RNS

For Immediate Release

Upland Resources Limited
("Upland" or the "Company")

Bilateral Options Agreement with Lost Soldier Oil and Gas

Upland Resources Limited (LSE: UPL), the upstream oil and gas company, announces that it has entered into a Bilaterial Options Agreement dated 6 March 2026 with Lost Soldier Oil and Gas ("Lost Soldier") and Marc A. Bruner, CEO and President of Lost Soldier.

Key Elements:

·    Lost Soldier has granted Upland the option to invest up to US$9.5 million in the Lost Soldier Oil and Gas II Master Series, exercisable at Upland's discretion until 31 December 2030.

·    Upland has granted Lost Soldier the option to subscribe for up to US$5 million of new ordinary shares in the Company at an exercise price of 5 pence per share, exercisable until 31 December 2030.

·    Upland has granted Marc Bruner the option to subscribe for up to US$4.5 million of new ordinary shares in the Company at an exercise price of 5 pence per share, exercisable until 31 December 2030.

Wild Mustang gas field

The Wild Mustang gas field in central Wyoming, operated by Lost Soldier Oil and Gas, is an emerging natural-gas development located within the Wild Mustang Federal Unit in the Bison Basin, a sub-basin of the prolific Green River Basin north of Rawlins. The project is regarded by the company as one of the largest natural gas discoveries in the western United States in several decades, with estimates suggesting resources of around 6 trillion cubic feet (Tcf) of gas. Exploration drilling-particularly the Green Mountain #4 discovery well and the Found Soldier #1 appraisal well-has confirmed approximately 3,400 ft of stacked gas-bearing pay zones across multiple reservoirs, indicating significant vertical and lateral resource potential. Development is progressing through a phased program that includes additional drilling, horizontal well planning, and the construction of midstream infrastructure to bring gas to market.

A key step is the installation of a 5.3-mile connector pipeline linking the field to existing regional pipeline networks capable of transporting roughly 400 MMcf/d, with first commercial gas sales targeted around Q4 2026 depending on regulatory approvals and infrastructure completion. In parallel, Lost Soldier has assumed full operational control of the federal unit and is advancing annual development plans, further drilling campaigns, and studies for a gas-processing facility, positioning the Wild Mustang project for gradual scale-up toward large-volume production later in the decade.

Strategic Context

Through its partnership with Lost Soldier Oil and Gas, Upland has now increased its exposure to the Wild Mustang Federal Unit in Wyoming, United States,

Upland is the only public listed entity with exposure to the Wild Mustang gas field, and through exercising of this option will be one of the largest stakeholders.

The option granted to Upland under the Agreement provides a potential increase of up to $13,800,000 of economic interest.

Upland has submitted application to the ("OTCQB") Venture Market in the United States, currently expects the OTCQB quotation to become effective within approximately six weeks.

The Agreement further supports Upland's strategy, with near-term cashflow in geopolitically stable jurisdiction, alongside its upstream development activities in Southeast Asia.

The Agreement builds on the Framework Agreement announced on 24 November 2025 and the US$100million Strategic Funding Commitment announced on 23 January 2026, further strengthening the strategic partnership and aligning long-term capital interests between the parties.

US$100m Strategic Funding Commitment - Upland

Management Commentary

Bolhassan Di, Chairman and CEO of Upland Resources Limited, commented:

"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."

For further information, please contact:

Inside Information (UK MAR)

This announcement contains inside information for the purposes of Article 7 of the UK Market Abuse Regulation (EU) No. 596/2014, which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). This information is disclosed in accordance with the Company's obligations under Article 17 of UK MAR.

FCA and Prospectus Disclaimer

This announcement does not constitute, and should not be construed as, a prospectus, admission document or offering memorandum, nor an offer to sell or the solicitation of an offer to buy any securities in the Company. No securities of the Company are being offered pursuant to this announcement. This announcement has not been reviewed or approved by the Financial Conduct Authority or any other regulatory authority.

Forward-Looking Statements

This announcement includes forward-looking statements, including statements relating to prospective resources, exploration and appraisal programmes, drilling plans, funding availability, farm-in arrangements, regulatory outcomes and future operations. Forward-looking statements are based on current expectations, assumptions and estimates and involve risks and uncertainties that could cause actual results or developments to differ materially from those expressed or implied.

Forward-looking statements are not guarantees of future performance. Factors that could cause actual outcomes to differ materially include, but are not limited to, licence awards, regulatory approvals, subsurface risk, commodity price volatility, operational risks, availability of capital, counterparty performance and changes in fiscal or governmental regimes. The Company undertakes no obligation to update any forward-looking statements except as required by applicable law or regulation.

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