MIDLAND, Texas, April 16, 2024 /PRNewswire/ — Next Bridge Hydrocarbons, Inc. (“Next Bridge,” “our,” “we,” or the “Company”), an oil and natural gas exploration and production company with interests in Texas, Louisiana, and Oklahoma, announced today the following:
The Company is pleased to announce the successful closing of another Participation Agreement as part of our ongoing strategy to expand and re-envision our business operations and model.
We have recently closed a Participation Agreement with an undisclosed international buyer to purchase our option to buy 13.33% of the previously announced Valentine Prospect located in Lafourche Parish, LA for an upfront payment of $47,000, with an additional $620,000 payment when certain conditional metrics are met going forward (anticipated mid-Summer 2024).
The Company is also pleased to state that we will retain a 2.6664% of 8/8th working interest after payout on each well drilled on the acreage. This interest is effectively free of the burden of up-front drilling and completion costs and reflects a significant potential long-term value for Next Bridge shareholders.
Additionally, Next Bridge will retain 40% of all of the deep rights below 19,500′ which incorporates the Wilcox and Tuscaloosa formations, both highly productive hydrocarbon zones in this region of Louisiana.
The Company continues to work with a world-class geological consulting team who advise us on economic prospects and opportunities such as these. Today’s announcement is yet another example of the high standard of excellence in guidance we receive and implement accordingly. Our team believes the deep rights we have retained have excellent potential in the Wilcox and Tuscaloosa formations.
Chairman and CEO Greg McCabe, stated, “As part of our ongoing commitment to re-envisioning our business model, we continue to pursue development and sale opportunities that diversify our economic operations. This Participation Agreement is just the latest triumph in the implementation of this mission. We are truly excited about this transaction, and we look forward to updating our shareholders with much more in the weeks and months to come.”
As previously disclosed, Next Bridge appointed a new independent registered public accounting firm on February 10, 2024. Because of the recency of this appointment, Next Bridge has not had sufficient time to complete its Form 10-K for the year ended December 31, 2023. Despite the efforts of management and the auditor, Next Bridge will be unable to timely file the Form 10-K by the extended due date of April 16, 2024. All such parties are continuing to work diligently on finalizing the Form 10-K, and Next Bridge intends to file the Form 10-K as soon as possible.
About Next Bridge Hydrocarbons, Inc.
The Company is an independent public reporting energy company engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States. Our primary focus has been the development of interests in an oil and gas project consisting of 134,000 contiguous gross acres we hold in the Orogrande Basin in West Texas in Hudspeth County, Texas. In addition, we have minor interests in the Eastern edge of the Midland Basin in Texas, two minor well interests in Oklahoma and exploration prospects leasehold in south Louisiana. Please visit www.nextbridgehydrocarbons.com for more information.
Next Bridge is a private company insofar as its shares of common stock are not traded on a public stock exchange of any kind. The Company is expected to update its shareholders about certain operational and financial updates related to the Company’s business. To receive timely emails with respect to these corporate developments, please visit https://www.nextbridgehydrocarbons.com/investors and complete the Email Alert/Investor Form. You may also choose to follow our social media channels at @nbhydrocarbons on X (formerly known as Twitter) and “Next Bridge Hydrocarbons” on LinkedIn.
This statement may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company’s filings with the Securities and Exchange Commission (“SEC”) available on the Company’s website or the SEC’s website at www.sec.gov.
Contact:
Dennard Lascar Investor Relations
[email protected]
SOURCE Next Bridge Hydrocarbons, Inc.
