# EDGAR Filing Document

**Accession Number:** 0001936756
**File Stem:** 0000000000-25-006162
**Filing Date:** 2025-6
**Character Count:** 16071
**Document Hash:** c2f5223f318999faa9dfe618c3b7bda9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-006162.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000000000-25-006162

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250611

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Next Bridge Hydrocarbons, Inc.
- **CENTRAL INDEX KEY:** 0001936756
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 872538731
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 000-56648

**BUSINESS ADDRESS:**
- **STREET 1:** 500 W. TEXAS AVE.
- **STREET 2:** SUITE 890
- **CITY:** MIDLAND
- **STATE:** TX
- **ZIP:** 79701
- **BUSINESS PHONE:** 817-438-1937

**MAIL ADDRESS:**
- **STREET 1:** 500 W. TEXAS AVE.
- **STREET 2:** SUITE 890
- **CITY:** MIDLAND
- **STATE:** TX
- **ZIP:** 79701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OilCo Holdings, Inc.
- **DATE OF NAME CHANGE:** 20220706
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001199835-24-000258

## Text-Extract

```

                                                             June 11, 2025

Gregory McCabe
Chief Executive Officer
Next Bridge Hydrocarbons, Inc.
500 W. Texas Ave., Suite 890
Midland, TX 79701

       Re: Next Bridge Hydrocarbons, Inc.
           Form 10-K for the Fiscal Year ended December 31, 2023
           Filed July 17, 2024
           Response dated May 20, 2025
           File No. 000-56648
Dear Gregory McCabe:

       We have reviewed your May 20, 2025 response to our comment letter and
have the
following comments.

       Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to this letter, we may have additional
comments.
Unless we note otherwise, any references to prior comments are to comments in
our April 9,
2025 letter.

Exhibit A - Draft Amendment to Form 10-K for the Fiscal Year ended December 31,
2023
Explanatory Note, page 1

1.     Please include Part II - Item 9.A. Controls and Procedures in your list
of items that
       will be revised in your amendment to the annual report.

Management's Discussion and Analysis of Financial Condition and Results of
Operation
Results of Operations
Production Revenues and Cost of Revenues, page 18

2.     Please remove the predecessor/successor presentation of the production
and revenue
       detail for your Oklahoma properties for the fourth quarter of 2022.
 June 11, 2025
Page 2

Financial Statements
Report of Independent Registered Public Accounting Firm, page F-1

3.     We see that you have included a draft audit opinion along with your
draft amendment,
       which appears to be incomplete not only with respect to the date of
issuance, but
       also the explanatory language regarding the restatement, and
communication of
       critical audit matters pertaining to the evaluation of capitalized oil
and gas property
       costs for impairment under the full cost method, based on the
requirements of PCAOB
       AS 3101, paragraphs 18(e) and 11 through 14.

       Please discuss these requirements with your auditors and confirm that
such content
       will appear in the audit opinion that accompanies the amendment.
However, if this is
       not their intention, provide us with an explanation from the firm
detailing how the
       aforementioned guidance was considered in formulating their view.

Note 2 - Going Concern, page F-6

4.     Please revise the second sentence of the first paragraph of this note to
reference the
       correct restated net loss amount for the fiscal year ended December 31,
2023.

Note 3 - Significant Accounting Policies
Oil and natural gas properties, page F-8

5.     Please address the apparent inconsistency between your disclosure in the
second
       paragraph on page F-8, stating that you recorded an impairment of
$28,192,277
       related to properties other than the Orogrande Project in 2022, with
details in the
       corresponding financial statements, which do not identify this charge.

Note 12 - Correction of Previously Issued 2023 Financial Statements, page F-19

6.     Based on the content of this note, it appears that you should revise the
header to
       clarify that it pertains to your 2022 rather than 2023 financial
statements.

7.     Please expand your disclosure to include a description of the errors
that have led to
       the restatement to comply with ASC 250-10-50-7, including the errors in
your initial
       accounting in the 2022 annual report, and the errors attendant to the
restatements that
       were made to the 2022 annual amounts when filing your 2023 annual
report, and to
       the 2023 first, second, and third quarter interim amounts, in the
comparative
       presentations when filing the corresponding 2024 interim reports.

       For example, it should be clear that your initial accounting for the oil
and gas
       properties was incorrectly based on a presumption of fair value and did
not properly
       consider the continuity of the economic interests that had been conveyed
via the
       preferred shares issued by Torchlight Energy Resources, Inc. to its
