Next Bridge Hydrocarbons Announces Transactions

MIDLAND, Texas, April 1, 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:

Next Bridge has purchased portions of four drilling prospects from Wildcat SPV in exchange for 2,500,000 shares of Next Bridge common stock. They are the Valentine, Panther, Cowboy, and Packer Prospects, all located in southern Louisiana. Chairman and CEO Greg McCabe ("McCabe") had retained varying overriding royalty and working interests after payout on these prospects from a previous financial transaction. In order to facilitate the sales below, McCabe has agreed to forego the 25% working interest after payout he had previously, while retaining his overriding royalty interest. 

The Company is pleased to announce it has already sold its ownership in both the Valentine and Panther Prospects to an undisclosed party for net revenue of $1,093,000. Additionally, Next Bridge will receive a $240,000 spud fee on the first well of the Valentine and an $80,000 spud fee on the Panther, while retaining its proportionate share of all associated deep rights below 19,500' in the Valentine Prospect. Next Bridge has also retained the option, but not obligation, to participate in various working interests in the drilling of the two prospects. 

Next Bridge is also pleased to announce it has entered into a letter of intent to sell its retained right to participate in the working interest leasehold in the Valentine Prospect. Next Bridge will continue to market the Cowboy and Packer Prospects, the deep rights on the Valentine Prospect, and their option to participate in the Panther Prospect drilling. 

McCabe stated, "While the Orogrande asset is still our primary focus, I have made the decision with full Board support to expand into what we deem to be world-class exploration prospects. I am truly excited about these new efforts moving forward."

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, and two minor well interests in Oklahoma. 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]

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SOURCE Next Bridge Hydrocarbons, Inc.