Next Bridge Hydrocarbons Now Owns 100% of Orogrande Project
Next Bridge Hydrocarbons now owns 100% of working interest in the Orogrande Project.
Next Bridge will now fully control the development and reap 100% of the value and proceeds of the Orogrande Project once it is developed.
The company announced on Tuesday that it has closed the previously-announced transaction among certain subsidiaries of Next Bridge, Wolfbone Investments, LLC, McCabe Petroleum Corporation and Gregory McCabe, the sole owner of Wolfbone and MPC.
The transactions became effective on April 25, 2023 and the closing of the Merger occurred on May 11, 2023.
As a result of the Merger, Next Bridge now controls Wolfbone’s 22.6249% remaining rights to working interest in the oil and natural gas project the Company holds in the Orogrande Basin in West Texas in Hudspeth County, Texas (the “Orogrande Project”).
As consideration for the working interest, Next Bridge issued 56,297,638 shares of common stock to McCabe.
The Company also announced that it has entered into and closed the transactions described in six separate Contribution and Exchange Agreements to acquire the remaining 10.8751% working interest in Orogrande Project.
Next Bridge now operates its entire land position in the Orogrande Project with 100% working interest across approximately 134,000 contiguous block acres.
Under the various Contribution Agreements, the Company issued 27,060,637 shares of its common stock to each of the six separate working interest owners to acquire the remaining working interest in the Orogrande Project.
Official Statements
Commenting on the transaction, Clifton DuBose, Jr., Next Bridge’s Chairman and Chief Executive Officer, stated, “We are pleased to have closed the Wolfbone merger while successfully negotiating agreements with the other six working interest owners in the Orogrande Project.
The completion of all these separate transactions to acquire the remaining working interest in the Orogrande Project marks a significant milestone for Next Bridge as we now own 100% of our most valuable asset.
Next Bridge will now fully control our development and reap 100% of the value and proceeds of the Orogrande Project once it is developed.
We also note and appreciate the trust that Gregory McCabe and the other working interest owners have shown in us to develop the Orogrande Project in order to provide returns to all of our shareholders as we continue our drilling and operational plans.”
Next Bridge 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.
Their primary focus has been the development of interests in an oil and gas project consisting of 134,000 contiguous gross acres they hold in the Orogrande Basin in West Texas in Hudspeth County, Texas.
Next Bridge is a private company and shares of common stock are not traded on a public stock exchange of any kind.
MMAT News and Updates
In April, Meta announced that it has priced an underwritten public offering of 83,333,334 shares of its common stock and warrants to purchase up to an aggregate of 83,333,334 shares of common stock at a combined public offering price of $0.30 per share and accompanying warrant.
META granted the underwriters a 30-day overallotment option to purchase up to an additional 12,500,000 shares of its common stock and/or warrants to purchase up to an additional 12,500,000 shares of common stock at the public offering price.
Each warrant is exercisable immediately at an exercise price of $0.375 per share and will expire five years following the date of issuance.
All of the securities are to be sold by META.
The gross proceeds of the offering are expected to be approximately $25 million before deducting the underwriting discount and estimated offering expenses payable by META.
“META intends to use the net proceeds from the offering for working capital and general corporate purposes, which include, but are not limited to: on-going development of our existing and future products, (such as our advanced materials NPORE® and NCORE™ for Li-ion battery applications, electro-optical devices, the expansion of our manufacturing facilities and capital equipment purchases), as well as general and administrative expenses.”
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