Private company

Next Bridge Hydrocarbons, Inc.

Next Bridge Hydrocarbons, Inc. is an American crude petroleum and natural gas company, incorporated in Nevada.1 It is headquartered in Midland, Texas.1

Last updated Oct 20, 2026.

Overview

  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersMidland, Texas1
  • Incorporated inNV2
  • Business address500 W. Texas Ave., Suite 890, Midland, Tx 797012
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-102109.1%Net margin4
-17.8%Revenue growth, 20254

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$10.3K

Out of $10.3K in revenue.4 The company lost money this year.

Financial statements

Revenue564$10.3K in 2025−75% since 2022
0$20.0K$40.0K$60.0K2022: $40.8K$40.8K20222023: $26.0K$26.0K2023−36%2024: $12.6K$12.6K2024−52%2025: $10.3K$10.3K2025−18%
Net income564-$10.6M in 2025+18% since 2022
-$60.0M-$40.0M-$20.0M02022: -$9.0M-$9.0M20222023: -$10.4M-$10.4M2023+16%2024: -$59.6M-$59.6M2024+474%2025: -$10.6M-$10.6M2025−82%
Fiscal year20212022202320242025
Revenue$40.8K5$26.0K6$12.6K4$10.3K4
Operating expenses$9.0M5$12.2M6$60.5M4$10.9M4
Income before tax-$9.0M5-$10.4M6-$59.6M4-$10.6M4
Net income-$9.0M5-$10.4M6-$59.6M4-$10.6M4

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Corporate structure

Next Bridge Hydrocarbons, Inc. sits at the top of its group. 10 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Next Bridge Hydrocarbons, Inc. Midland, Texas
    • Hudspeth Oil Corporation Subsidiary · Texas, United States
    • Hudspeth Operating, LLC Subsidiary · Texas, United States
    • Torchlight Energy, Inc. Subsidiary · Nevada, United States
    • Torchlight Hazel, LLC Subsidiary · Texas, United States
    • Wildcat Cowboy, LLC Subsidiary · Texas, United States
    • Wildcat Packer, LLC Subsidiary · Texas, United States
    • Wildcat Panther, LLC Subsidiary · Texas, United States
    • Wildcat Valentine, LLC Subsidiary · Texas, United States
    • Wolfbone Investments, LLC Subsidiary · Texas, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Next Bridge Hydrocarbons, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Oil and gas properties$569.6K4 Dec 31, 2024$53.7M6 Dec 31, 2023−98.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$164.0K4 Dec 31, 2025$191.1K4 Dec 31, 2024−14.2%

Properties, in its own words

The information under Item 1, “Business” is incorporated by reference herein.

Item 2 of the 10-K filed Apr 9, 2026.9

Leadership

Who has led Next Bridge Hydrocarbons, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Clifton Edwin Dubose Jr.2022–2023
  2. Greg McCabe2025–now

President

  1. Clifton Edwin Dubose Jr.2023

Chief financial officer

  1. Lucas Hawkins2022–2023
  2. Roger N. Wurtele2025–now

Chief operating officer

  1. Delvina Oelkers2022–2023
2025
Board members and other officers (6)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Hudspeth Oil Corporation Texas3
  • Hudspeth Operating, LLC Texas3
  • Torchlight Energy, Inc. Nevada3
  • Torchlight Hazel, LLC Texas3
  • Wildcat Cowboy, LLC Texas3
  • Wildcat Packer, LLC Texas3
  • Wildcat Panther, LLC Texas3
  • Wildcat Valentine, LLC Texas3
  • Wolfbone Investments, LLC Texas3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Jan 26, 20268-K Bylaws or fiscal year changed21
  2. Jan 16, 20268-K Entered a material agreement; New debt or obligation22
  3. Aug 26, 20258-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation23
  4. Jun 24, 20258-K Earlier financial statements no longer reliable24
  5. Jun 4, 2025New chief executive Greg McCabe becomes CEO10
  6. Oct 8, 20248-K Other events25
  7. Mar 27, 20248-K Executive or director change26
  8. Mar 14, 20248-K Executive or director change27
  9. Feb 15, 20248-K Change of auditor28
  10. Feb 8, 20248-K Regulation FD disclosure; Other events29
  11. Jan 19, 20248-K Executive or director change; Regulation FD disclosure30
  12. Oct 13, 20238-K Entered a material agreement; Other events31
  13. Oct 4, 20238-K Entered a material agreement32
  14. Dec 30, 2022New chief executive Clifton Edwin Dubose Jr. becomes CEO11

Filings

132 filings to the SEC since October 2021: 6 annual reports, 14 quarterly reports, 24 major events, 28 insider forms, 60 other. The latest 20:

