Lost Soldier Oil and Gas, or LSOG, is a natural gas exploration and production company running in Wyoming’s Bison Basin, where it is developing the Wild Mustang Federal Unit. The company holds a stake in this 24,000-acre Unit and 250,000-acre AMI, which has significant natural gas resource potential.

Founded by veteran energy executive Marc Bruner, LSOG operates through its specialized subsidiaries that handle drilling and midstream infrastructure. Through its Lost Soldier Drilling subsidiary, the company owns and operates two drilling rigs, Rig 88 and Rig 188, while Wild Mustang Midstream is building a 5.3-mile pipeline connection to existing natural gas infrastructure to bring future production to market.

LSOG is located in central Wyoming.

SME BUSINESS REVIEW reached out to Mr. Bruner, who currently serves as LSOG’s president and CEO, for an interview to discuss the company’s operations in the Bison Basin, its Wild Mustang Federal Unit, 250,000-acre AMI, and its development plans and financing strategy. Here’s what he had to say.

In Conversation with Marc Bruner

Could you take us back to the founding of Lost Soldier Oil and Gas and share the vision, opportunity, and market need that influenced the company’s direction?

Lost Soldier grew out of a pattern I have seen play out several times in my career, one in which the most significant opportunities are often sitting in basins the industry has overlooked. Earlier in my career, I helped develop the Pinedale and Jonah Fields in Wyoming, and later identified the Beetaloo Basin in Australia; in both cases, the common thread was the same — a proven hydrocarbon system, incomplete modern data, and a market that hadn’t yet caught up to the geology.

When we began evaluating the Bison Basin and what is now the Wild Mustang Federal Unit, we saw those same signals: a basin surrounded by decades of regional production history and infrastructure, modern seismic and drilling techniques that had never been fully applied to it, and a country that increasingly needs reliable, domestic natural gas. We founded Lost Soldier to bring a disciplined, execution-first approach to that opportunity: build the right technical team, secure the federal unit position, gather the data, and develop the resource responsibly. That is still our direction today — to prove the geology, build the infrastructure, and grow the company one well and one milestone at a time.

What are the key assets and operational capabilities that enable Lost Soldier’s exploration and production activities?

Our position is centered on the Wild Mustang Federal Unit and its 250,000-acre AMI in Wyoming’s Bison Basin, built on more than 200 miles of seismic data. Lost Soldier obtained a Yates decision from the BLM and subsequently an approval by the Bureau of Land Management as successor operator of the Unit.

We’ve also entered into a definitive agreement, subject to customary closing conditions including financing and regulatory approvals, under which a defined carve-out, a 56.25% working interest across 14 sections of the Unit, would be acquired by Stallion Ridge Energy Corp., an affiliate LSOG company positioning for its own RTO Merger with a public-market listed company projected to be Stallion Ridge Energy Corp. There’s no assurance that the transaction closes on the anticipated timeline, or at all, but assuming it does, Lost Soldier expects to retain its remaining working interests across the balance of the Unit and AMI acreage, an overriding royalty on the transferred package, and its $300 million Class C Unit financing program to keep developing what we retain. We see this as giving the Wild Mustang asset direct access to public capital markets and a dedicated growth vehicle, without changing how Lost Soldier itself works day to day.

Alongside that, we continue to operate as an integrated platform. Wild Mustang Midstream is currently building a 5.3-mile pipeline infrastructure to move gas to market, and Lost Soldier Drilling owns and operates two deep-capacity rigs, Rig 88 and Rig 188, giving us direct control over drilling execution rather than relying solely on outside contractors.

Photo credit: LSOG

Lost Soldier’s exploration activities involve multiple stacked formations and significant resource potential. What makes the geology of the company’s Wyoming assets particularly compelling? 

The Bison Basin is a basin-centered gas system, which means the pressure regime itself is part of what makes it compelling. In that kind of setting, wells within the pressure cell are gas wells, rather than the geology being dependent on finding an isolated structural trap. Our drilling to date has established roughly 3,400 feet of stacked pay, with discoveries identified in the Sussex and multiple Shannon intervals at the Green Mountain Federal #4 well, and our seismic work points to additional deeper formations still to be tested. 

The Bison Basin also sits along the same regional depositional trend that charged the nearby Madden-Lysite Field, a basin that has produced for decades, which gives us a strong analogue for how this system behaves at depth. Beyond the subsurface, Wyoming is consistently ranked among the most favorable energy jurisdictions in the country, and the area around our Unit already has decades of surrounding well control, service infrastructure, and experienced field crews. That combination (a large stacked-pay system, a strong regional analogue, and an established operating environment) is what makes this geology stand out to us.

What factors have contributed to Lost Soldier’s growth and standing in Wyoming’s oil and natural gas sector?

A big part of it comes down to sequencing things in the right order and following through. We invested in the seismic data before we drilled, we pursued and secured BLM approval as successor operator of the Wild Mustang Federal Unit before scaling activity, and we built drilling and midstream capability internally rather than waiting on third parties to prioritize our project. Lost Soldier Drilling’s contract with Enbridge Wexpro Company for Rig 88, our first drilling work outside the Unit, has also been an important validation, because it shows outside operators trust our crews and equipment enough to hire us directly.

