$25K Minimum Ends July 10!
$25K Minimum Ends July 10!
America’s AI boom is driving unprecedented energy demand, and natural gas is the key.
Strategic Discovery in the Heart of Wyoming
Lost Soldier’s discovery in Wyoming’s Bison Basin is uniquely positioned to supply the clean, reliable natural gas America needs to build and sustain its AI-driven future. As data centers, cloud computing, and AI infrastructure expand at record pace, our project offers the scale, access, and production potential to meet these massive demands through 2030 and beyond.
Discovered in Wyoming’s Bison Basin, within the Wild Mustang Federal Unit - 56 leases covering 24,000 acres in central Wyoming.
Discovery found four gas formations totaling ~5TCF gas in place.
Proven geology and multi-formation potential with up to seven deeper reservoirs identified
Access to Contango 400 MMcf/d pipeline 5 miles away
Advantageous location with infrastructure to deliver gas east and west to major markets
Target production: 400 MMcf/d from first 20–25 wells, scaling to 1 Bcf/d by 2030.
Potential Wells
Proven Leadership In
Natural Gas Development
Led by Marc Bruner, known for the Pinedale and Jonah fields, Lost Soldier targets deep, de-risked gas zones with strong infrastructure and decades of production potential.
Proven Leader
Marc Bruner led Pinedale–Jonah discoveries. CEO explores wildcat fields.
Infrastructure Ready
Closely connected to pipeline, power, and processing hubs.
Strategic Location
Deep reserves (> 24,000 ft) in historic field. Minimal geologic anomaly risk.
Scalable Project
200 miles of seismic reveal 7+ stacked pay zones with long life.
The 6 Benefits of the Investment
Earn quarterly cashflow, tax deductions, future investment rights, and stock conversion through LLC membership in oil wells.
Quarterly Cashflow
Earn an average of $12,500 or more per year in direct quarterly cashflow from production on active oil wells you personally invest in.
Lifetime Mineral Rights
Receive overriding royalty rights across 250,000 acres that remain permanently tied to the minerals even if the company changes ownership.
Tax Advantages
Get up to 100 percent Intangible Drilling Cost tax deductions passed through directly as a member of the LLC tied to the active wells.
Equity Conversion
Convert your membership interest into public company stock at a one to one ratio when the company eventually goes public through an IPO.
Future Well Access
Participate in future wells drilled within a 160 acre boundary around your existing investment through the exclusive Manager 160 program.
Profit Distributions
As a member of the LLC you are eligible for regular quarterly profit distributions declared by the operating manager based on earnings.
Lost Soldier in the Media
Explore media featuring exclusive behind the scenes footage, expert interviews, and live presentations that dive deep into Lost Soldier’s groundbreaking discovery in the Wild Mustang Basin. Hear directly from the CEO, President, and industry veterans as they reveal the untapped potential of Wyoming’s newest frontier.
Fueling the Future from Wyoming
A rare energy opportunity in a proven basin
leadership
Executive Team
Welcome to the Lost Soldier Development. This giant gas discovery will be a significant supplier of energy to supply Western US demand for the next several decades. In addition we continue to explore for an oil deposit below the gas resource already found. The Lost Soldier Oilfield located 12 mi SE has produced over 400 million barrels, and our geology suggests we will find oil in our basin. Join us in the development of this major resource play, perhaps the last undiscovered basin in the lower 48!
Marc Bruner
President & CEO
Marc Bruner spearheaded development of the 49 Tcf Pinedale and Jonah Fields, co-founded Pennaco Energy, which was bought by Marathon Oil for $500 million, and founded Falcon Energy, where he pioneered the discovery of the 500 TCF Betaloo Basin.
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Carmen J. "Tony" Lotito, Jr.
Chief Financial Officer
Tony Lotito has more than 30 years of accounting experience in the oil and gas industry, including director, CFO, and vice president roles for early-stage exploration oil and gas public companies listed on NASDAQ.
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Earl Sanford
Vice President, Drilling
Earl Sanford brings five decades of experience in international drilling and completion of oil and gas wells, including work with BP, Parker Drilling, and SST Energy, where he was Rig Manager and Drilling Superintendent for 23 years.
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Denny Migl, P.E.
Chief Engineer
Denny Migl has more than 48 years of diversified experience in drilling, production, and reservoir engineering, with operations management and economics experience across major U.S. basins.
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Mike Pinnell
Geologist
Company materials credit geologist Mike Pinnell's work beginning in the mid-1970s as part of the discovery history behind the Wild Mustang opportunity.
