Next Bridge Hydrocarbons (Next Bridge) has increased its working interest in the Orogrande oil and natural gas project in Hudspeth County, Texas, US, to 100%.
The company acquired the remaining stake in the project following the completion of the merger transaction among subsidiaries of Next Bridge, McCabe Petroleum Corporation (MPC), Wolfbone Investments (Wolfbone), and Gregory McCabe, the owner of MPC and Wolfbone.
The merger deal was announced in December last year.
Next Bridge acquired Wolfbone’s remaining 22.62% working interest in the Orogrande project. Under the terms of the deal, McCabe acquired 56,297,638 shares of Next Bridge common stock.
In addition, the company completed the transactions under six separate contribution and exchange agreements to acquire the remaining 10.87% working interest in the Orogrande project.
Under the terms of the contribution agreements, Next Bridge issued an aggregate of 27,060,637 common stock shares to each of the six working interest owners of the project to acquire the remaining stake.
Next Bridge now operates the entire land position in the project, comprising around 134,000 contiguous block acres.
Next Bridge chairman and CEO Clifton DuBose said: “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.
“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.”
The company is engaged in the acquisition, exploration and development of oil and natural gas assets in the US.
It also holds two minor well interests in Oklahoma and minor interests in the eastern edge of the Midland Basin in Texas.