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
NextBridge@dennardlascar.com
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SOURCE Next Bridge Hydrocarbons, Inc.