Upland Resources has provided an update on the commencement of Phase Two of Lost Soldier Oil and Gas' ('LSOG') development programme ('Phase Two') in the Green River Basin, Wyoming, United States, through the Company's wholly owned subsidiary, Upland Resources (Wyoming) Ltd.
GMF-5 Well - Deep Drilling:
- Phase Two of the LSOG development programme has started with the third well, GMF-5, spudded on 18th September 2026. Drilling and well operations are expected to take approximately 60 days.
- LSOG's current estimates from phase one that included two drills indicate potential resources of up to 5-6 trillion cubic feet (Tcf) of gas across multiple stacked natural gas formations.
- This third GMF-5 well is planned to drill to approximately 19,000 feet (c. 5,800 metres), targeting a new overpressured zone beneath formations identified from the first two wells in phase one.
- This third well is intended to provide further information on the deeper resource potential, with an opportunity to advance understanding of the Niobrara and Frontier formations, which represent important deep, high-pressure targets within the project.
Production Update:
- LSOG has outlined plans to connect three wells to the pipeline being built this year, with production expected before year-end, subject to the successful completion of the required development and operational activities.
- On-site development activity is progressing, with surveying underway, pipeline preparations advancing and additional infrastructure being installed to support the growing operational programme.
Upland views these developments as an important step in the transition of the LSOG project from geological and resource evaluation towards commercial development and production.
The Company will provide further updates on the progress of the GMF-5 well and Phase Two as appropriate.
Upland's Strategic Relationship with LSOG
- Upland has invested approximately US$4.3 million to date in LSOG, held through its wholly owned subsidiary, Upland Resources (Wyoming) Ltd, and holds a further US$9.5 million of options in LSOG Class C units, with the option period remaining in place until 31st December 2030, giving total existing and potential exposure of US$13.8 million, totalling approximately 5% of the private placement.
- LSOG holds approximately a 6% position in Upland, creating a strong alignment of interests between the two companies.
- Upland's Class C units carry a royalty interest on all production from the Wild Mustang Federal Unit leases, with no exposure to well costs or operating liabilities. Therefore, any additional volumes discovered through Phase Two, subject to commercial production, would benefit Upland at no further cost.
The relationship between Upland and LSOG extends beyond Upland's investment in the Wild Mustang project and forms an important part of Upland's broader international growth strategy.
The strategic relationship also encompasses the US$100 million Strategic Funding Commitment secured from Wild Mustang Midstream LLC, a subsidiary of LSOG, in respect of targeted upstream opportunities across Southeast Asia between 2026 and 2030.
Under the commitment, funding is intended to be deployed through asset-level farm-in arrangements, whereby LSOG may participate in specific licences by funding agreed exploration, appraisal and development work programmes. This provides Upland with a potential route to progress targeted licences while leveraging LSOG's capital, technical expertise and operational capabilities.
This update builds on the Framework Agreement announced on 24th November 2025, the US$100 million Strategic Funding Commitment announced on 23rd January 2026 and the Bilateral Options Agreement announced on 6th March 2026.
US$100m Strategic Funding Commitment - Upland
Bilateral Agreement - Lost Soldier Oil and Gas - Upland
Southeast Asia
The Company is pleased to report that progress across its Southeast Asian portfolio is advancing rapidly, with a number of asset-level developments progressing towards key milestones. Upland looks forward to updating shareholders on these developments as they become appropriate for announcement.
Management Commentary
Datuk Bolhassan Di, Chairman and CEO of Upland Resources Limited, commented:
'We are very pleased to see Phase Two of the LSOG development programme now underway with the spudding of GMF-5, marking the first test of the deeper section beneath the Wild Mustang Federal Unit.
This is an important milestone for LSOG and comes at a time when Upland continues to make significant progress across its core Southeast Asian portfolio. Our focus remains firmly on advancing these opportunities, which are progressing rapidly, and we look forward to providing further updates to the market as appropriate.
Our investment in LSOG reflects our confidence in the potential of the Green River Basin and the strength of the strategic relationship we have developed with the LSOG team. Importantly, through our Class C units, Upland participates in any discovery made by GMF-5 without contributing to the cost of drilling the well.
We look forward to the results of GMF-5, the continued advancement of Phase Two and LSOG's progress towards first production, alongside further developments across Upland's Southeast Asian portfolio.'
Source: Upland Resources
