Upland Resource Share Chat (UPL)

Marc Bruner and Lost Soldier Oil and Gas LLC — why are world class experts so excited about Upland Resources:

✅ 5bn+ boe gross unrisked prospective resources across the portfolio.

✅ Proven unconventional expertise now applied to SE Asia's under-explored "elephant" basins.

✅️ $100M funding commitment secured for UPL's SE Asia portfolio 2026-2030.

✅ Lost Soldier option to farm-in up to 20% across UPL's focus areas.

✅ Multi-year drilling programme.

✅ US market exposure via Lost Soldier's Wild Mustang, Wyoming.

When a major US operator backs you with $100M and puts skin in the game — that's a statement of intent.

🔥"developments...years in the making"🔥

https://x.com/i/status/2055903470503202959

https://www.linkedin.com/posts/adam-lowe-8a4a00199_upl-upllf-uplandresources-ugcPost-7461667956310212608-JFD8?utm_source=social_share_send&utm_medium=android_app&rcm=ACoAAC6ZzPwBb2hkSuYAw6oZBXqmrahNao8HhT4&utm_campaign=copy_link

Yes,delphroad. i was very encouraged and increased my holding yesterday.let's see how it goes.

After watching the interviews with the Lost Soldiers CEO, a man who certainly knows how to make companies successful, we should be all be super excited about the future of UPL.

I meant over the ask🤦‍♂️🤷‍♂️

People paying over the bid

Bid displayed 2.5

Live bid 2.71 😉

Good buys today

Lovely buying today

Powerful move from the weakness on wednesday

They’re deliberately putting a false bid way lower in yet folk are paying over the ask in size….

"Our objective is clear: to build scale rapidly and position Upland for substantial long-term value creation as we progress toward mid-cap status." RNS 18/02/26

Full responsibility lies with the company in terms of shareholder expectations. Mid-cap status is £500m+ by any definition.

Well make sure you keep that toast hot and that jam will land very soon I believe…:)

I believe the board is working really hard to make this happen!!

GLA ..

Yep, constant promises of jam tomorrow but tomorrow never comes. I've also been in this one for years and have no intention of selling, but it's been a never-ending leap of faith and a thankless task so far.

Wild market cap projections are simply fantasy at the moment. The potential upside is very strong but the company has a long history of misinforming investors and over promising without delivering.

I have put spare cash into UPL top ups for years but I’m not investing any more, this is simply a hold and forget for me now.

Even if:

resource size is comparable

👉 valuation depends on:

Factor UPL (today) RKH

-------------------------------------------------------------------------------------------

Licence secured ❌ not yet ✅ yes

Working interest ❓ unknown ✅ defined

Reserves (2P) ❌ no ✅ yes

Development plan ❌ no ✅ yes

Production visibility ❌ no ✅ yes

👉 This is everything. The “same ballpark” argument ignores stage of development.

✅ Licence landing alone gets you probably ~£80–120M valuation range i.e. ~5p–7p share price zone.

This is simply a more conservative estimate.

Great price, my average is 3p!

Welcome, and hopefully timed just right - for all our sakes!

Just bought in - 110K shares. Watching for a while, but needed to free up the cash. 🙂

Let’s see if the buyers are around today.

Ridiculous the way they drop the price on a couple sells going into the close.

Should break 3p soon

Excellent summary of licences that Upland are in the running to land this year:

https://x.com/early_bird97/status/2054518475289190440?s=46

Read a charles archer posting this morning

says US PR will kick off soon

I imagine he is saying that on the back of speaking to the company? doubt he would make claims without any sort of truth to it?

Purchased quite a few more UPL shares this morning, at this low price at present, it is an absolutely great investment. HOPEFULLY😉

Relentless drop in share price, someone very keen to get out.

Market seems to have lost patience with this one.

Appears my top up again this morning could have been timed better 🤦🏻‍♂️

His father didn’t set up Texas Oil & Gas

Who were in bed with, what a position to be in 😀

https://x.com/lostsoldieroilg/status/2054354478787133703?s=46&t=vDG9kaGKKfXSyYMDgIUfMA

Closed level on the day, despite the morning sell off. Feels like the final capitulation before the fun begins... It was the exact same in EPP a few weeks before licence landed.

People forget here the financing is lined up, and some of the PSC's have discovered 2C resources on them ready to go in to development...

Will be explosive when one lands, im happy to continue to mop up the weak hands

Marc Bruner is a seasoned Texas-based oil and gas executive and founder known for creating companies with high-value, unconventional, or "penny stock" energy assets, such as Pennaco Energy (sold to Marathon Oil for $550 million) and Ultra Petroleum (market cap over $7 billion). While an exact, real-time public net worth is not publicly listed, his successful ventures—most recently with Lost Soldier Oil & Gas—position him as a notable figure in the industry.

