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<br />Exhibit 1 <br />Montezuma County, Colorado: <br />All that pan and portion of the Southwest Quarter (SW/4) of Section 1, Township 35 North <br />Range 14 West, N.M.P.M., being more particularly described az follows: COMMENCING at <br />the Southwest comer of Section 1, Township 35 North, Range 14 West, N.M.P.M., thence Eazt <br />1733 feet, thence North 4° 45' West 1095 fee[, thence North 22° East 261 feet, thence North <br />0° 45' East 396 feet, thence Noah 26° 30' Eazt 130 feet, thence Norrh 17° 30' East 279 feet, <br />thence North 12° East 559 feet, thence South 89° 58' West 2004 feet to the quarter section comer <br />between Sections 1 and 2, thence South 2657 feet to the place of beginning, containing 108 acres, <br />more or less. <br />Together with all improvements thereon siruate and together with all ditches and ditch rights, <br />water and water rights thereunto belonging or in anywise appertaining, including, but not by way <br />of limitation, 1/6th inurest in Henry Bolen Ditch with 1.25 cubic feet of water decreed under <br />Priority No. 7; and full interest in waste water from Ditch No. 6 and J. S. Sheek Ditch up to 1 <br />cubic foot of water per second of time under Priority No. 1; and 50 acre feet of water annually <br />from the works of the Mancos Water Conservancy District and together with all ditch and water <br />rights th ~reby represented. <br />Plus .33 acres loca[ed in the SE/4 SEJ4 of Section 2, Township 35 North, Range 14 West, <br />N.M.P.M. (Book 621, Page 86). <br />Q0329 <br />