common
       shareholders just prior to its reverse merger with Meta Materials Inc.,
and with regard
       to your earlier restatement, it should be clear that the elimination of
all value ascribed
 June 11, 2025
Page 3

       to the oil and gas properties was incorrectly based on a presumption of
impairment in
       the absence of having established oil and gas reserves and without
having yet secured
       an extension to the lease, and did not properly consider your stated
intentions and
       rights to extend the lease coupled with your ongoing efforts to evaluate
the Orogrande
       properties in the application of the full cost method of accounting,
particularly with
       regard to unevaluated property costs. Please include a similar summary
of these errors
       when reporting corrections to your 2024 interim reports.

       The disclosures requested as outlined above should replace the language
in the first
       paragraph in Note 12, which presently indicates that your initial
accounting for the oil
       and gas properties at December 31, 2022 was to recognize a full
impairment based on
       a December 14, 2022 determination of the properties having no value.
Please also
       expand the tabulations to include additional columns with the originally
reported
       amounts for 2022 and the adjustments that were made in your initial
restatement, and
       provide the narratives that are necessary to correlate with the summary
of accounting
       errors provided in response to the preceding paragraph.

       Any references to the error corrections as adjustments to modify
comparative amounts
       or to modify the accounting treatment should also be revised to more
clearly align
       with and reflect their instrumentality in providing financial statements
that comply
       with generally accepted accounting principles. This point also applies
to the error
       correction disclosures that you intend to include in your 2024 annual
report.

8.     We suggest that you remove the table on page F-19 detailing the original
values
       assigned to the assets and liabilities received in the spin off, unless
you are intending
       to augment the table to include columns for revisions and the restated
balances as of
       that interim date, or to otherwise establish its relevance in the
restatement effort.

9.     Given your plans to restate your 2022 annual and 2023 interim financial
statements, it
       appears that you are delinquent in filing an Item 4.02 Form 8-K, which
was required
       to be filed within four business days of having concluded that
previously issued
       financial statements should no longer be relied upon because of an
error. Please
       comply with your reporting obligations under Rule 13a-11 of Regulation
13A.

10.    We note that you provided a notice of late filing for your 2024 annual
report on March
       31, 2025, which includes a brief description of the pending restatement
that indicates
       it pertains to a prior restatement "related to the timing of impairment
adjustments" that
       were previously recorded in 2022 but will be recorded in 2024 instead.
You further
       state that the adjustment for 2024 will approximate $73 million and that
such
       impairment "had been previously addressed in prior year filings."

       However, the reasons cited in your correspondence during our review for
your mid-
       2024 restatement of the 2022 annual amounts and the 2023 interim amounts
reflected
       an incorrect application of the full cost method of accounting for oil
and gas activities,
       and did not encompass the October 8, 2024 decision by University Lands
to not
 June 11, 2025
Page 4

       extend your Development Unit Agreement for the Orogrande asset, nor its
effort to
       immediately terminate the agreement. This is evident in the interim
report that you
       filed on August 14, 2024, which followed the earlier restatement and
preceded the
       University Lands announcement. You indicated that you had until the end
of the year
       to complete your drilling commitments and stated that the DDU Agreement
"...grants
       the right to extend the DDU Agreement through December 31, 2028 if
compliance
       with the DDU Agreement is met..." and the company "expects to exercise
its option to
       extend the term under the DDU Agreement prior to its expiration."

       Given that the circumstances have changed, your disclosures regarding
the corrections
       necessary to effect the current restatement should not indicate that you
are simply
       repositioning an impairment that you had previously recognized or
addressed, and
       should clearly distinguish between those earlier circumstances and the
circumstances
       that arose in connection with that decision by University Lands, which
appears to
       preclude any further involvement with the properties. Please ensure that
disclosures
       pertaining to the upcoming impairment charge conform with this guidance.

Note 14 - Explanation of Quarterly Impact, page F-26

11.    We note that you have utilized a mixed and incomplete approach in
presenting the
