Next Bridge Hydrocarbons, Inc., an energy company based in Fort Worth, Texas, has announced its acquisition of oil prospects in southern Louisiana for $600,000. The company holds interests in the eastern edge of the Midland Basin and Oklahoma.
According to a news release, Next Bridge will purchase a 40% stake from McCabe Petroleum Corporation (MPC) in the Louisiana Heritage Play (LHP) by year-end. The LHP covers several parishes but is primarily located in Tuscaloosa and Wilcox Sands. MPC has secured acreage for the first prospect and has begun title review on the second, with three and four still pending. The company's main focus remains on developing interests in an oil and natural gas project in the Orogrande Basin in West Texas.
Next Bridge CEO and Chairman Greg McCabe, who owns MPC, said that it will deliver its 75% net revenue interest, proportionately reduced, to Next Bridge while retaining a prevailing royalty interest. Utilizing 3-D technology, a leading oil exploration team has identified LHP prospects with access to available pipelines in southern Louisiana.
"With the addition of the LHP to our list of assets in the Next Bridge portfolio, we are expanding our goal to be a leading independent oil and gas company delivering high tech, high impact exploration opportunities," said McCabe. "As we continue our journey of growth in this exciting direction, I view us as following in the footsteps of earlier legendary explorers searching for world-class reserves in the onshore Gulf Coast area."