A Brief History of Penrose
Penrose developed through an ambitious effort to turn irrigated land into productive orchards and farms. Spencer Penrose formed the Beaver Land and Irrigation Company in 1907. Its ditch system took shape in 1908–1909, and the company established the Penrose townsite in 1909, selling agricultural parcels of 10 and 40 acres. Schaeffer Dam stored water in Lake McNeil for the irrigation network. A devastating flood destroyed the dam in 1921, undermining the farming enterprise; later drought and the Depression added further setbacks. Penrose remains an unincorporated community in Fremont County.