       corrections impacting the 2023 interim financial statements. For
example,
       some amounts were as originally reported while others were previously
restated, being
       sourced from the original report for the first quarter, a Form S-1/A for
the second
       quarter, and an interim report from the following year for the third
quarter.

       The restated interim financial information on pages F-27 through F-35
should be
       revised to include additional columns of information on each tabulation
to present the
       originally reported amounts for each quarter of 2023, the revisions made
in
       connection with your earlier restatement, the earlier restatement
amounts, the
       revisions that are being made in the current restatement, and the
current restatement
       amounts. The disclosures pertaining to error corrections impacting
activity from the
       statements of operations and cash flows for the second and third
quarters of 2023
       should also include a set of tabulations that cover activity of these
particular quarters
       (in addition to the cumulative interim amounts presently shown).

       Please expand the summary tabulations on page F-26 to include three
columns for
       each period, having the originally reported amounts, the previously
restated amounts,
       and the currently restated amounts (to include amounts for each quarter
in addition to
       the cumulative amounts reported for the second and third quarters), and
specify the
       dates of initially filing the original interim reports and the dates of
initially filing the
       earlier restatements for each period covered by those reports.

12.    Please expand your disclosures pertaining to the restatement items for
each interim
       period of 2023 to include a brief description of the transactions or
activities associated
       with the costs that had been incurred during the quarter that were
initially capitalized
       pursuant to Rule 4-10(c)(2) of Regulation S-X, and that were incorrectly
written-off in
 June 11, 2025
Page 5

       connection with your earlier restatement, and that are being restored in
your current
       restatement to comply with the full cost method.

Exhibit B- Draft Explanation of Corrections, page F-36

13.    We note that your summary table having the "As Reported" and "As
Restated"
       columns for each of the first three quarters of 2024 reflects on the
activity line items
       cumulative interim period amounts for the second and third quarters,
rather activity
       that is specific and limited to these quarters.

       Please expand the summary table to also cover activity for the second
and third
       quarters alone; and provide tabulations with the activity from your
statements of
       operations and cash flows for the second and third quarters alone
(including the
       originally reported amounts, adjustments, and restated amounts),
adjacent to the
       tabulations covering the corresponding cumulative interim periods.

       Please modify the main header of each tabulation to specify the date or
period to
       which the information pertains, and eliminate other dates from the
sub-column
       headers. The introductory remarks to the restatement disclosures should
clarify the
       dates that periodic reports for which financial information is being
restated were
       originally filed, rather than in the column headers.

14.    We note that your draft revisions for the statements of cash flows,
covering the three
       months March 31, 2024 and six months June 30, 2024, reflect in the
restated columns
       as an investing activity $1,141,142 of proceeds from the sale of assets,
which had
       originally been misreported as a financing activity. In your November
13, 2024
       response to comment 3 of our letter dated October 31, 2024, you agreed
to correct this
       error. However, the corrections do not appear as adjustments and amounts
in the "As
       Originally Reported" draft disclosure columns have been revised instead.

       Please modify your proposed disclosures to present the cash flow
information for
       these quarterly periods as originally filed in the respective interim
reports on Form 10-
       Q, to report the corrections in the Adjustments columns, and to provide
the error
       correction disclosures required by ASC 250-10-50-7.

15.    Please expand your disclosures of the restatement items for each interim
period of
       2024 to include a brief description of the transactions or activities
associated with the
       costs incurred during the quarter that were initially considered to be
impaired rather
       than capitalized pursuant to Rule 4-10(c)(2) of Regulation S-X, and that
are being
       restored in your current restatement to comply with the full cost
method.
 June 11, 2025
Page 6

       Please contact Jenifer Gallagher at 202-551-3706 or Karl Hiller at
202-551-3686 if
you have questions regarding comments on the financial statements and related
matters.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Energy &
Transportation

```

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