Exhibit 99.1



(PIE LOGO)





March 30, 2023

Mr. Roger Wurtele



Next Bridge Hydrocarbons Inc.



6300 Ridglea Place,
Suite 950



Fort Worth, Texas 76116





Dear Mr. Wurtele,







At your request PeTech Enterprises,
Inc. (“PEI”) has prepared an estimate of certain hydrocarbon reserves owned by Next Bridge Hydrocarbons, Inc. (“NBH”)
in the Hazel Project in the State of Texas as of December 31, 2022. This evaluation was completed by March 29, 2023. It is our understanding
that the proved reserves estimates shown herein constitute all of the proved reserves owned by NBH.



These estimates include only Proved
and Producing reserves and were prepared following the United States Securities and Exchange Commission (“SEC”) guidelines
rule 4-10 Regulation S-X for evaluating and reporting oil and gas reserves. This report has been prepared for NBH’s use in connection
with public disclosures in its filings with the SEC. Rule 4-10 defines reserves as “...those quantities of oil and gas,
which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a
given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations before
the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless
of whether deterministic or probabilistic methods are used for estimation. Reserves which can be produced through the application of
improved recovery techniques.....Existing economic conditions include prices and costs at which
economic producibility from a reservoir is to be determined. The price shall be the average price during the 12 months before the ending
date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each
month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.
Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage,
or from existing wells where a relatively major expenditure is required for completion. A complete ruling is available on the SEC website
and is attached.









Acceptable evaluation geological,
engineering, and accounting (cost, taxes, etc.) practice principles were utilized to reach the results of this evaluation. Results were
based on historical oil production information, geological maps, logs, and offsetting lease analogs. The evaluation is based on information
provided by or through NBH for the year ending December 31, 2022. Data such as production rates, lease operating costs, ownership interests,
and projections for future activities were relied on to be true. In all cases, PEI has reviewed the data to ensure reasonable values,
consistency, and dependability, and in PEI’s opinion the assumptions, data methods, and procedures used in the preparation of this
report are appropriate for NBH’s proposes of filing this report with the SEC.





OPERATIONS



TEXAS



The Hazel project is located in Sterling
and Tom Green counties, TX. NBH operates five wells in the Hazel project in which the Flying “B” Ranch #3H is reporting as
producing. Flying “B” Ranch #4H was drilled but is shut in. Production is from the Wolfcamp formation. The properties are
operated by Hudspeth Operating, LLC. NBH converted the #7 well to be used for saltwater disposal. Other wells are idle. The current operating
expenses reflect the reported expenses for #3H and #7 wells. Initial gross oil production reached 8,319 bbl per month and 31,613 bbl per
month of water. It is anticipated that the producing #3H well will have an ultimate gross oil recovery of 159 Mbbl. No reserves were allocated
to the Flying B well #4H. The amount of ultimate oil recovery to NBH during the year ended December 31, 2022, is fully offset as a result
of the existence of a remaining outstanding cost reimbursement balance owed to Masterson Hazel Partners, (“MHP”) in the amount
of $3,779,826.76. The pro forma table at the end of the report shows the cash flow post-payment obligations. The Table projects that this
obligation will not be paid within the projected life of the project.



PRODUCTS PRICE



PRODUCTS PRICE



The twelve
months' unweighted average of the first day of the month prices for oil (WTI) was used in calculating the 2022 average price resulting
in $93.67 per barrel.



Oil price differential of a negative
$3.26 per barrel was calculated from the actual prices realized and was utilized in this evaluation. The average oil price was held constant
throughout the economic life of the lease.



OPERATING EXPENSES and CAPITAL
COSTS Reoccurring lease operating expenses were provided by the company and accepted when they seemed reasonable for the type of operation
and area. Lease operating expenses were held constant throughout the life of the reserve.



TAXES



Production and advalorem taxes were
based on the Texas regulatory rates.



Hedge values or debt was not considered
in the initial evaluation. Payment consideration was added as shown.