LS
Anna Migl
CPA - Executive Assistant
The broader Lost Soldier team supports subsurface interpretation, drilling execution, completion planning, midstream development, and day-to-day field operations in Wyoming.
Investor Relations team
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Rob Poindexter
Vice President, Investor Relations
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Joelle Poindexter- Rodriguez
Investor Relations
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"We've bought the rigs needed to develop this discovery!".
Lost Soldier realized early on that specialized drilling equipment is needed to develop this resource. The company has purchased and upgraded the drilling equipment and the experienced people necessary to drill these wells. We pride ourselves on having the best crews in Wyoming to drill these wells - using the most fit for purpose equipment. Our million pound plus hookload rigs are custom built to handle the rugged Wyoming high pressure gas that we will develop in the Wild Mustang Federal Unit. Lost Soldier Drilling is the key to monetizing these resources.
MARC BRUNER
Founder, CEO
Timeline & Milestones
Wild Mustang
Natural Gas Discovery
Federal Unit consists of 24,000 acres in the Bison Basin with deep stacked pay, strong output history, and over 2100 wells planned for the coming decades. The company also participates in ~12,000 acres adjacent to the Wild Mustang Federal Unit.
Strategic Location
Located in Wyoming’s Bison Basin, part of the hydrocarbon-rich Green River Basin, Wild Mustang is home to one of the largest new gas finds in the West in 40 years. Its position north of Rawlins supports scalable, long-life production.
Land Position
Lost Soldier holds 56 federal leases totaling 24,000 acres in the Wild Mustang Unit, with 12,000 more leased nearby. A 250,000-acre AMI agreement secures future expansion and a long-term footprint across the Bison Basin.
Geologic Strength
Bison Basin’s stacked reservoirs reach over 24,000 feet deep. Discovery wells hit 3,400 feet of pay. 200 miles of seismic data reveal 7+ hydrocarbon zones, reducing risk and enabling high-volume, multi-decade production.
Energy-Rich Basin
Wyoming hosts over 26,600 producing wells. Wild Mustang benefits from nearby infrastructure like the 400 MMcf/d Contango pipeline, easing monetization in a region known for strong, proven output.
Development Potential
With over 2,180 projected well locations, Wild Mustang supports over 80 years of development. As deeper zones are verified through exploration, long-term recovery and overall project value are expected to grow.
Legacy Production
Since their discovery in 1916, the Lost Soldier and Wertz oilfields have produced over 400 million barrels. Located 14 miles from our well, they still yield 3,000 barrels daily. We’ll explore the same geology in Wild Mustang.
How
Lost
Soldier
Makes
Money
Operations: Lost Soldier drills, completes, and produces natural gas wells in Wyoming's Bison Basin.
Revenue Model: Revenue is generated by selling produced gas to market through existing pipeline infrastructure.
Infrastructure Advantage: Proximity to the Contango 400 MMcf/d pipeline enables fast monetization as production scales.
Vertical Integration: Lost Soldier owns infrastructure through its subsidiary, Wild Mustang Midstream, including a 5.3-mile connector pipeline under development.
Strategic Benefits: Ownership reduces transportation costs and ensures long-term control over gas flow.
Revenue Opportunity: Infrastructure control enables potential fee income from third-party users.
Subsidiary Operations: Lost Soldier Drilling, a company subsidiary, handles internal well development and offers contract drilling services.
New Contract: In May 2025, it secured its first third-party drilling agreement with Enbridge Wexpro.
Revenue Diversification: This adds a service-based income stream separate from Lost Soldier's own production.
Phased Growth: Lost Soldier increases acreage value through strategic, phased development.
Reserve Validation: Proving up reserves enhances confidence in long-term production potential.
Infrastructure Access: Demonstrating access to infrastructure boosts future monetization opportunities.
Let's talk about your investment
Get in touch with the Lost Soldier team to learn more about the investment opportunity or ask any questions you may have. We’re here to help.
Lost Soldier FAQs
What is Lost Soldier Oil & Gas, and when was it founded?
Lost Soldier Oil & Gas is a Wyoming-based exploration and production company focused on the Wild Mustang natural gas discovery. The company was formed in 2022.
Who are the founders and key executives?
Lost Soldier is led by Marc Bruner, CEO and Chairman , with a team of experienced oil and gas professionals including Steve Richards, President, Tony Lotito CFO, Earl Sanford VP LSOG Drilling, and Mike Kadillak VP Wild Mustang Midstream Pipeline.
What is the Wild Mustang Unit, and why is it significant?
The Wild Mustang Federal Unit is a 24,000-acre federal unit in Wyoming’s Bison Basin, one of the largest new onshore gas discoveries in the Western U.S. in over four decades.
