I just had one, same thing, brand new and 30 years old. It too was very dry. My first step is to saddlesoap it to help replenish moisture and remove dust that had collected in the tooling. I'll leave it a week and redo it. Then I will add warm neastfoot oil while the leather is still damp, using a paint brush I keep for applying oil. Owner was very happy with how the saddle looked and felt.