U.S.-based Next Bridge Hydrocarbons, a company specialized in oil and natural gas exploration and production, announced it has secured $6 million in funding through a private debt placement. This funding aims to support its operations across Texas, Louisiana, and Oklahoma, with a particular focus on its participation in the Panther project, located in an onshore coastal area of Louisiana.
The capital will be primarily allocated to Next Bridge’s contribution to the drilling and completion of the Panther Prospect, an exploration project expected to begin shortly and continue into the fourth quarter. This initiative enables the company to strengthen its strategic position in this new geographic area, diversifying its operational assets beyond Texas, the company’s historical market.
Part of the funds allocated to debt reduction
Of the $6 million raised, $2 million will be used to repay a third-party debt previously disclosed in the company’s financial filings. The remaining funds will cover general corporate expenses, including costs related to restating regulatory filings with the U.S. Securities and Exchange Commission (SEC), the federal financial markets authority.
Next Bridge emphasized that none of these funds will be used to repay any personal debts linked to its Chairman and CEO, Greg McCabe. This clarification aims to eliminate any perception of conflict of interest in the allocation of the raised capital.
Strategic shift toward Louisiana and East Texas
The company’s involvement in the Panther Prospect marks a strategic shift in its geographic focus. Until now, Next Bridge has primarily operated in Texas. This new resource allocation in Louisiana and East Texas signals a clear intent to diversify its operational footprint.
This financing comes at a time of broader reorganization for Next Bridge, which is facing regulatory and legal challenges. The support of private investors through this targeted financing could provide the company with increased flexibility in pursuing its mid-term production objectives.