How much acreage does Lost Soldier control?
Approximately 38,000 acres of leases, plus rights to a 250,000-acre Area of Mutual Interest (AMI) for potential expansion.
Which subsurface zones are targeted?
Initial development focuses on the Lance, Shannon and Niobrara formations, alongside deeper stacked pay zones identified through seismic data. The company has the right to all formations that will be discovered in the Wild Mustang Federal Unit.
How does Wild Mustang compare to Jonah or Pinedale?
It offers greater depth, more stacked pay, and formations that are laterally extensive. In Jonah Pinedale, most wells are vertical and usually drain lenticular sands in an area of only 5 - 10 acres, resulting in many well locations. In Wild Mustang, we have thick extensive sands which can be drained by long horizontal wells, leading to fewer drilled wells and a much smaller surface footprint.
Where is the field located?
In Central Wyoming’s Bison Basin, 50 miles north of Rawlins, within the Green River Basin
What infrastructure is in place for production?
The Contango 500 Mmcf/d gas pipeline is in close proximity, and we are constructing a 5.3mile connector pipeline scheduled for completion by Q4-2025. The Contango line connects to the Wamsutter hub allowing sales to the interstate pipeline system. There are oil and CO2 pipelines and 230 kVA distributed power lines nearby.
Have any wells been drilled?
Yes, three initial discovery wells have been drilled and cased to confirm stacked pay zones and reduce geologic risk. These wells are planned for production Q4 2025.
What is the projected lifespan of the field?
With over 2,000 potential wellbores, the field could support development and production for more than 50 years.
What type of security is being offered?
Accredited Investors can purchase up to 2,000 Class C Units @ $150,000 per Unit for an aggregate of $300 Million Dollars consisting of:
(a) a pro-rata non-voting membership interest of up to 10.0% of the Company (Classes A, B, & C total),
(b) a pro-rata share of 50% of the Working Interest equal to 28.125% WI and a 19.6875% net revenue interest (Classes A, B & C total),
(c) a pro-rata share of a 1.0% Overriding Royalty Interest in the Lost Soldier Oil & Gas II Master Series LLC within the Wild Mustang project of 24,000 acres and within the Area of Mutual Interest of 250,000 acres (1.0% ORRI is applied to Class C).
pursuant to the terms of the private placement memorandum.
What is the minimum investment amount?
The minimum investment is $50,000 (⅓ of a unit), subject to change at the company’s discretion.
Is the offering SEC-registered?
No, this is a private placement authorized under Regulation D Rule 506(c), exempt from SEC registration regulations.
Why is it only open to accredited investors?
Rule 506(c) requires verification that all investors meet the SEC’s accredited investor standards and rules.
How much capital has been raised so far?
The Company’s initial PPM (LSOG I ) raised $15,351,100 in 2022 to drill the discovery well. In June, 2023 the Company formed the Lost Soldier Oil and Gas II Master Series, LLC to raise $350,100,000 in three tranches. In 2023, 2024 and through May 31, 2025 the company sold out the first two tranches: Class A Units for $25,050,000 and Class B Units for $25,050,000 for a Total of $50,100,000. Subsequently, the Company has sold $5,000,000 of Class C Units of $300,000,000 Class C Units through July 10, 2025.
The Company’s grand total of capital raised through July 10, 2025 is $70,451,000 million.
What is the maximum raise target?
The offering seeks to raise up to $350.1 million, as of July 10, 2025 a balance of $295,000,000 of Class C Units are available for sale.
Can an investor contribute any amount?
There is no per-investor cap, but the remaining balance of Class C Units of $295,000,00 investments are subject to sale on a first come first serve basis.
Will additional fundraising rounds be needed?
The current capital raise of $300,000,000 is allocated for drilling and infrastructure; and future capital rounds may support further expansion.
Is my capital dedicated solely to Lost Soldier Oil and Gas?
Yes, funds will be used specifically for development of the Wild Mustang Federal Unit along with working capital for the company to install associated infrastructure, roads, etc. Details of the allocation of capital are in the private placement memorandum under the caption “Use of Proceeds”.
How are investor funds safeguarded before deployment?
Investor funds are held in a dedicated company account and applied directly to the project in line with the offering documents.
Can I invest through an entity, trust, or self-directed IRA?
Yes, accredited investors may invest through properly structured entities, trusts, or self-directed retirement accounts.
Are there any fees charged to investors?
Any fees or expenses are detailed in the offering documents; no sales commissions are charged to investors.
How does Lost Soldier generate revenue?
