Upland enters option deal with Lost Soldier, applies for OTCQB listing

(Alliance News) - Upland Resources Lts on Friday announced it has entered into a bilateral agreement with Lost Soldier Oil & Gas LLC, and its president Marc Bruner, for mutual investment options.

The agreement between Upland, Lost Soldier, and its president is worth USD9.5 million in each direction, and gives the Jersey-based oil and gas firm the option to invest in Lost Soldier until the end of 2030.

Upland's options have been divided between Lost Soldier, which has been granted a USD5 million option, and Bruner himself who was granted an option for the remainder USD4.5 million. Both have an exercise price of five pence per share.

The agreement follows a previous USD100 million strategic funding commitment from Lost Soldier's subsidiary Wild Mustang Midstream LLC, announced in January, to support the company's gas activities in its Southeast-Asia focus until 2030.

If exercised, would increase Upland's interest in the Wild Mustang gas field to USD13.8 million.

The field, operated by Lost Soldier and located in central Wyoming's Bison Basin, contains an estimated six trillion cubic metres of gas. Exploration is underway with a discovery and an appraisal well confirming approximately 3,400 feet, or just over a kilometre, of stacked gas-bearing zones across multiple reservoirs. A 5.3-mile, or 8.5-kilomtre, connector pipeline with a capacity of 400 million cubic feed per day will be installed by the end of the year.

Upland also announced it has submitted an application to cross-list on the OTCQB venture market in the US, and expects trading to start within six weeks.

Upland's Chair and Chief Executive Officer Bolhassan Di said: "This agreement further strengthens our strategic partnership with Lost Soldier and aligns long-term capital interests between the parties. Importantly, it also demonstrates Lost Soldier's commitment to Upland as the Companies advance licensing and development initiatives, which are currently underway across Southeast Asia. Through our participation with Lost Soldier, Upland provides public market investors with exposure to the development of the Wild Mustang project in Wyoming, while retaining the option to increase our economic participation as the project progresses."

Upland's shares closed down 4.2% to 2.83 pence each on Friday afternoon in London.

By Martin Miraglia, Alliance News reporter

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