Note that oil and gas reserves,
as well as gross and net revenues, are ESTIMATES that may change as additional production and other technical data become available or
due to prices changes. All estimates are subject to change due to the inherent uncertainty in the application of judgmental factors as
well as the regulatory environment.



PEI did not physically visit
the field, PEI accepted as true all ownership interests. PEI has not evaluated any potential environmental liability. PEI does not
own an economic interest in any of the company’s assets. PEI used standard engineering
and geoscience methods, or a combination of methods, including performance analysis, volumetric analysis, and analogy, that PEI
considered appropriate and necessary to establish the conclusion set forth herein.









Values of the proved reserves in this report are
expressed in terms of ESTIMATED future gross revenue, future net revenue, and present worth using a discount factor of 10%. Future gross
revenue is the revenue that will accrue to the appraised interests from the production and sale of the estimated net reserves. Net revenue
is the gross revenue less production and ad valorem taxes, operating expenses, and capital costs. Operating expenses include direct field
expenses but exclude non-reoccurring costs. Federal income tax was not included in this analysis. After giving effect to the obligations
to pass revenue through to MHP to reimburse drilling costs, as of December 31, 2022, the amount of the net reserves is reduced to zero
and there are no net proved reserves or future net revenue from the Flying “B” Ranch #3H well.



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This report is followed by a detailed cash flow, followed
by a production plot.



Submitted,







Amiel David, Ph.D., P.E. #50970



For PeTech Enterprises, Inc. Registration # F-15360











|Date
    : 03/27/2023 6:59:40PM                  | TORCHLIGHT
    ENERGY, INC          |                     
|------------------------------------------------ | ----------------------------------- | --------------------
|FLYING
    B RANCH 3H - 3H                     | Reserve
    and Economic Projection | Proved
    Producing
|GARDEN
    CITY, S. Field, STERLING (TX) Co., TX | As
    of 12/31/2022                |                     
|Operator
    : HUDSPETH OPERATING, LLC           | FLYING
    B RANCH 3H             |                     
|Reservoir
    : WOLFCAMP                         |                                     |                     
|                                                 |                                     |                     

|       |  |       |  | Estimated
    8/8 Ths Production |  | Net
    Production |  |      |  |         |  |     
|------ |  | ----- |  | -------------------------------- |  | ------------------ |  | ---- |  | ------- |  | ----
|       |  |       |  | Oil                              |  | NGL                |  | Gas  |  | Oil     |  | NGL 
|Year   |  | Wells |  | Mbbl                             |  | Mgal               |  | MMcf |  | Mbbl    |  | Mgal
|2023   |  | 2     |  | 8.11                             |  | 0.00               |  | 0.00 |  | 4.86    |  | 0.00
|2024   |  | 2     |  | 6.25                             |  | 0.00               |  | 0.00 |  | 3.75    |  | 0.00
|2025   |  | 2     |  | 5.22                             |  | 0.00               |  | 0.00 |  | 3.13    |  | 0.00
|2026   |  | 2     |  | 4.57                             |  | 0.00               |  | 0.00 |  | 2.74    |  | 0.00
|2027   |  | 2     |  | 4.11                             |  | 0.00               |  | 0.00 |  | 2.46    |  | 0.00
|2028   |  | 2     |  | 3.76                             |  | 0.00               |  | 0.00 |  | 2.26    |  | 0.00
|2029   |  | 2     |  | 3.47                             |  | 0.00               |  | 0.00 |  | 2.08    |  | 0.00
|2030   |  | 2     |  | 3.25                             |  | 0.00               |  | 0.00 |  | 1.95    |  | 0.00
|2031   |  | 2     |  | 3.06                             |  | 0.00               |  | 0.00 |  | 1.83    |  | 0.00
|2032   |  | 2     |  | 2.90                             |  | 0.00               |  | 0.00 |  | 1.74    |  | 0.00
|2033   |  | 2     |  | 2.75                             |  | 0.00               |  | 0.00 |  | 1.65    |  | 0.00
|2034   |  | 2     |  | 2.63                             |  | 0.00               |  | 0.00 |  | 1.58    |  | 0.00
|2035   |  | 2     |  | 2.52                             |  | 0.00               |  | 0.00 |  | 1.51    |  | 0.00
|2036   |  | 2     |  | 2.43                             |  | 0.00               |  | 0.00 |  | 1.46    |  | 0.00
|2037   |  | 2     |  | 2.34                             |  | 0.00               |  | 0.00 |  | 1.40    |  | 0.00
|Sub-T  |  |       |  | 57.38                            |  | 0.00               |  | 0.00 |  | 34.43   |  | 0.00
|After  |  |       |  | 23.64                            |  | 0.00               |  | 0.00 |  | 14.18   |  | 0.00
|Total  |  |       |  | 81.01                            |  | 0.00               |  | 0.00 |  | 48.61   |  | 0.00
|MPH    |  |       |  |                                  |  |                    |  |      |  |         |  |     
|Reimb. |  |       |  | (81.01)                          |  | 0.00               |  | 0.00 |  | (48.61) |  |     
|Cum.   |  |       |  | 0.00                             |  | 0.00               |  | 0.00 |  |         |  |     
|Ult.   |  |       |  | 0.00                             |  | 0.00               |  | 0.00 |  |         |  |     