Through natural gas production, midstream infrastructure fees, and third-party drilling contracts and future oil production revenue.
What kind of due diligence should I do before investing?
Review the Private Placement Memorandum dated June 20, 2023 and its Exhibits, and the Notice to Prospective Investors pages i-xi of the PPM thoroughly. Prospective Investors should consult their own counsel, accountant or investment advisor about the U.S. legal, tax, and related implications of investing in the Company.
Will investors receive cash distributions or equity growth?
The answer is both.
The LSOG II investment generates cash distributions to investors through their working interest ownership in producing wells, through their ownership and receiving overriding royalty payments from the producing wells. The Investor will also receive ownership in the membership interest (Equity) in the Company which may distribute cash distributions to its members at the discretion of the manager.
Investors also have the ability to reinvest their cash distributions through their participation in future wells through the Manager 160 program, growing working interest payments.
What does it mean to have a working interest in a well?
The term Working interest represents an ownership interest in either an oil and/or gas well. As a Working Interest owner you are entitled to tax benefits and cash payments proportional to your ownership from the well’s oil or gas production.
What is an OverRiding Royalty Interest?
An Overriding royalty is a property right stated in a mineral lease owner to receive a stated percentage of the oil and gas production of It entitles holders to a portion of the production revenue from the leased area without any investment. For example, a typical government royalty is 12.5% of the revenue, yet the government is not responsible to pay for the well that is producing. All wells drilled in the asset will yield the overriding royalty payment with no cost to the royalty holder. This investment assigns an overriding royalty to investors, as described in the private placement memorandum.
How long do Over Riding Royalties last?
Overriding royalty being tied to the minerals, will last for as long as the minerals are developed. This is for all wells, ever drilled in the asset, regardless of time. As the wells in the lease produce, the royalty is paid. If Lost Soldier is sold, or acquired by another company, the wells drilled by the successor company, even if drilled many years in the future, will still pay the royalty on those future wells. There is no cost associated with these payments, which continue as long as the production occurs.
What tax benefits are associated with this investment?
Potential tax benefits which are associated with having a working interest in oil and gas wells include:
Intangible Drilling Costs (IDC): 100% Tax deductible in the year incurred or they can be amortized over a 5 year period starting in the year incurred. IDC’s typically amount to 65 -75% of the cost of a well.
Tangible Drilling Costs: 100% deductible over the life of the well. (May be accelerated due to recent legislation)
Depletion Allowance: 15% of production Income is tax free over the life of the well.
Active Income Deductions: Can be taken against business income, salaries, capital gross income, and interest income.
Are there any other benefits to being an LLC member?
Lost Soldier Oil and Gas II Master Series LLC is a series LLC company. This means each well is a separate LLC in which investors are members. In this way should there be an issue with one well (LLC) the other wells (LLC’s) are not affected. This gives investors security due to the structure of the company and the wells.
What is the “Manager 160” program?
In short, it is a way for investors to continue to invest in future wells once their investment in the PPM is exhausted. At the discretion of the manager, as the wells drilled with PPM funds are drilled the manager may designate a surface location as a “Manager 160”. Any future well drilled from that 160 acre square around that location will be eligible for investment by investors in their proportionate share. That way investors can continue to add to their working interest payments from wells even after the PPM investment is spent. Since most wells are drilled from pad locations with 10 to 30 wells drilled from one surface location, the Manager 160 program gives investors the ability to invest in potentially many future wells.
Is membership interest the same as stock?
It is similar. A public company has stock and an LLC has membership interest. The company is allocating 10% of the company’s non voting membership interest for the full $350.1M PPM investment. Each $150,000 unit will be issued 4,285 membership interests. When a liquidity event such as an IPO occurs, these membership interests are converted into non voting stock in the company. At that time investors will have the opportunity to convert all or a portion of their working interest, or overriding royalty interest into shares as well. This gives the investor a way to go “all in” on stock and then have an efficient exit strategy by selling their shares at an appropriate time on the market.
What about cash distributions from the company?
Lost Soldier is an LLC and all proceeds flow down to the LLC members, since LLCs do not have retained earnings. Should the company have profit after investing in all the capital projects necessary to grow the company for our members, then the LLC members will have cash distributions in their proportionate share. Investors will also receive cash distributions from your ownership of the Overriding Royalty interest.
When should investors expect returns?
Returns depend on the pace of development and production milestones; no guaranteed timeline is provided. The company intends to be producing from our first two wells by the end of 2025.
How often will I receive performance updates?
Investors receive regular reports, quarterly updates, and invitations to investor calls.
Is there a holding period or lock-up?
