Upland Resources begins Phase Two drilling at Lost Soldier Oil and Gas project in Wyoming’s Green River Basin
Upland Resources kicked off Phase Two of its Lost Soldier Oil and Gas development program in Wyoming’s Green River Basin, spudding the GMF-5 well on September 18, 2026. The well is planned to reach roughly 19,000 feet — deeper than anything drilled at the project so far — targeting an over-pressured zone beneath formations identified during Phase One.
Phase Two begins with GMF-5 spud
GMF-5 is the third well drilled under the Lost Soldier Oil and Gas program overall. The first two wells wrapped up during Phase One, and their results shaped the decisions behind this deeper follow-up. Drilling and well operations are expected to take about 60 days from the September 18 spud date.
At roughly 19,000 feet, GMF-5 is the deepest well attempted at the project to date. That depth isn’t incidental. It puts the drill bit into territory Phase One never directly tested.
LSOG holds approximately a 6% position in Upland, creating real alignment of interests between the two companies — each with a stake in the other’s success.
Deeper targets and resource estimates drive Phase Two
Phase One produced some notable headline numbers. LSOG’s current estimates from those two initial wells indicate potential resources of up to 5–6 trillion cubic feet (Tcf) of gas across multiple stacked natural gas formations — a significant figure, and the clearest explanation for why Phase Two is going deeper.
GMF-5 targets a new over-pressured zone beneath the formations identified in Phase One, specifically designed to advance understanding of the Niobrara and Frontier formations — described as important deep, high-pressure targets within the project. Neither formation was fully characterized by the first two wells.
The goal isn’t simply to confirm what Phase One suggested. New data on deeper resource potential could expand the picture considerably. Whether the well finds commercial volumes remains an open question, but the geological rationale is grounded in Phase One findings.
Pipeline connections and first production targeted before year-end
Drilling GMF-5 is only one part of what’s happening at the project right now. LSOG has outlined plans to connect three wells to a pipeline currently under construction, with production expected before the end of 2026 — a timeline that depends on the successful completion of required development and operational activities.
On-site work is already moving. Surveying is underway, pipeline preparations are advancing, and additional infrastructure is being installed. The activity level suggests the project is shifting from evaluation toward active development.
Upland explicitly frames Phase Two as a step away from geological and resource evaluation and toward commercial development and production. That framing matters — it signals a change in the project’s status rather than another data-gathering exercise.
Upland’s financial position and cost structure in LSOG
Upland holds its interest in LSOG through its wholly owned subsidiary, Upland Resources (Wyoming) Ltd. The company has invested approximately US$4.3 million in LSOG to date, and holds a further US$9.5 million of options in LSOG Class C units, with the option period running until December 31, 2030.
Total existing and potential exposure sits at US$13.8 million — representing approximately 5% of the private placement. It’s a meaningful but bounded position, and the option structure gives Upland flexibility about how much further it commits.
The Class C unit structure carries a specific financial advantage. Those units carry a royalty interest on all production from the Wild Mustang Federal Unit leases, but with no exposure to well costs or operating liabilities. If GMF-5 leads to a commercial discovery, Upland benefits from that upside without contributing to the cost of drilling the well itself.
Broader strategic relationship and Southeast Asia context
The financial relationship between Upland and LSOG runs in both directions. LSOG holds approximately a 6% position in Upland, creating real alignment of interests between the two companies — each with a stake in the other’s success.
The relationship also extends well beyond Wyoming. In January 2026, Upland announced a US$100 million Strategic Funding Commitment from Wild Mustang Midstream LLC, a subsidiary of LSOG, covering targeted upstream opportunities across Southeast Asia between 2026 and 2030. Funding is intended to be deployed through asset-level farm-in structures, with LSOG potentially participating in specific licenses by funding agreed exploration, appraisal, and development work programs. This gives Upland a route to advance its Southeast Asian portfolio while drawing on LSOG’s capital and technical capabilities.
The current update builds on a sequence of agreements: the Framework Agreement announced in November 2025, the Strategic Funding Commitment in January 2026, and the Bilateral Options Agreement in March 2026. Upland also noted that progress across its Southeast Asian portfolio is advancing, with several asset-level developments moving toward key milestones — though specific details weren’t disclosed.
Up to 5–6 Tcf of gas potential
The core facts are straightforward. GMF-5 spudded on September 18, 2026, kicking off Phase Two of the LSOG development program, targeting depths around 19,000 feet and aiming at over-pressured formations below what Phase One reached. Drilling is expected to wrap up in roughly 60 days.
Phase One estimates suggest up to 5–6 Tcf of gas potential across multiple formations. Phase Two aims to test whether deeper zones add to that picture. LSOG is also pushing toward first production before year-end, with pipeline construction underway and infrastructure being installed on site.
For Upland, the financial structure means any Phase Two discovery benefits the company through its Class C royalty interest without additional drilling cost exposure. The broader strategic relationship with LSOG positions Upland to pursue Southeast Asian opportunities with external capital support through 2030.
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