F.E. Warren was one of the first Territorial Governor of Wyoming. He purchased the ranch from Charles Terry in 1885.

The ranch was the "South headquarters" of the Warren Livestock Company. They ran sheep and cattle and also bred and raised sheepdogs, which were nationally acclaimed.

F.E. Warren came to Wyoming in 1868 the age of 23. Popular accounts said he arrived with just 50 cents and no job. He took a job chopping wood, stacking wood and picking up nails for A.R Converse. Later, when Warren ran for Senate, a Democrat jokingly referred to him as the "Great American Nail Picker".

Converse gave Warren a job at his mercantile store. Later, the two men became partners in the mercantile business and then livestock business. Warren Mercantile Company became the largest supplier of furniture, hardware and carpet in Wyoming. Warren Livestock owned 3,000 cattle and 60,000 sheep by 1888. By 1890, Warren was the richest person in Wyoming.

He was elected as Governor in October 1890 but resigned in November 1890 to serve as one of the first Senators from Wyoming, where he served for 35 years.

President Theodore Roosevelt visited Wyoming and Cheyenne several times. Roosevelt stayed at the Terry Ranch as a guest of Warren's in 1903 and 1910.

General John "Blackjack" Pershing visited the ranch frequently. Pershing married Warren's daughter Helen Francis. Before the marriage, Pershing was a lowly Captain, but Warren was determined that his daughter should marry nothing less than a General. Pershing made the jump to Brigadier General almost immediately. Pershing proved to be an excellent General, who served for many years and was a decorated and respected leader.

Pershing's wife and three of his children died tragically in a fire at the Presidio military base in San Francisco. Pershing's son, Warren, was the only surviving child. Later, Warren Pershing worked at Terry Ranch when he came home from Harvard for summer vacations.

The size of the ranch now is 27,500 acres and stretches into Colorado. It is owned by the Thiel family.

In 1987, Dan Thiel incorporated under the name of Horseshoe Bison, Inc. The company started as a small bison meat distribution and horse trading company. The two things on earth that have always saved Dan when the chips were down, were and still are, horses and bison.

If you notice the logo, the horseshoe is pointing upward. This is so the luck doesn't run out. Today Horseshoe Bison operates as a trail ride and train tour operation. The train operates in both Wyoming and Colorado. The Terry Town Rail Express is Wyoming's only privately owned tourist railroad, and operates on standard gauge rail.

Horseshoe Bison, Inc. operates on the Terry Bison Ranch Resort and this location was the south headquarters for the Warren Livestock Company. The 7XL brand is still owed by the Warren Livestock Company. The 7XL stable is the location used by Horseshoe Bison for daily trail rides. History books claim the reason 7XL was chosen as a brand is because the cowboys would often have a big night on the town, legend has it, if the cowboys had too much to drink the night before and they accidentally flipped the brand over, it would still read 7XL.