Next Bridge Hydrocarbons Provides an Update on SEC Filings

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Jul 17, 2024, 17:10 ET

MIDLAND, Texas, July 17, 2024 /PRNewswire/ -- Next Bridge Hydrocarbons, Inc. ("Next Bridge," "our," "we," or the "Company"), an oil and natural gas exploration and production company with interests in Texas, Louisiana, and Oklahoma announced today the following:

The Company wishes to inform shareholders it has filed its Form 10-K for the fiscal year ended December 31, 2023, which is available on the EDGAR website: http://www.sec.gov. The 2023 Form 10-K includes a restatement of the 2022 financial statements, which period was reaudited.

Next Bridge wishes to acknowledge the decision to reaudit the 2022 financial statements was in connection with a change in independent accounting firms which occurred in the first quarter of this year and the subsequent SEC actions against our former independent accountant. As a result of this audit, the Company determined to restate its financial statements for the year ended December 31, 2022.

The restatement includes an increased impairment of our Orogrande property, which our new independent auditor believes to be more in line with current accounting standards within the hydrocarbon exploration industry during periods in which leases are subject to renewal and renegotiation.

Chairman and CEO Greg McCabe stated, "In light of events surrounding our former accounting firm, it was determined to reaudit the 2022 financial statements. While this has regrettably delayed our other filings, I believe it's in the best interest of shareholders to ensure that as we move forward and grow, we stand on solid ground. We are diligently at work completing the remaining filings which will be forthcoming shortly. This process is part of our ongoing efforts to re-envision and expand the Company."

About Next Bridge Hydrocarbons, Inc.

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, two minor well interests in Oklahoma and exploration prospects leasehold in south Louisiana. Please visit www.nextbridgehydrocarbons.com for more information.

Next Bridge is a private company insofar as its shares of common stock are not traded on a public stock exchange of any kind. The Company is expected to update its shareholders about certain operational and financial updates related to the Company's business. To receive timely emails with respect to these corporate developments, please visit https://www.nextbridgehydrocarbons.com/investors and complete the Email Alert/Investor Form. You may also choose to follow our social media channels at @nbhydrocarbons on X (formerly known as Twitter) and "Next Bridge Hydrocarbons" on LinkedIn.

This statement may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at www.sec.gov.

Contact:
Dennard Lascar Investor Relations
[email protected]

SOURCE Next Bridge Hydrocarbons, Inc.