07:51 AM EDT, 03/16/2026 (MT Newswires) -- Yangarra Resources ( YGRAF ) , trading shy of 52 week highs, provided Monday a Belly River update.

The company said that it is has been "actively acquiring" land and drilling wells in the Chambers area Belly River play over the past two years. The play overlays Yangarra's existing Cardium production in Chambers, enabling the company to leverage its owned infrastructure and existing surface leases to efficiently develop the Belly River formation, added the company.

Yangarra said that with the majority of land acquisitions now complete, it has identified 40 net Tier 1 Belly River drilling locations, supported by results from 10 Belly River wells currently on production.

Over the next 6-12 months, the company plans to further delineate the play across its Chambers area land base, with potential to expand its Belly River inventory by an additional 60 net locations.

Yangarra further said that two standing Belly River wells are scheduled to be fracture stimulated this week, and it expects to begin drilling two additional Belly River wells in the near term.

"During the initial phase of development, maintaining the drill bit within the target zone proved challenging, and early wells were completed using a slickwater fracture stimulation design," said the company. "By the fifth well, drilling performance had improved significantly, largely eliminating issues associated with staying in zone. Beginning with the seventh well, Yangarra transitioned to a gelled fracture stimulation design."

The company said that the first group of wells delivered average IP90 rates of approximately 200 boe/d, which form the basis of the company's current type curves and economic assumptions for the Chambers Belly River play.

Yangarra further added that on the tenth well, it implemented a reconfigured Bottom Hole Pump (BHP), replacing the smaller pumps used on earlier wells and said that this modification resulted in a "substantial increase in productivity."

In a statement the company noted that, following a two-week cleanup period, the tenth well is currently producing above 500 boe/d (68% liquids).

"Based on these results, the Company upgraded the BHP systems in wells 8 and 9," added the company. "Despite having already been on production, both wells experienced significant production increases following the pump upgrades."

Shares in YGR rose 1.7% last Friday.