  1. Aug 11, 202610-Q NEXT BRIDGE HYDROCARBONS, INC. FORM 10-Q/A EDGAR
  2. Jun 24, 2026424B3 NEXT BRIDGE HYDROCARBONS, INC. PROSPECTUS SUPPLEMENT NO. 1 EDGAR
  3. Jun 1, 2026424B3 NEXT BRIDGE HYDROCARBONS, INC. FORM 424B3 EDGAR
  4. May 28, 2026EFFECT EDGAR
  5. May 19, 2026S-1/A NEXT BRIDGE HYDROCARBONS, INC. FORM S-1/A, AMENDMENT NO. 11 EDGAR
  6. May 12, 2026S-1/A NEXT BRIDGE HYDROCARBONS, INC. FORM S-1/A, AMENDMENT NO. 10 EDGAR
  7. May 7, 2026S-1/A NEXT BRIDGE HYDROCARBONS, INC. FORM S-1/A, AMENDMENT NO. 8 EDGAR
  8. May 7, 202610-Q NEXT BRIDGE HYDROCARBONS, INC. FORM 10-Q/A EDGAR
  9. May 6, 2026S-1/A NEXT BRIDGE HYDROCARBONS, INC. FORM S-1/A, AMENDMENT NO. 8 EDGAR
  10. May 1, 2026S-1/A NEXT BRIDGE HYDROCARBONS, INC. FORM S-1/A, AMENDMENT NO. 7 EDGAR
  11. Apr 13, 2026S-1/A NEXT BRIDGE HYDROCARBONS, INC. FORM S-1/A, AMENDMENT NO. 6 EDGAR
  12. Apr 9, 202610-K NEXT BRIDGE HYDROCARBONS, INC. FORM 10-K EDGAR
  13. Mar 31, 2026NT 10-K NEXT BRIDGE HYDROCARBONS, INC. FORM NT 10-K EDGAR
  14. Jan 29, 2026DEL AM NEXT BRIDGE HYDROCARBONS, INC. FORM DEL AM EDGAR
  15. Jan 26, 2026S-1/A NEXT BRIDGE HYDROCARBONS, INC. FORM S-1/A, AMENDMENT NO. 5 EDGAR
  16. Jan 26, 20268-K NEXT BRIDGE HYDROCARBONS, INC. FORM 8-K EDGAR
  17. Jan 16, 20268-K NEXT BRIDGE HYDROCARBONS, INC. FORM 8-K EDGAR
  18. Jan 12, 202610-Q NEXT BRIDGE HYDROCARBONS, INC. FORM 10-Q/A EDGAR
  19. Dec 23, 202510-Q NEXT BRIDGE HYDROCARBONS, INC. FORM 10-Q/A EDGAR
  20. Dec 18, 202510-Q NEXT BRIDGE HYDROCARBONS, INC. FORM 10-Q/A EDGAR

The 132 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Next Bridge Hydrocarbons, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNext Bridge Hydrocarbons, Inc.1
  • CIK0001936756
  • Employer ID (EIN)87-25387319
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company9
  • Incorporated inNevada9
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address500 W. Texas Ave., Suite 890, Midland, TX 797011
  • Phone817-438-19371
  • Shares outstanding264,637,564 as of Aug 11, 20268
  • AuditorM&K CPAS, PLLC, The Woodlands, TX PCAOB ID 27389
  • On EDGAR sinceJul 15, 20221
  • Filings132 in all: 8-K (24), 4 (18), S-1/A (18), 10-Q (11), CORRESP (11), 3 (10), UPLOAD (10), 10-K (4)1
    All 20 form types

    NT 10-Q (4), 10-Q/A (3), DEL AM (3), NT 10-K (3), S-1 (3), 10-K/A (2), 424B3 (2), EFFECT (2), 424B4 (1), 8-A12G (1), RW (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Apr 9, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Latest 8-K (8-K) Jan 26, 2026

Risk factors and legal proceedings

The risks Next Bridge Hydrocarbons, Inc. names in Item 1A of its 10-K filed Apr 9, 2026: 40 risks under these headings, as written.9

