**Summary**
Upland Resources Limited (LSEUPL) announced a **Bilateral Options Agreement** with Lost Soldier Oil and Gas and its CEO, Marc A. Bruner, effective March 6, 2026. The agreement includes
1. **Investment Options**
Upland can invest up to **US$9.5 million** in Lost Soldier’s Oil and Gas II Master Series by December 31, 2030.
Lost Soldier and Marc Bruner can subscribe for up to **US$5 million** and **US$4.5 million**, respectively, in Upland’s new ordinary shares at **5 pence per share** by the same deadline.
2. **Wild Mustang Gas Field**
The agreement increases Upland’s exposure to the **Wild Mustang gas field** in Wyoming, USA, operated by Lost Soldier.
The field is estimated to hold **6 trillion cubic feet (Tcf)** of natural gas, with confirmed gas-bearing zones across multiple reservoirs.
Development includes drilling, midstream infrastructure, and a 5.3-mile pipeline to regional networks, targeting first gas sales in **Q4 2026**.
3. **Strategic Significance**
Upland becomes the **only publicly listed entity** with exposure to Wild Mustang and a potential major stakeholder.
The agreement aligns with Upland’s strategy of securing near-term cash flow in stable jurisdictions, complementing its Southeast Asia operations.
It builds on previous agreements, including a **US$100 million Strategic Funding Commitment**, strengthening the partnership with Lost Soldier.
4. **Management Commentary**
Chairman and CEO **Bolhassan Di** emphasized the agreement’s role in aligning long-term interests and providing investors access to the Wild Mustang project.
5. **Regulatory and Forward-Looking Notes**
The announcement contains **inside information** under UK MAR and includes forward-looking statements subject to risks such as regulatory approvals, commodity prices, and operational challenges.
This agreement positions Upland as a key player in the Wild Mustang project while enhancing its strategic and financial alignment with Lost Soldier.