Current Ventures: As of 2026, Bruner is the CEO and founder of Lost Soldier, which is developing a 6 Tcf natural gas discovery in Wyoming's Wild Mustang Federal Unit.Previous Successes: Founded Falcon Oil & Gas (market cap over US$3.7 billion during his tenure) and was founding Chairman of Ultra Petroleum.Background: Often described as a "legend" in unconventional oil plays, his ventures have involved significant acquisitions in the Powder River Basin and the Beetaloo Basin.

Directors recently put in £1.5m of their own cash at 3.5p

US investors then followed up with $1.7m at 3.1p

We are sole bidder on 4 PSC's, any of which could land any moment now and the drill finance and drill team is all lined up there and ready to go....

What an opportunity for new money here at 2.3p!

Funny but people always run out of patience at the lows... EPP everyone was bearish at 4p now it's 12p everyone wants it. Don't fall in to the same trap as everyone else, the way to make money is to buy the weakness

Markets are designed to whip out the maximum number of holders right at the cusp of a rerate. Thats what's happening here

Ive been waiting 3 years for a psc here, its always been just around the corner.

This is a stock that is built purely on hope for everyone. Im running out of patience tbh

2.3p what a gift!

Yes, this month possible, but which year

......?

I’ve got about the same, but with an avg cost at 2.68, I’m happy if we stay around this level while I build up a bigger stake.

Hoping brunei blocks A and D are announced this month.

lets see.

Taken a position just now 580,425 shares at 2.48

More to be taken tomorrow 👍🏻

A fresh prospect could be making its way. Fingers crossed….

Looks to be be done, book looking much stronger now. What an opportunity at these prices

A superb annual report with some great snippets:

✅️ Positive ESDM signal on Indonesia Joint Study → clear pathway to large-scale discovered resource.

✅️ $100M funding secured & strategic US partner in Lost Soldier Oil and Gas LLC.

✅️ >5bn boe prospective resources across portfolio.

✅️ US market open (OTCQB) + growing investor demand.

🔥"developments...years in the making"🔥

https://x.com/i/status/2051187502858277212

https://www.linkedin.com/posts/adam-lowe-8a4a00199_upl-upllf-ugcPost-7456744135975268352-fWkO?utm_source=social_share_send&utm_medium=android_app&rcm=ACoAAC6ZzPwBb2hkSuYAw6oZBXqmrahNao8HhT4&utm_campaign=copy_link

I meant <1p per share not 0.1p

There is a certain amount of truth in the 'no asset' point of view. There's some IP which underpins a lot of promise, but that promise without something concrete to back it up will make the share price naturally drift back downwards. A lot of the sales are going to have been from people who bought in at <1.5p per share (and in some instances including many on this forum, <0.1p per share) in which case a high 2 or 3p share price represents a very respectable ROI.

You either believe that something is going to happen here or you don't. It'll happen or it won't when it happens, the company can't drive that itself and has little control over when that information, good or bad, will land.

Personally I could have sold my holding giving me a 100% ROI and then bought back in weeks later doubling the size of my holding with decent cash left to spend in the pub. And I could have done that several times over, which I guess is frustrating if you've got your life savings tied up in it (which I fortunately don't). I'm in it for doubling my investment and adding a '0' which I think is comfortably achievable if only the original premise that caused me to invest comes to fruition. Since then there's more potential pies that UPL could have their fingers in, and if this is still low 2s at the end of june I'll probably add a few hundred thousand more shares to my holding, with a view to thinking I'd like to being playing that money elsewhere in at most 24 months time.

The share price is doing what it should do for a company in this position, complaining about it is a failure to understand what's going on and whats at stake, a failure of your own research.

Everything is a gamble in this game, but the gamble doesn't end because you need to see an imminent ROI on your investment.

Good common sense, Tom.

So today:

8,465,380 UPL shares were sold based on no news and just a lack of optimism with progress.

7,148,407 UPL shares bought from people who think otherwise.

That difference between shares bought and shares sold doesn't really warrant any panic selling. It's just a difference of circa - £32,500 on the day on a £ 50 million Mcap.

I picked a few shares up at 2.66 yesterday with the remaining allowance in my ISA.

Am just looking at today's activity rationally and may pick a few more up next week if I have a few quid lying about after the holiday weekend.

Have a good bank holiday weekend everyone, and stay safe.

Done the same, totally agree. Stan doing his pick-pocket routine today needs the beer money…and some more batteries again!!

Exactly that.

A tale as old as the markets themselves: people sell right on the brink of a breakout (because markets are engineered to shake them out at precisely the wrong moment), then spend years trying to talk the price down to justify their exit, usually through noise, cynicism, or outright trolling.

Meanwhile, the fundamentals have never been stronger here! - Great buy op.

