Ernie Stephenson founded his Murray Grey Stud in 1970.

During the first eight years the stud competed successfully in hoof and hook carcass competitions.

In 1996 the Murray Grey Stud was transferred over to the Square Meaters Studbook. After breeding to a fixed type of early maturing, medium framed, easy care cattle, they readily fitted the requirements of the association.

After a 21 year absence from showing steers Ernie is again winning against all breeds competing in the domestic weight classes. Woolaringa steers have been placed in carcass sections of all eleven shows entered.

At the 2004 Royal Canberra Show a Woolaringa steer won the heavy weight division in the carcass competition this was even more prestigious as it was the Squaremeater Feature Show with the largest ever showing of Squaremeaters.