feed bin

• 3 ton feed bin

Hazards and Detriments - Limited areas along Galvaneno Creek may be located within the 100-year floodplain.

Easements & Encumbrances - The Jones Ranch is located in the Big Wells Oilfield and has older Austin Chalk Formation and newer Eagle Ford Shale oil and natural gas production. The operator of most of the current production is Trinity Resources Company. Flint Oak is a minor operator with the older production. The ranch is not bisected by any major high tensile electric transmission line easements. The ranch has electric distribution lines in a number of areas with AEP providing the power. The operators of the mineral estate have access easements associated with the oil production on the Jones Ranch and neighboring ranches. The ranch is encumbered by an access easement along the boundary to a neighbor to the northeast.

Wildlife and Recreational Appeal - The Jones Ranch is located in an area with very good South Texas native game. The whitetail deer hunting on the ranch is good. The ranch is under game management with an MLDP permit through Texas Parks and Wildlife. Trophy bucks harvested on the ranch have ranged from the 150’s close to the 180 Boone and Crockett score range under mostly low fence. Typical wildlife species found on the Jones Ranch includes whitetail deer, wild turkey, wild hogs, bob white and blue quail, doves, varmints, javelinas, etc. The red sandy soils on the ranch and related brush habitat are highly beneficial from a wildlife perspective. The bird hunting including quail, dove and turkey is very good in normal years. This area produces some of the best quail and dove hunting in South Texas. The larger stock tanks with water lines have been stocked with “lunker” trophy bass. The stock tanks also offer seasonal waterfowl hunting opportunities. The recreational appeal in the form of hunting and fishing on the Jones Ranch is very good.

Personal Property - Personal property including livestock, equipment, furniture and fixtures owned by the Sellers is not included, and all ranching operations assets owned by the grazing tenant is not included.

School District and Taxes - The property is in Carrizo Springs and Crystal City School Districts and qualifies for wildlife valuation. The ad valorem taxes with wildlife valuation are $9,346.87 or $1.89 per acre.

Minerals - Whatever minerals owned by the Seller will be conveyed to the Buyer.

Water Rights - 50% of the commercial water rights owned by the seller will be reserved by the seller. The ranch overlays the prolific Carrizo Sands Aquifer. According to the owners, they own all of the water rights over the entire 4,948.26 acres.