Next Bridge Hydrocarbons, Inc. ("Next Bridge" ), an oil and natural gas exploration and production company with interests in Texas, Louisiana, and Oklahoma announced the following:
Next Bridge Hydrocarbons has entered into an agreement with McCabe Petroleum Corporation ("MPC"), a company owned by Next Bridge Chairman and CEO Greg McCabe, to participate in the Imperial Gas Project ("IGP"), a hydrocarbon exploration, production, and expansion project located within a renowned producing field of the western U.S. Rocky Mountain range. The IGP includes existing gas production, significant re-completion potentials, multiple PUD locations and numerous soon-to-be tested sites with promising horizontal drilling opportunities.
MPC has also agreed to include Next Bridge in an Area of Mutual Interest ("AMI") agreement which includes other possible acquisitions in the same geologic province, all with similar added upside potential. This has led the Next Bridge team to engage in advanced discussions with the operator of the IGP to incorporate our expertise in both power generation and geothermal drilling, which we believe have the potential to work exceptionally well on both the IGP acreage and the AMI.
Anticipating these activities, Next Bridge has engaged our geothermal partner and expanded the geographic boundaries of our contract with them to include both the IGP and the AMI. Topics undergoing consideration include AI data centers powered by the reliable underpinnings of natural gas-based energy, as well as the coupling of a green-energy component through geothermal power.
The area encompassing both the IGP and the AMI is a premier hydrocarbon-producing region that has witnessed substantial development over the last two decades, owing to the application of advanced recovery techniques perfected in the Permian, Williston, and Appalachian Basins, among others. This growth has fed sizable infrastructure buildouts by both major producers and the many independents working the area including robust pipeline and distribution networks and ever-growing inventories of seismic, 3-D and drilling core data.
Next Bridge Chairman and CEO Greg McCabe stated, "This agreement represents a truly dynamic and aggressive addition to our portfolio, and one which brings further diversification and significant potential long-term value for Next Bridge shareholders. Building off our strategic pivot into Louisiana, this agreement grants access to the Rocky Mountain region and is just the latest of multiple, vigorous steps we are taking to move our company forward and continue our journey of growth, reinvention, and expansion."