Next Bridge Hydrocarbons, Inc. a privately held oil and natural gas exploration and production company with interests in Texas and Oklahoma, today announced the closing of the transaction contemplated by the Merger and Plan Agreement (the “Merger Agreement”) dated December 21, 2022 among certain subsidiaries of Next Bridge, Wolfbone Investments, LLC, McCabe Petroleum Corporation and Gregory McCabe, the sole owner of Wolfbone and MPC.
The merger closes on May 11, 2023
The transactions contemplated by the Merger Agreement became effective on April 25, 2023 and the closing of the Merger took place on May 11, 2023. As a result of the Merger, Next Bridge now controls Wolfbone’s remaining 22.6249% working interest in the oil and natural gas project that the Company owns in the Orogrande Basin in West Texas, Hudspeth County.
In 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 finalized the transactions described in six separate contribution and exchange agreements (the “Contribution Agreements”) to acquire the remaining 10.8751% working interest in the Orogrande Project.
Next Bridge is now operating its entire land position in the Orogrande project with a 100% working interest on approximately 134,000 continuous acres. Pursuant to the various Contribution Agreements, the Company issued a total of 27,060,637 shares of its common stock to each of the six separate owners of the working interest to acquire the remaining working interest in the Orogrande project. Pursuant to the terms of the Merger Agreement, each of the former owners of the working interest received Next Bridge shares in proportion to the amount of working interest they held in the Orogrande Project.