|      |  |  |  |                                  |  |                      |  |         |  |       |  |          |  |          |  |         |  |                 |  | 
|----- |  |  |  | -------------------------------- |  | -------------------- |  | ------- |  | ----- |  | -------- |  | -------- |  | ------- |  | --------------- |  | 
|      |  |  |  | Company
    Future Gross Revenue |  | Prod
    & Adv Taxes |  | Revenue
|      |  |  |  | Oil                              |  | NGL                  |  | Gas     |  | Other |  | Total    |  | Prod Tax |  | Adv Tax |  | after Sev & Adv
|Year  |  |  |  | M$                               |  | M$                   |  | M$      |  | M$    |  | M$       |  | M$       |  | M$      |  | M$             
|2023  |  |  |  | 439.74                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 439.74   |  | 20.27    |  | 10.99   |  | 408.48         
|2024  |  |  |  | 338.99                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 338.99   |  | 15.62    |  | 8.47    |  | 314.89         
|2025  |  |  |  | 283.34                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 283.34   |  | 13.06    |  | 7.08    |  | 263.20         
|2026  |  |  |  | 247.98                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 247.98   |  | 11.43    |  | 6.20    |  | 230.35         
|2027  |  |  |  | 222.76                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 222.76   |  | 10.27    |  | 5.57    |  | 206.92         
|2028  |  |  |  | 204.15                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 204.15   |  | 9.41     |  | 5.10    |  | 189.64         
|2029  |  |  |  | 188.44                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 188.44   |  | 8.69     |  | 4.71    |  | 175.04         
|2030  |  |  |  | 176.09                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 176.09   |  | 8.12     |  | 4.40    |  | 163.57         
|2031  |  |  |  | 165.77                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 165.77   |  | 7.64     |  | 4.14    |  | 153.99         
|2032  |  |  |  | 157.40                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 157.40   |  | 7.25     |  | 3.94    |  | 146.21         
|2033  |  |  |  | 149.37                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 149.37   |  | 6.88     |  | 3.73    |  | 138.75         
|2034  |  |  |  | 142.73                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 142.73   |  | 6.58     |  | 3.57    |  | 132.58         
|2035  |  |  |  | 136.85                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 136.85   |  | 6.31     |  | 3.42    |  | 127.12         
|2036  |  |  |  | 131.95                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 131.95   |  | 6.08     |  | 3.30    |  | 122.57         
|2037  |  |  |  | 126.87                           |  | 0.00                 |  | 0.00    |  | 0.00  |  | 126.87   |  | 5.85     |  | 3.17    |  | 117.85         
|Sub-T |  |  |  | 3,112.43                         |  | 0.00                 |  | 0.00    |  | 0.00  |  | 3,112.43 |  | 143.45   |  | 77.81   |  | 2,891.17       
|After |  |  |  | 1,282.20                         |  | 0.00                 |  | 0.00    |  | 0.00  |  | 1,282.20 |  | 59.10    |  | 32.06   |  | 1,191.05       
|Total |  |  |  | 4,394.63                         |  | 0.00                 |  | 0.00    |  | 0.00  |  | 4,394.63 |  | 202.55   |  | 109.87  |  | 4,082.22       