  • Risks Related to Our Business and Growth Strategy
  • We have a limited operating history relative to larger companies in our industry and may not be successful in developing profitable business operations.
  • We have limited capital and will need to raise additional capital in the immediate future.
  • We may not achieve or maintain profitable operations, and therefore, may not be able to continue as a going concern.
  • There can be no assurance that our financing strategy or strategic alternatives will result in a transaction satisfactory to holders of our common stock.
  • Because of the speculative nature of oil and natural gas exploration, there is risk that we will not find commercially exploitable oil and natural gas and that our business will fail.
  • Litigation may adversely affect our business, financial condition, and results of operations.
  • Strategic relationships upon which we may rely are subject to change, which may diminish our ability to conduct our operations.
  • In the highly competitive market for acreage, failure to drill sufficient wells in order to hold acreage will result in a substantial lease renewal cost, or if renewal is not feasible, loss of our lease and prospective drilling opportunities.
  • The price of oil and natural gas has historically been volatile. If it were to decrease substantially, our projections, budgets, and revenues would be adversely affected, potentially forcing us to make changes in our operations.
  • Because of the inherent dangers involved in oil and natural gas operations, there is a risk that we may incur liability or damages as we conduct our business operations, which could force us to expend a substantial amount of money in connection with litigation and/or a settlement.
  • The market for oil and natural gas is intensely competitive, and competition pressures could force us to abandon or curtail our business plan.
The other 29 risks
  • Inflation may adversely affect us by increasing costs beyond what we can recover through price increases and limit our ability to enter into future traditional debt financing.
  • We may not be able to successfully manage growth, which could lead to our inability to implement our business plan.
  • Developing oil and natural gas wells and producing oil and natural gas are costly and high-risk activities with many uncertainties that could adversely affect future production from our oil and natural gas properties. Any delays, reductions or cancellations in development and producing activities could materially, adversely impact the value of your shares of common stock.
  • Our operations are heavily dependent on current environmental regulation, changes in which we cannot predict.
  • Government regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.
  • Regulations restricting emissions of GHGs could result in increased operating costs and reduced demand for the oil and natural gas that we produce.
  • Our estimates of the volume of reserves could have flaws, or such reserves could turn out not to be commercially extractable. As a result, our future revenues and projections could be incorrect.
  • Decommissioning costs are unknown and may be substantial. Unplanned costs could divert resources from other projects.
  • We may have difficulty distributing production, which could harm our financial condition.
  • The marketability of any future production will be dependent upon transportation and other facilities, certain of which we do not control. When these facilities are unavailable, our operations can be interrupted and any revenues reduced.
  • Our business will suffer if we cannot obtain or maintain necessary licenses.
  • Challenges to our properties may impact our financial condition.
  • We rely on technology to conduct our business, and our technology could become ineffective or obsolete.
  • The loss of key personnel would directly affect our efficiency and profitability.
  • We have limited management and staff and are dependent upon partnering arrangements and third-party service providers.
  • Certain of our directors and officers have significant duties with, and spend significant time serving, entities that may compete with us in seeking acquisitions and business opportunities and, accordingly, may have conflicts of interest in allocating time or pursuing business opportunities.
  • Our business and operations may be adversely affected by disease outbreaks such as the COVID-19 pandemic.
  • Terrorist attacks or cyber-incidents could result in information theft, data corruption, operational disruption and/or financial loss.
  • The 2021 Note with Mr. McCabe contains restrictive covenants that limit our operations.
  • The 2022 Note with Mr. McCabe contains restrictive covenants that limit our operations.
  • Our Loan Agreement with Mr. McCabe contains restrictive covenants that limit our operations.
  • Risks Relating to Our Status as a Public Reporting Company
  • We are an emerging growth company and a smaller reporting company, subject to less stringent reporting and regulatory requirements of other publicly reporting companies and this status may have an adverse effect on our ability to attract interest in our common stock.
  • Risk Related to Ownership of Our Common Stock
  • Our common stock is not eligible with the Depository Trust Company (“DTC”), which may result in brokerage firms being unwilling to hold or trade the stock.
  • No trading market for our common stock is expected to develop.
  • We do not intend to pay any cash dividends in the foreseeable future and, therefore, any return on an investment in our common stock must come from increases in the fair market value of the common stock.
  • Our outstanding Series A Redeemable Preferred Stock begins accruing dividends on August 20, 2026 and has liquidation preference over our common stock.
  • We may issue preferred stock with terms that could adversely affect the voting power or value of our common stock.
  • General Risk Factors
  • Ineffective internal controls could impact our business and operating results.
  • We rely on information technology in our operations, and security breaches and other disruptions in our systems could compromise our information and expose us to liability, which would cause our business and reputation to suffer.

Legal proceedings

On March 15, 2024, a securities class action captioned Targgart v. Next Bridge Hydrocarbons, Inc., et al., No. 24-cv-1927, was filed in the U.S. District Court for the Eastern District of New York. The action is brought on behalf of a putative class of persons or entities that acquired the Company’s shares in connection with the Company’s spin-off from Meta Materials, Inc., in December 2022. The complaint names as defendants the Company and certain of its current and former officers and directors. The complaint asserts claims under Sections 11 and 15 of the Securities Act, alleging that the Form S-1 that the Company filed with the SEC on July 14, 2022, which became effective on November 18, 2022, contained untrue statements or omissions. The complaint seeks, among other things, unspecified statutory and compensatory damages. On August 12, 2024, the case was transferred to the Northern District of Texas. On September 9, 2024, plaintiffs filed an amended complaint that added a Section 12(a)(2) claim against the Company. On July 3, 2025, the District Court granted Defendants’ Motion to Dismiss and dismissed the case with prejudice. Final Judgment was entered that same day. On July 29, 2025, the plaintiffs filed a Notice of Appeal to appeal the case to the U.S. Court of Appeals for the Fifth Circuit. This appeal is still pending.

The opening of Item 3, Legal Proceedings.9

Sources

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    SEC EDGAROther events
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