Upland reports start of a new Wyoming gas well

Upland Resources ($UPL) reported that drilling has begun on GMF-5, the third well in the second phase of its Wyoming gas investment. The operator expects approximately 60 days of drilling to a target depth of around 19,000 feet, testing a deeper, higher-pressure interval. Production from the planned wells remains dependent on successful drilling and connection work.

Upland’s exposure is through its $4.3 million investment in LSOG and associated Class C units and royalty interests, rather than direct operation of the field. The company said it does not bear the wells’ operating-cost exposure. The announcement confirms a new drilling milestone, not a commercial discovery, flow-test result or booked reserve increase. Any future income will depend on the underlying project’s operational performance.

Sources:

• Upland Resources — drilling and production report, RNS