MIDLAND,
Texas, Oct. 11, 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 signing of a Letter of
Intent between Next Bridge and McCabe Petroleum Corporation ("MPC")
to transfer and assign MPC's 40% ownership in the Louisiana
Heritage Play ("LHP") to Next Bridge. Closing is anticipated to
occur on or before December 31,
2024.
MPC is owned and operated by Next Bridge CEO and Chairman
Greg McCabe. In exchange for
reimbursement of actual dollars spent by MPC in securing the LHP,
the amount of which does not currently exceed $600,000, MPC will deliver its 75% net revenue
interest, proportionately reduced, in the prospect to Next Bridge,
while retaining an overriding royalty interest.
The LHP consists of several identified drilling prospects and is
located throughout multiple parishes in southern Louisiana, where its primary target formations
are the Tuscaloosa and Wilcox Sands.
These known productive sand reservoirs are significant exploration
targets in the southern Louisiana
area. MPC has begun the process of securing acreage for the first
prospect and has begun title review on the second. Title review for
prospects three and four will begin in the very near future.
The LHP prospects were created by a world-class exploration team
and while having the benefit of being onshore, incorporated state
of the art, deep-water offshore 3-D technology, including wide
azimuth and reverse time migration processing in their development.
The onshore location in southern Louisiana provides significant cost savings to
drill, complete, and produce, as compared to offshore. The LHP will
also benefit from the access to available pipelines, LNG markets in
Lake Charles and Plaquemines, and the favorable regulatory
framework and attractive economics the state offers.
In addition, the technical consultants at Next Bridge will work
closely with the prospect's generating team to continue exploring
for additional opportunities within their extensive 3-D data set.
While these have all of the inherent risks of any exploration, the
P10 potential of these prospects is in multiple trillions of cubic
feet (TCF) of reserves.
Next Bridge Chairman and CEO Greg
McCabe stated, "With the addition of the LHP to our list of
assets in the Next Bridge portfolio, we are expanding our goal to
be a leading independent oil and gas company delivering high tech,
high impact exploration opportunities. As we continue our journey
of growth in this exciting direction, I view us as following in the
footsteps of earlier legendary explorers searching for world-class
reserves in the onshore Gulf Coast area. Boldly advancing our
mission to re-envision Next Bridge, we continue in the proud
tradition of American independent producers who identify, capture
and develop new exploration opportunities to help ensure our
country's energy independence."
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. We have minor well
interests in the Eastern edge of the Midland Basin in Texas, two minor well interests in
Oklahoma and exploration prospect
leaseholds in onshore 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
NextBridge@dennardlascar.com
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SOURCE Next Bridge Hydrocarbons, Inc.