Agreed Adam - this is all distraction from the key point - they either deliver on one (or more) PSC in the next 6months or they don’t - who sells what and guessing why in the meantime is just the stuff of traders trying to push the SP in their favoured direction - they’ve got the support and funding they need and the award of a PSC will determine the value regardless.

The Malaysians have been very supportive, talen raises, propped the company up in times of trouble etc. They've been great in that regard. However, let's be honest, their presence has delivered absolutely nothing in terms of licence in Sarawak.

Selling / not selling matters not ultimately. If they are selling or have sold, their capital has been replaced by Bruner, Lost Soldier and American investors...bringing with them actual Oil and Gas expertise, an asset and revenue share.

Progress on Brunei (if there is any!🤣🤣) is through Razak. Indonesia / Borneo / North Sumatra etc have come since the Malaysians, along with Dr Ngakan Alit Ascaria, Ph.D. from ESDM / SKK Migas.

Everyone can read their own positives and negatives into the above and will have their own slant on things. I'm invested and remain so.

Substantial shareholders reported as at 10 March 2026.

We can’t know what individual circumstances or politics are driving any of these changes, and with people trying to spin narratives I prefer to wait for evidence rather than hearsay. What we have is the position as of mid March - happy to wait and see what develops - even if there is some continued friction over Sarawak/Malaysian politics, can’t see it impeding Indonesian and Brunei awards.

Good work, Adam. Keep the faith.

The link with Lost Soldier really is amazing for a conpnay of Upland's size:

✅️ ~6Tcf Wild Mustang natural gas.

✅️ Chasing >5bboe across Borneo & Indonesia.

✅️ $13.8m bilateral investment option.

✅️ $100m strategic drill funding.

✅️ Up to 30% project farm in.

🔥"developments...years in the making"🔥

https://x.com/i/status/2048292399634399589

https://www.linkedin.com/posts/adam-lowe-8a4a00199_upl-upllf-ugcPost-7454060740300242945-pQ5T?utm_source=social_share_send&utm_medium=android_app&rcm=ACoAAC6ZzPwBb2hkSuYAw6oZBXqmrahNao8HhT4&utm_campaign=copy_link

There’s no one else talking to them about SK334....UPL would not RNS ‘exclusivity’ unless there was an agreement to back it up. If Petros are the regulator and make the award then that’s that. It’s just a timing issue now.

To be honest, any delays probably help UPL out, as it gives the chance to boost up value first via other projects which are dead certs. Tbh, when the other blocks come online, they’re enough to send the value well into orbit….

But surely the claim of exclusivity is the point. Petros clearly doesn’t want to accept that. Ongoing discussions with the government? When did they last meet? This is stuff I’d like to know so I can be more confident. I agree other prospects seem more likely earlier on but bearing in mind Upland we’re planning to drill in 2025 but then further studies were obviously required of them what is the blockage now I wonder.

Dear oh dear. Not sure why comp bidding is even in the conversation here. We have 'exclusivity' on this block, which has been RNS'd multiple times. No one else is involved in the negotiations. To me, it could make sense to focus on Indonesia first because of the certainty of the oil being present and already found. 2 x PSCs here first, then income from Mustang field to follow, all gives UPL an extremely healthy mcap and strongest position to then complete SK334.

I was presuming that you were referring to the annual licence bids as now being over. So it’s not inconceivable that an announcement could happen this year. For sure we could all do with an update from the company.

Ha, ha, ha Stanley1970.

You certainly know how to make people smile.

And you’re the great visionary with your glib one-liners, a complete lack of detail and inability to suggest any reliable sources or proof? I guess you’re getting the attention you crave, so I congratulate you on that. As Make5Mil says, you have no credibility on here now.

That Petros article about the competitive bidding seems to have been taken down from their website. Take that however you like—but I wouldn’t put much stock in anything Stan says anymore. He’s lost all credibility on here and just keeps chatting nonsense.

DYOR, I must say, and don’t forget UPL has a lot more in the pot they working on.

GLA genuine holders!!

‘SK334 will go to competitive bid in 2027.’

Unfounded. No sources given. Conjecture. A complete lack of background detail to this assertion. The usual nonsense.

Of course I should add UPL already has a significant investment in Lost Soldier Oil and Gas, along with the ability to add more.

Personally I can see.

A PSC Landing, and re-rate comes.

Bruner and Lost Soldier invest into UPL using their options.

UPL in turn immediately invests that back into Lost Soldier Oil and Gas.

Lost Soldier, using its options to immediately start to participate in UPLs drilling, to do just that.

It's a very interesting tie up, but one that makes complete sense.

I will make a wild guess that the recent £1.3m investment at 3.1p by US parties was perhaps Grant Stinchfield and related parties, given he has a personal stake in Upland and has over 175k followers on X and YouTube channels ,and clearly has an eye for O&G investments in particular.