|      |  | Deductions |  | Future
    Net Income Before Income Taxes
|----- |  | ---------- |  | -----------------------------------------
|      |  | Lease      |  | Net                                      
|      |  | Net Costs  |  | Investments                              
|Year  |  | M$         |  | M$                                       
|2023  |  | 81.37      |  | 0.00                                     
|2024  |  | 81.37      |  | 0.00                                     
|2025  |  | 81.37      |  | 0.00                                     
|2026  |  | 81.37      |  | 0.00                                     
|2027  |  | 81.37      |  | 0.00                                     
|2028  |  | 81.37      |  | 0.00                                     
|2029  |  | 81.37      |  | 0.00                                     
|2030  |  | 81.37      |  | 0.00                                     
|2031  |  | 81.37      |  | 0.00                                     
|2032  |  | 81.37      |  | 0.00                                     
|2033  |  | 81.37      |  | 0.00                                     
|2034  |  | 81.37      |  | 0.00                                     
|2035  |  | 81.37      |  | 0.00                                     
|2036  |  | 81.37      |  | 0.00                                     
|2037  |  | 81.37      |  | 0.00                                     
|Sub-T |  | 1,220.54   |  | 0.00                                     
|After |  | 1,007.07   |  | 0.00                                     
|Total |  | 2,227.62   |  | 0.00                                     



|Eco. Indicators                     |       |  |             | Ownership Interests |            | Present Worth
    Profile (M$)
|----------------------------------- | ----- |  | ----------- | ------------------- | ---------- | ------------------------------
|                                    |       |  |             |                     |            |                               
|Return on Investment
    (disc) :   | 0.000 |  |             |                     | Initial    |                               
|Return
    on Investment (undisc) : | 0.000 |  | W. I. :     |                     | 0.80000000 |                               
|Years to Payout
    :               | 0.00  |  | Net R. I. : |                     | 0.60000000 |                               
|Internal Rate
    of Return (%):    | 0.00  |  | Rev. Date : |                     |            |                               
|                                    |       |  |             |                     |            |                               







|Case
    Name: FLYING B RANCH 3H   | Oper:
    MAVERICK OPERATING, LLC
|------------------------------------ | ---------------------------------
|Field:
    GARDEN CITY, S.           |                                  
|County,
    State: STERLING (TX), TX | Disc
    Value: 1,166.42 M$      
|                                     |                                  

(GRAPHICS)







AMIEL
DAVID



Dr.
Amiel David has over 60 years of expertise in energy-related operations, management, investment banking, and engineering. For significant
years, Amiel has been providing engineering support for energy banks, and he is continuing to provide engineering and economic evaluations
for public and privately held companies with operations worldwide. Amiel is past president of the publicly traded company, Dune Energy,
Inc., and was involved with the establishment of other public and private energy companies including Golden Gate Oil (20,000 acres in
the heavy oil fields of Santa Barbara County, CA), Strategic American Oil Company (Galveston Bay, TX), and Cross Canyon Energy. He was
also previously employed by: Gulf Research and Development Company, Superior Oil Company, First City Bank, and Duke Capital Partners
amongst others. He is a member of the Society of Petroleum Engineers and the Society of Petroleum Evaluation Engineers. He is a Registered
Professional Engineer (License # 50970 and Firm # F-15360). He has presented numerous technical papers at SPE conferences and has been
published in technical journals. Amiel holds a Ph.D. in Petroleum Engineering from Stanford University, an MSE in Chemical Engineering
from UPenn, an MBA from Pitt, and a BS in Petroleum Engineering from the University of Tulsa.