Upland & Lost Soldier Oil & Gas
Home – Wild Mustang natural gas
6 Tcf Gas Discovery
Estimated natural gas discovery at the Wild Mustang Federal Unit in Wyoming.
$4.3m Investment
Strategic investment supporting Upland’s participation in the development of the asset.
$9.5m Options
UPL has secured US$9.5 million of options in the LSOG Wild Mustang development, valid until 31 Dec 2030.
Q4 2026
First gas targeted following additional drilling and installation of the planned 5.3-mile pipeline.
- Lost Soldier & Wild Mustang
A Strategic US Natural Gas Opportunity
Upland’s strategic partnership and investment provides exposure to a significant US natural gas resource, combining Lost Soldier’s operational capabilities with Upland’s technical and subsurface expertise.
The Wild Mustang Federal Unit represents a significant unconventional natural gas opportunity in Wyoming, with an estimated 6 Tcf natural gas discovery and established access to surrounding energy infrastructure.
The asset position includes 56 leases covering approximately 24,000 acres within the Federal Unit, approaching 15,000 additional acres outside the Federal Unit, and a 250,000-acre Area of Mutual Interest supporting potential long-term development.
Two wells have been drilled to date, Found Soldier #1 and Green Mountain #4, confirming approximately 3,400 ft of stacked pay across five zones, with further identified potential yet to be drilled.
From left to right top: Fairuz Ismail, Thomas Nyanat, Steve Richards, Josh Galloway, Awang Draup. From left to right bottom: Marc Bruner, Bolhassan Di, Gerry Murray.
Advancing the Wild Mustang natural gas opportunity in Wyoming
The Wild Mustang leases are located within a prolific gas basin with significant proven geology and proximity to pipeline infrastructure. Deep stacked pay and a potentially long project life provide scope for multi-decade natural gas production.
Two wells have been drilled to date, Found Soldier #1 and Green Mountain #4, confirming approximately 3,400 ft of stacked pay across five zones, with an additional 4,000 ft of identified potential pay still to be drilled.
Additional drilling is planned to commence in 2026 alongside installation of a 5.3-mile pipeline, with first gas currently anticipated in Q4 2026.
Growing electricity demand, including demand associated with AI and data-centre infrastructure, is increasing the requirement for reliable, dispatchable generation. Natural gas can complement renewable generation by providing flexible power when required.
Potential routes include gas-to-power offtakes, utility supply agreements, grid resilience contracts and access to broader domestic and export markets.
The partnership combines Lost Soldier Oil & Gas’ operational and unconventional resource development experience with Upland Resources’ subsurface evaluation, asset screening and technical capabilities.
- Strategic Rationale
Positioned for Long-Term Opportunity
The Lost Soldier partnership combines a significant natural gas resource with established infrastructure access and long-term development potential. It also provides Upland with exposure to growing North American energy demand and multiple potential routes to commercialisation.
Infrastructure Access
Located within a prolific gas basin with proximity to established pipeline and transmission infrastructure.
Long-Term Resource Potential
Deep stacked pay and extensive acreage provide potential for sustained, multi-year development.
Growing Demand & Commercial Opportunity
Increasing power demand from data centres and AI infrastructure supports potential gas-to-power, utility and grid resilience opportunities.
Portfolio Diversification
Adds North American natural gas exposure alongside Upland’s South-East Asian portfolio.
Estimated Gas Discovery
Acres Within Federal Unit
Acre Area of Mutual Interest
Confirmed Stacked Pay
Advancing Energy Opportunities Across Key Markets
Upland Resources is building a diversified portfolio of energy assets, combining technical expertise, strategic partnerships and disciplined capital deployment to create long-term value across multiple markets.
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