Any further news above this merging developments with hudspeth operating llc to update the public???

NEXT BRIDGE HYDROCARBONS, INC. ANNOUNCES MERGER AGREEMENT
AND 5% UNSECURED PROMISSORY NOTE
FT. WORTH – December 27, 2022 – Next Bridge Hydrocarbons, Inc. (“Next Bridge”, “our”, or the
“Company”) announced today that effective December 21, 2022, the Company entered into an
Agreement and Plan of Merger (the “Merger Agreement”) with Hudspeth Operating, LLC, a Texas limited
liability company and wholly owned subsidiary of a wholly owned subsidiary of the Company
(“Hudspeth”), Wolfbone Investments, LLC, a Texas limited liability company (“Wolfbone”), McCabe
Petroleum Corporation, a Texas corporation (“MPC”) and Gregory McCabe, the sole owner of Wolfbone
and MPC (“McCabe”).
Under the terms of the Merger Agreement, certain properties owned by Wolfbone in the Orogrande Basin
in West Texas (the “Orogrande Properties”) will be assigned to Hudspeth in consideration of an issuance
of 56,297,638 shares of the Company’s common stock to McCabe. Pro forma this transaction, Next Bridge
will increase its working interest and net revenue interest in the Orogrande Properties by 22.6% and
17.0%, respectively. Closing of the transactions under the Merger Agreement is subject to certain
conditions set forth in the Merger Agreement.
The Merger Agreement is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K. This summary
description of the terms of the Merger Agreement is qualified in its entirety by reference to the full text
of such exhibit.
In connection with the execution of the Merger Agreement, on December 21, 2022, the Company also
entered into a 5% Unsecured Promissory Note in favor of McCabe evidencing a loan commitment to the
Company for a principal amount of up to $20,000,000. The Company intends to use the proceeds of this
financing for ongoing development and general corporate purposes.
The Note is filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K. This summary description
of the terms of the Note is qualified in its entirety by reference to the full text of each exhibit.
Clifton Dubose, Chief Executive Officer, stated about the transactions, “We are very excited to increase
our leasehold position in our Orogrande Prospect and also secure additional capital for the development
of our assets.”
About Next Bridge Hydrocarbons, Inc.
The Company is an independent public reporting energy company eng