Poof! The Orogrande is gone, and now they are replacing it with the Louisiana Heritage play.
Surprising everyone last week, Next Bridge Hydrocarbons announced in a press release that they were losing their lease to the Orogrande from University of Texas at the end of the year.
Just days later, they’re showing us they’re still in the game by issuing a new press release that states they signed a letter of Intent to acquire the Louisiana Heritage play.
The Company is pleased to announce the signing of a Letter of Intent between Next Bridge and McCabe Petroleum Corporation (“MPC”) to transfer and assign MPC’s 40% ownership in the Louisiana Heritage Play (“LHP”) to Next Bridge. Closing is anticipated to occur on or before December 31, 2024.
NEXT BRIDGE PRESS RELEASE
This, of course, is good news, but probably doesn’t replace the value of the suspected oil-rich Orogrande in Western Texas.
Time will tell how this will play out.