Wyoming’s standing as one of the top-rated energy jurisdictions in the country has helped as well; the regulatory environment is predictable, and the region already has the workforce and infrastructure base that a project like this depends on. Finally, our leadership team brings decades of combined experience across drilling, reservoir engineering, and finance in this basin and others like it, which has let us move deliberately rather than chase headlines.

Photo credit: LSOG

Marc, your career spans several major oil and natural gas discoveries and developments. What perspectives from these experiences are most valuable as you identify and pursue energy opportunities? 

As I mentioned above, I spent an early part of my career helping develop the Pinedale and Jonah Fields, which together hold roughly 24 Tcf of gas, and co-founded Pennaco Energy, which Marathon Oil acquired for about $500 million. Later, at Falcon Energy, I was part of identifying the Beetaloo Basin discovery in Australia, an accumulation estimated at around 200 Tcf. Those experiences taught me a few things I still rely on.

First, the biggest opportunities are rarely where everyone else is already looking; they’re in basins that have been passed over because the data or the technology wasn’t there yet. Second, resource potential only matters if you pair it with disciplined execution: the right technical team, a realistic development plan, and the patience to prove a play systematically rather than rush it. And third, infrastructure and market access are just as important as the rock itself; a great discovery without a path to market is just a well. Those are the principles we’ve tried to apply at every step of building Lost Soldier.

What other initiatives does Lost Soldier have in the pipeline to expand its exploration and production activities?

The most significant near-term initiative is the proposed Stallion Ridge Transaction, under which a defined package of Wild Mustang interests would move into a dedicated public company built to accelerate development of that acreage. It remains subject to customary closing conditions, including financing and regulatory approvals, and there is no assurance it will complete on the anticipated timeline, or at all.

In parallel, our own program continues: midstream commercial negotiations began in 2026 for the proposed 5.3-mile connector pipeline into an existing line engineered for roughly 400 MMcf/d, and Rig 188 is being retrofitted to the higher-pressure specifications our deeper zones require. And through our $300 million Class C Unit program, we intend to keep funding development of the working interests we retain within the Wild Mustang Federal Unit and 250,000-acre AMI, working alongside Stallion Ridge’s own capital program rather than in place of it.

Photo credit: LSOG

What are Lost Soldier’s key priorities for the next five years? 

The first priority is getting gas to market, completing and commissioning the midstream connection so Wild Mustang can start generating consistent revenue rather than remaining a pre-production asset. From there, it’s about methodical, phased development: working through the stacked pay sequence zone by zone, and using each well to inform the next rather than trying to do everything at once. We also want to keep growing Lost Soldier Drilling’s third-party business as a way to diversify revenue and keep our operating costs down on our own program.

Strengthening our technical and operating team as activity scales is another priority, along with maintaining a conservative approach to capital so growth doesn’t outpace our ability to execute well. And we’ll keep evaluating the right long-term capital structure for the company as the asset matures, always with an eye toward protecting what we’ve built rather than growing for its own sake.

Is there anything else about Lost Soldier’s vision, operations, or future plans that you would like our readers to know?

We care about the impact on the communities around us; development activity in and around Jeffrey City has the potential to support the local economy for years to come. Readers should know that oil and gas development involves real risk and uncertainty, and we try to talk about our plans honestly rather than overpromise.

ABOUT | MARC BRUNER 

Marc Bruner is the founder, president, and CEO of Lost Soldier Oil and Gas. He spearheaded development of the Pinedale and Jonah Fields in Wyoming, a combined resource estimated at roughly 24 Tcf of natural gas, and co-founded Pennaco Energy, which was acquired by Marathon Oil for approximately $500 million. He later founded Falcon Energy, where he was part of the team that identified the Beetaloo Basin discovery in Australia, estimated at approximately 200 Tcf.

Marc has spent his career pursuing large-scale oil and natural gas opportunities in overlooked basins, and Lost Soldier reflects that same approach: find the resource, prove the geology, build the right team, and develop the asset with discipline. He leads Lost Soldier’s executive team alongside CFO Carmen “Tony” Lotito, Jr., Chief Engineer Denny Migl, P.E., and Vice President of Drilling Earl Sanford, and continues to guide the company’s development of the Wild Mustang Federal Unit in Wyoming’s Bison Basin.

Disclaimer: This article may include forward-looking statements about Lost Soldier Oil and Gas LLC’s plans, projects, and future operations, including the proposed transaction with Stallion Ridge Energy Corp. (the “Stallion Ridge Transaction”), which are subject to risks and uncertainties, and actual results could differ materially. Completion of the Stallion Ridge Transaction remains subject to customary closing conditions, including financing and regulatory approvals, and there can be no assurance it will be completed on the anticipated timeline, or at all. Lost Soldier Oil and Gas is currently conducting a securities offering under Rule 506(c) of Regulation D, available only to verified accredited investors. Nothing in this article constitutes an offer to sell or a solicitation of an offer to buy any securities of Lost Soldier Oil and Gas LLC, Stallion Ridge Energy Corp., or any of their affiliates; any such offering is made only through official offering materials. Additional information is available at www.lostsoldier.com.