S.K. Johnston, III and Julie N. Boyle f.k.a. Julie N. Johnston, et al. - Page 38

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            National Forest.  The road terminates at a large level site where                         
            the Gulf drilling rig once operated.  At this site there are                              
            several capped water wells.  Electrical power is installed to the                         
            northeast corner of the property where several radio towers are                           
            located.                                                                                  
                  The property affords panoramic views of the Sheridan Valley                         
            and the Big Horn National Forest.  It has numerous flowing                                
            streams, onsite springs, and level sites suitable for rural                               
            development.  There are no zoning restrictions on the property                            
            provided the land is divided into lots of 35 acres or more.  The                          
            area of Sheridan County is well known for its recreational                                
            aspects that over the years have attracted guest ranching                                 
            enterprises and rural estate residences.  There is a 2,000-acre                           
            rural development in the high mountain area approximately 4.5                             
            miles north of the easement known as Teepee Creek, consisting of                          
            approximately 20 different ownerships of seasonal cabins and                              
            recreational-type properties.  The Teepee Creek property is                               
            accessible from a public road which is closed during the winter                           
            because the county does not plow snow.  The Equestrian Hills                              
            Development in Big Horn, Wyoming, lies just off the northeast                             
            corner of the lower portion of Flying H, and the easement is near                         
            the Bighorn Equestrian Center, one of the oldest polo clubs in                            
            the United States.                                                                        
                  The easement allows Flying H to graze and range horses,                             
            cattle, and buffalo.  It allows petitioner to continue to use the                         



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