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Application of lightweight drilling fluids is essential to develop depleted hydrocarbon reservoirs. Recently, colloidal gas aphron (CGA)-based fluids have been introduced for such applications due to their ability in controlling fluid losses. In this work, a comprehensive experimental study was performed to choose the best formulation for CGA fluids by implementing static stability tests, rheological behavior measurements, and bubble size analyses of CGAs. Xanthan gum polymer and sodium dodecyl benzene sulfonate (SDBS), an anionic surfactant, and cetyl trimethyl ammonium bromide (CTAB), a cationic surfactant, were utilized to prepare CGAs. For the range of experiments conducted, the performance of CGA fluids prepared with SDBS was improved by increasing the polymer and surfactant concentrations. However, for CTAB, it was improved by an increase in the polymer concentration and a decrease in the surfactant concentration. The formation of white, long hair-like precipitates observed at high levels of CTAB caused CGA fluid to become rapidly unstable. Also, it was observed that the size of CGAs was significantly influenced by the polymer and surfactant concentrations. The most stable bubbles were formed at 6.86 g/L of polymer concentration. The results of this study provide insights into appropriate formulation for CGA-based fluids which could be potentially applicable in drilling operations.