Next Bridge Hydrocarbons Announces Cordax Settlement

MIDLAND, Texas, June 3, 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 resolution and settlement of the outstanding lawsuits with Datalog LWT, Inc. d.b.a. Cordax Evaluation Technologies ("Cordax").

As previously disclosed, the case "Hudspeth and Wolfbone Investments, LLC v. Datalog LWT, Inc. d/b/a Cordax Evaluation Technologies" was filed by the Company's wholly owned subsidiary, Hudspeth, in Harris County, Texas. Additionally, Cordax filed suit against Hudspeth's former parent company, Torchlight Energy Resources, Inc. n/k/a Meta Materials, Inc. in Hudspeth County, Texas.

Next Bridge is pleased to announce Cordax has agreed to pay a cash settlement to our Hudspeth subsidiary to settle the suit, as well as remove their mineral lien filed against our Orogrande field, dismiss their lawsuit filed in Hudspeth County and release all claims against our subsidiary. At the conclusion of the settlement process, Hudspeth will in turn release all claims against Cordax and will dismiss their Harris County suit.

Chairman and CEO Greg McCabe stated, "We are extremely pleased with the positive outcome and settlement terms in this proceeding. We gladly move forward now and put this chapter behind us as we continue the valuable work of re-envisioning and expanding our business model and strategy. I look forward to updating shareholders in the weeks and months to come in what is truly an exciting time for our Company."

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] 

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SOURCE Next Bridge Hydrocarbons, Inc.