Yes, investments are illiquid with no public market. Investors should plan for a long-term hold.
What is a Regulation D (Reg D) offering?
Reg D 506(c) is a federal exemption allowing private companies to raise capital from accredited investors without registering the securities with the SEC.
Why do companies raise under Reg D?
It allows companies to raise capital faster and more cost-effectively while remaining compliant with securities laws.
What does it mean to be an accredited investor?
An accredited investor meets SEC-defined income or net worth thresholds, indicating they can bear the risks of private investments. Please see the SEC Website (https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/accredited-investors) for a definition.
Is my investment in a Reg D offering registered or guaranteed by the SEC?
No, the SEC does not review, approve, or guarantee Reg D 506(c) offerings.
Are there resale restrictions on Reg D securities?
Yes, Reg D investments are restricted securities and cannot be freely resold without meeting certain conditions. Please review the Private Placement Memorandum for these restrictive conditions.
What are the main risks of investing in a private placement?
Private investments are illiquid, higher-risk, and dependent on the company’s success. Investors should review Private Placement Memorandum offering documents carefully.
How is a Reg D investment different from buying public stock?
A Reg D 506(c) investment is a private investment sold only to qualified Accredited Investors versus a public stock listed company that is listed on a stock exchange by which you can purchase the public stock and you do not have to be an Accredited Investor.
How do I verify my accredited investor status?
You may provide tax returns, bank statements, present your Financial Statement or a letter from a qualified financial advisor confirming your status. You can research the definition on the SEC website (https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/accredited-investors) for qualifications.
How long will my money be committed?
An Investment in Lost Soldier Oil and Gas II Master Series, LLC is long-term with no guaranteed exit timeline.
Are there annual or ongoing reporting requirements for investors?
The Company shall cause to be prepared for the Member’s, at the Company’s expense, financial statements and reports of the Company in a form approved by the Manager, on an annual basis.
This website includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements express current expectations or forecasts of future events. Words such as “anticipate,” “expect,” “objective,” “budgeted,” “planned,” “targeted,” “potential,” “goal,” “estimate,” “project,” “predict,” “forecast,” “pursue,” “continue,” “believe,” “may,” “should,” “will,” “intend,” and similar terms, as well as statements indicating actions that may, could, or might occur, including references to assumptions, are intended to identify forward-looking statements. These statements may include projections and estimates concerning the timing and success of specific projects and future efforts, including but not limited to our schedule, targets, estimates, or results of future drilling, the number, timing, and results of wells and well pads, budgeted wells, risk and timing of follow-up drilling, expected working or net revenue interests, planned expenditures, risk profile of oil and gas exploration, acquisition and evaluation of seismic and other exploration data, probability of prospects containing oil and natural gas, expected or estimated production rates, cumulative production volumes, reserves, operating costs, capital requirements, hedging activities, liquidity, business strategy, exploration and development programs, participation of industry partners, funding of operations, and all other statements regarding future operations, financial results, business plans, cash needs, and other statements not based on historical facts. Such statements involve risks and uncertainties, including but not limited to economic downturns, credit crises, dependence on exploratory activities, volatility of oil and gas prices, the need to replace reserves, operating risks, key personnel dependence, growth management challenges, technological changes, significant capital requirements, regulatory impacts, litigation, competition, reserve and revenue uncertainty, acquisition risks, availability of rigs, pipelines, and permits, weather, financial condition of partners and counterparties, and other factors described herein and as may be updated or amended. Other risks include wellbore or drilling failures, blowouts, fires, litigation, geological challenges, market size and volatility, pricing pressures, competitive factors, and the company’s ability to meet capital needs. If any of these risks materialize, or assumptions prove incorrect, actual results may differ materially from those expressed or implied by forward-looking statements. These statements are based on assumptions and analyses the company believes are reasonable in light of experience, historical trends, current conditions, and expected developments, but no assurance can be given that such expectations will be accurate. Investing in oil and gas private placements is speculative and carries risks that cannot be completely eliminated, including the risk of total or significant loss of capital. Any investment decision should only be made after consultation with a trusted investment advisor, thorough review of this website, related offering materials, and full due diligence. Projections and representations not conforming to this website have no force or effect and must not be relied upon. No representation or warranty is made that the estimates, opinions, or assumptions in or referenced by this website will prove accurate. Prospective investors should carefully consider the assumptions and risks described herein. Additional factors may cause actual results to differ materially. This website reflects company knowledge and information as of its date, and delivery of this website or sale of units does not imply that circumstances have not changed since then. All written and oral forward-looking statements attributable to the company or its agents are expressly qualified in their entirety by this discussion.
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