Next Bridge Hydrocarbons Shares Significant Operational Update Ahead of 2024 Year-End

Next Bridge Hydrocarbons Operational Overview for 2024 Year-End

Next Bridge Hydrocarbons, Inc., a prominent player in the oil and natural gas sector, has released some vital updates as it approaches the end of the fiscal year 2024. This independent company has interests spanning Texas, Louisiana, and Oklahoma, and its recent announcements reflect its commitment to transparency and investor relations.

Earlier this year, Next Bridge made strategic changes by switching independent public accounting firms and revising its financial statements for fiscal year 2022. This decision was crucial for maintaining accurate records and ensuring compliance with regulatory standards. Following the submission of its Form 10-K for the year that ended on December 31, 2023, the company has engaged in ongoing dialogue with the SEC's Division of Corporation Finance. A comment letter from the SEC requested clarifications on specific aspects of the Form 10-K, and Next Bridge is diligently working to address these inquiries. The objective is to ensure that all necessary updates are made to their registration statement, which was initially filed in January 2023.

In another significant achievement, Next Bridge successfully filed its Form 10-Q for the third quarter of 2024 ahead of schedule. This proactive approach not only showcases the effectiveness of their new auditing partners but also reinforces the company’s dedication to good governance and accountability. Stakeholders can easily access these filings on the SEC’s website (www.sec.gov), further promoting transparency.

Furthermore, a noteworthy relocation has taken place within the company. Next Bridge has moved its corporate offices from Fort Worth to Midland, Texas. Previously, the Fort Worth office was provided rent-free by a non-affiliated company, which represented a beneficial arrangement. However, for enhanced operational efficiency, it was decided that a move to Midland would be more advantageous. The move places the company's offices within McCabe Petroleum Corporation (MPC), where a similar rent-free arrangement will continue, thus supporting ongoing business operations.

Chairman and CEO Greg McCabe expressed optimism about the company's trajectory during a challenging year. He stated, "2024 has seen many operational challenges, and a few setbacks, but we have met them all and will continue to do so unwaveringly. This is an exciting time, and I look forward to updating our loyal shareholders on what the team here at Next Bridge continues to accomplish on multiple fronts as we bring the year to a close."

Next Bridge Hydrocarbons prides itself on being an independent public reporting entity engaged in various aspects of energy production. The company is focused on the acquisition, exploration, and development of oil and natural gas properties throughout the United States. Its operations include minor well interests located on the eastern edge of the Midland Basin in Texas, along with prospects in Louisiana’s Gulf Coast region and Oklahoma, indicating a diverse portfolio designed for future growth.

For additional information about the company’s activities, interested parties are encouraged to visit their official website at www.nextbridgehydrocarbons.com. As Next Bridge continues to navigate the complexities of the oil and natural gas landscape, it is essential for shareholders to stay informed about developments and future opportunities. The company has also made provisions for investors to receive timely updates via email by signing up through their investment relations portal, reaffirming their commitment to effective communication.

In summary, Next Bridge Hydrocarbons is diligently enhancing its operational frameworks as it approaches the end of fiscal year 2024. By addressing necessary revisions with the SEC and optimizing office locations, the company is positioning itself strategically for future endeavors. Stakeholders can take comfort in the company’s active engagement in governance and transparency, which bodes well for its standing in the competitive energy market.