The Powder River Land and Cattle Company was formed on October 14, 1911, by R.P. Heren, John T. Murphy, A.L. Smith, and John H. Tucker. Although the central office was in Helena, Montana, the principal ranch operations were located on 24, 153 acres in Custer and Carter counties. The ranch headquarters were near Mizpah. Minor pasturage was also held in South Dakota near Faulkton, Midland, and Reliance. Under the foremanship of Charles Wiley, four to fourteen hired hands maintained a total herd which varied in size from approximately 2,300 to 13,000 head. In 1935, the stockholders voted to reduce the herd, ranch operations, and office activities to a minimum with the intention of liquidation the following year. However, the company managed to continue with reduced operations and increased financial aid from the stockholders until June 1938. At that time, the company agreed to a proposition from James H. Macklin of Los Angeles, to lease certain areas for the purpose of oil and gas exploration. In 1943, the corporation sold all existing leases and remaining lands to John McNierney of New Mexico. The Powder River Land and Cattle Company ceased operation in 1944.