Next Bridge Hydrocarbons now announces an unexpected loss of its Orogrande asset, which expires on December 31, 2024.
“The Company is disappointed to announce University Lands’ decision not to extend our subsidiary’s Development Unit Agreement for the Orogrande asset, which expires on December 31, 2024,” the company stated in a press release.
“University Lands has also sought to terminate the Development Unit Agreement effective immediately, which the Company has not agreed to do.”
Shareholders have expressed their dismay over the news.
“NextBridge is still a company with assets and a retail army. I say they fundraise and press on,” said on user on X.
“Not surprised. The HF bankrupted MMAT so now is NBH to be bankrupted. Shows how powerful HFs are,” lamented another.
Investors have been heavily invested in seeking justice for their MMTLP and MMAT holdings.
However, the companies behind these tickers, Meta Materials and Next Bridge have left many shareholders disappointed.
Chairman and CEO Greg McCabe stated: “We are both dismayed and puzzled by this decision, despite having put forth what we believed to be a strong and fair proposal.
While disappointing, I would like to assure our loyal shareholders that we as a company will continue boldly moving forward.
We have worked these last months to expand and diversify Next Bridge and our company portfolio goes beyond the Orogrande asset.
I look forward to providing updates in the weeks and months to come of our progress and new direction.”
Next Bridge Hydrocarbons is an independent public reporting energy company engaged in the acquisition, exploration, exploitation and the development of oil and natural gas properties in the United States.
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