FOR IMMEDIATE RELEASE:

3-22-07

DENVER - Hall and Hall, Inc. is pleased to announce the sale of the Smith Ranch located in Lincoln County, 90 miles southeast of Denver and 70 miles east of Colorado Springs. The West Unit of the ranch is comprised of 21,715+/- deeded acres and 25,761+/- acres of Colorado State Lease.

This portion of the Smith Ranch was offered for $10,500,000 with Hall and Hall's Mike Hall representing the sellers in the transaction.

The remaining Forder Unit is still available for $3,500,000 and consists of 14,740+/- deeded acres, 3,200+/- acres Colorado State Lease and represents a well-located, low cost of gain summer unit. The ranch lies along Highway 71 approximately 70 miles east of Colorado Springs. Improvements include two homes and a good set of working ranch improvements.

Founded in 1946 as an agricultural mortgage company, Hall and Hall has become the largest full-service rural real estate firm in the Rocky Mountain West and Great Plains regions. A leader in its field, Hall and Hall manages over 500,000 acres of land, services a loan portfolio of over $400 million and produces annual sales in excess of $240 million. A unique partnership between its 10 offices in Montana, Wyoming, Idaho, Nebraska, Texas and Colorado ensures that each client receives local knowledge and personal service as well as the international perspective needed to make informed decisions regarding any aspect of the purchase, sale, financing or management of a farm or ranch. For additional information about Hall and Hall, contact the company's headquarters in Billings, Montana at 406-656-7500 or visit www.hallandhall.com.

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