Fort Worth-based Next Bridge Hydrocarbons said last week is now owns 100 percent of working interest in the Orogrande project in Hudspeth County in west Texas on about 134,000 contiguous acres. Next Bridge closed a previously announced merger agreement with two companies (22.62 percent working interest), Wolfbone Investments and McCabe Petroleum, owned by its largest shareholder, Gregory McCabe, and also closed agreements with six other Orogrande working interest owners (10.87 percent working interest) to boost its stake in the project to 100 percent.
“The completion of all these separate transactions to acquire the remaining working interest in the Orogrande project marks a significant milestone for Next Bridge as we now own 100 percent of our most valuable asset,” Clifton DuBose, Jr., chairman and CEO, said May 16. “Next Bridge will now fully control our development.”