April-May 2014

The BAKKEN OIL BUSINESS JOURNAL is a high-gloss, full-color magazine with a targeted distribution that gets our Advertisers in front of the RIGHT EYES in this industry. Direct mailed to Companies in the Bakken with bonus distribution at Energy Shows.

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Page 12 of 67

Read online @ B A K K E N O I L B I Z . C O M / d i g i t a l - j o u r n a l 13 In fourth place is the Coffee-Nefsy property. A family-oriented limited partnership that holds over 168,000 acres near Miles City. Their fortune was built by the Coffee family and their Coffee Cattle Company, and the Nefsy family, which owns the Stockman Bank. It was formed by William Nefsy in 1953 and is now the fifth largest bank in the state, with 30 offices, assets of about $2.4 billion, and stockholders' equity of more than $220 million. Up another notch, in third place, is Sunlight Ranch, a 190,000-acre ranch that extends across parts of Big Horn and Carbon counties. It was owned by Robert Earl Holding, CEO of Sinclair Oil. However, Holding, 86, died earlier this year, which means there may be some changes coming. He has three children and a dozen grandchildren. Second place goes to the Galt family's ranch, a limited partnership that holds over 248,000 acres under the name of the 71 Ranch LP. The property is spread between Martinsdale, Townsend and Ingomar and it's open to hunters, especially those who want to take home a trophy deer, elk or antelope. The biggest of the big owners are brothers Farris and Dan Wilks, who've accumulated 278,000 acres in seven counties. Perhaps their best known purchase was the acquisition of the historic N Bar Ranch, a 62,000-acre ranch in Fergus County. It was purchased for $45 million, a small sum for the brothers. As fortunes go, theirs is, in part, the result of success with hydraulic fracturing, success that pushed them well into the billionaire category. Meanwhile, when it comes to their land, the brothers use it for hunting and fishing with friends and corporate clients. However they put a lot of effort into farming, ranching and wildlife management. What has inspired these large land holders to build ranches that begin, as the song says, "where the west commences"? Production, recreation and investment appear to be the three primary themes. The acquirers have created legacies comprising vast stretches of stunning real estate that will likely remain in their families for generations. However, some observers feel the mega- buyers are looking for new profit-making opportunities. The Wilks Brothers received more than $3 billion when they sold their interest in Frac-Tech, the oilfield services company they founded in 2002 and sold in 2011. Is it possible they're thinking about developing oil and gas reserves that ‚ě§ continued, pg 14

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