Next Bridge Hydrocarbons, Inc. has announced several updates regarding its operations as the 2024 fiscal year approaches its conclusion.
According to a news release, the energy company holds well interests in the eastern edge of the Midland Basin, Louisiana, and Oklahoma. Previously based in Fort Worth, Next Bridge Hydrocarbons has relocated its corporate offices to Midland. The company said that it had reached a mutual agreement with another firm to operate office space in the Dallas-Fort Worth (DFW) Metroplex rent-free. A similar arrangement has been made within the offices of McCabe Petroleum Corporation (MPC) for "purposes of corporate efficiency and streamlined workflow," leading to their relocation to Midland.
Earlier this year, Next Bridge Hydrocarbons hired a new public accounting firm and resaid financial statements for fiscal year 2022. This move followed inquiries from the Securities Exchange Commission’s (SEC) Division of Corporation Finance regarding certain information in their Form 10-K for the year ending December 31, 2023. The company is collaborating with the SEC to clarify its 2023 Form 10-K and update the registration statement on Form S-1 filed in January 2023.
Chairman and CEO Greg McCabe commented on these developments: "2024 has seen many operational challenges, and a few setbacks, but we have met them all and will continue to do so unwaveringly." McCabe added that it is "an exciting and rewarding time," expressing his anticipation for updating shareholders on ongoing accomplishments as the year concludes.