With that following, it can only help drum up further investment into UPL .

Finally, as Lost Soldier develops and brings in more significant high net worth investors, more high net worth investors will also be exposed to the opportunity of investing in UPL directly, and that's certainly not a bad place to be!

I only post my views on here about what assets are in play and what the potential could be.

The company is in a very different position to where it once was and, in my own appraisal (and that is even with the previous issues!), it is a far better position.

Before, Upland was a binary bet on a singular exploration play (albeit a huge potential one!) in Sarawak. Yes, the story has pivoted, but as a result, the company is now so much more:

• SK334, Sarawak following on from Joint Technical Study.

• Revenue share with Lost Soldier (1st gas estimated Q4 2026).

• US$100 million funding commitment from LS for drilling.

• Marc Bruner as a direct investor.

• Lost Soldier and Bruner with options to invest c.$14 million more (at a premium).

• OTCQB listing.

• Direct American investors in the last raise.

• Only listed vehicle with direct access to Wild Mustang Gas.

• Participation in Block MY1 and Block MY2- Feasibility and Development Plan with PEMA.

• Applying for Kalimantan, Borneo (Large-Scale Onshore Joint Study Area) - Discovered Resource Opportunity.

• Applying for Northern Sumatra - High-Potential Onshore Block – exploration of Yet to Find resource potential.

• Application for Brunei onshore block L and offshore blocks.

• Asset Acquisition Agreement with Vanguard Drilling.

• Repeated BoD and backroom share purchases and direct investment.

Thank you, SmallCap. Really interesting. Plenty of facts, quotes, incisive thoughts and mature rationalisation. Exactly the kind of intelligent and thoughtful post I come on here to read.

Participated in the Lost Soldier Oil and Gas Presentation yesterday evening and took a few more here this morning.

Considering their track record and what they now have going in the USA with Lost Soldier...

UPL is the only other play that Lost Soldier is interested in right now.

Lost Soldier have an interest (shares in UPL)

Bruner has a personal interest in UPL

Bruner is a consultant at UPL

Bruner says "wouldn't be surprised to hear updates on the PSC's soon"

He has taken companies to $B valuations before, thinks Lost Soldier is the bigger than those by some distance.

UPL has the ability to invest in Lost Soldier.

Look at the recent investment by US investors and BOD members here.

IMHO This is primed for a monster re-rate when one of those PSC's land, and later in the year will start to see huge upside on the Lost Soldier investment.

Happy to sit and wait here, and keep trickle adding what can as portfolio grows.

The annual financial report should be due next week

Thank you, Tom. Information not conjecture. Erudition not immature look-at-me nonsense.

• On: 17 March 2026 - US Investor Group RNS.

• Gross proceeds of US$1,750,000 (approximately £1.3 million) raised from a US-based private investor group.

• 42,451,935 new ordinary shares issued at 3.10 pence per share.

• On: 27 February 2026 – The Board RNS.

• Further to the Company's announcement on 17 February 2026, Upland Resources Limited (LSE: UPL) announces that it has received the attached PDMR Notices from Directors and Officers in respect of Subscriptions to Purchase 31,371,428 Ordinary Shares in the Company at a price of 3.5p for proceeds of £1,098,000.

£2.4 million in buys from key people who know more than everyone on this board, and the share is trading at a discount right now.

Be patient. What's not to like?

Trading quite muted today (well at the moment).

“No... they just stopped delivering and failing to tell investors they have nothing now.”

Yeah. That’s why Lost Soldier were so keen to be on board.

Stanley 😥😥

Conjecture isn’t information.

I’m very invested in UPL and remain very confident. I come on here to see the opinions of others and to ask questions. There are certain posters whose opinions I value and respect. I’m afraid I now summarily dismiss anything Stanley posts. It’s a conveyor belt of attention seeking, look-at-me stuff. It’s either the ‘I know more than you’ look-at-me gibberish to make himself seem important. Or the current, half-baked and unfounded recent negative stuff. It’s all designed to seek attention. None of it is erudite, articulate or mature. This forum would be better off without this kind of childish rubbish.

1 post - I think we know who you are OilGuy ;)

Bruners track record is better than pretty much any director you can find in the UK small cap arena!

Should do a bit more research on LS and their track record, funding approach, and history of delivering. They still have no production, same as UPL, and seemingly no new news on when that might change.

Yes interesting. thanks for posting.

Https://www.newswire.com/news/new-to-the-street-signs-lost-soldier-oil-gas-for-national-television-billboard

My wife is an energy and infrastructure finance lawyer and she says that is a common condition.

What do you base that speculation on?

I think the director buying would have been a condition of the deal with LS

😂😂

Stanley’s blow up doll must be out off battery’s ..again