Tag: Next Bridge Hydrocarbons Stock

Next Bridge Hydrocarbons Now Owns 100% of Orogrande Project

Market News Daily - Next Bridge Hydrocarbons Now Owns 100% of Orogrande Project
Market News Daily – 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

Market News Daily - Next Bridge Hydrocarbons Now Owns 100% of Orogrande Project
Market News Daily – Next Bridge Hydrocarbons Now Owns 100% of Orogrande Project

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

MMAT stock news and updates.
MMAT stock 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.”

Market News Published Daily

Market News Today - Next Bridge Hydrocarbons Now Owns 100% of Orogrande Project
Market News Today – Next Bridge Hydrocarbons Now Owns 100% of Orogrande Project

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What Happened to Shares of Next Bridge Hydrocarbons?

Market News Daily: What Happened to Shares of Next Bridge Hydrocarbons?
Market News Daily: What Happened to Shares of Next Bridge Hydrocarbons?

It’s been more than two months since investors have not received their shares of Next Bridge Hydrocarbons.

The last day to purchase MMTLP shares (and be eligible for the dividend) was Dec. 8, 2022.

MMTLP’s final trading day was Dec. 12, 2022.

The distribution date of the private Next Bridge Hydrocarbon shares was Dec. 14, 2022.

More than two months later and shareholders have not received the proposed preferred shares.

The company’s preferred shares that traded under MMTLP have been deleted as part of the highly anticipated Next Bridge Hydrocarbons spinoff.

Before that, on Dec. 9, the Financial Industry Regulatory Authority (FINRA) halted trading ahead of the final day on the market for MMTLP stock.

Next Bridge Hydrocarbons is not a publicly traded company, despite being spun off from one.

Investors who held MMTLP stock on Dec. 13 were expecting to receive shares of the private company.

Next Bridge Hydrocarbons on MMTLP Halt

Market News: Next Bridge Hydrocarbons stock news and updates.

Next Bridge Hydrocarbons released the following statement regarding the MMTLP halt.

“We recognize that some of our shareholders who owned Meta’s Series A Non-Voting Preferred Stock prior to the Spin-Off might have been affected by FINRA’s halting of the trading in that stock while the Company was still wholly owned and controlled by Meta.

The current board and officers of the Company have no information from FINRA regarding the Trading Halt other than the information in the public notice published by FINRA announcing the Trading Halt.

Further, FINRA did not provide any advance notice to the Company or Meta prior to its initiating the Trading Halt.

While we were not involved in the Trading Halt, we certainly empathize with anyone adversely affected by the Trading Halt and are assessing the matter.

The Company believes that our primary means of delivering shareholder value is to develop our interests in the Orogrande Basin, and we remain focused on this objective.”

In regard to what happened to shares of Next Bridge, the company said the following:

“AST has distributed all shares of our common stock related to the Spin-Off –either directly to any stockholders that held their shares directly registered with AST or to our shareholders’ bank, broker or nominee representatives.”

About Next Bridge Hydrocarbons

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.

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Market News Today - Next Bridge Hydrocarbons stock update
Market News Today – Next Bridge Hydrocarbons stock update.

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