Okotoks RCMP were called to the property, southwest of De Winton, at around 3 a.m. on Sunday.
Two men in their late teens or early 20s, who were outside the residence, required medical attention, police said.
One was airlifted by STARS ambulance to Foothills Hospital with “serious and potentially life-threatening head injuries,” EMS spokesman Stuart Brideaux told CBC News.
A second man suffered lacerations to the face and head and was taken by ground transport to Foothills. He remains in serious but stable condition.
Emergency crews were recalled to the scene at around 9 a.m. to transport a third man in his late 20s to the South Health Campus with minor injuries, Brideaux said.
“Police have [arrested] several individuals, however, no charges have yet been laid,” the Okotoks RCMP said in a statement.
The Calgary Emergency Response Team (ERT) and the Police Dog Service (PDS) were called in to assist with securing the scene and locating persons involved, the RCMP said. The incident remains under investigation.