Frac Daddy, the Kentucky-bred gray colt owned by Carter Stewart and Ken Schlenker of Billings, drew the outside No. 18 post position.
Before leaving for Louisville on Tuesday, the owners said they felt the strategy would be to run Frac Daddy "a little bit wide" early in the race to keep some of the dirt from flying in his face.
The draw appears to fit their game plan.
Stewart and Schlenker also said they wouldn't be discouraged by long odds -- now set at 50-1.
Asked if Frac Daddy, who has been galloping strongly in pre-race workouts, can win the Derby, Stewart replied, "Yes he can.
"I've seen some negative blogs saying to keep your money off of him. I'm not buying it at all. I think our timing is excellent with this horse."