SEC Contract Filing

Filing Date: 2022-12-27

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>nbh_ex10-1.htm
<DESCRIPTION>AGREEMENT AND PLAN OF MERGER, BY AND AMONG NEXT BRIDGE HYDROCARBONS, INC. HUDSPETH OPERATING, LLC, WOLFBONE INVESTMENTS, LLC, AND MCCABE PETROLEUM CORPORATION, DATED DECEMBER 21, 2022
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<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.1</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>AGREEMENT
AND PLAN OF MERGER </U></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
AGREEMENT AND PLAN OF MERGER (this &#147;<U>Agreement</U>&#148;) is executed as of December 21, 2022 by and among Next Bridge Hydrocarbons,
Inc., a Nevada corporation (the &#147;<U>Company</U>&#148;), Hudspeth Operating, LLC, a Texas limited liability company (&#147;<U>Hudspeth</U>&#148;),
Wolfbone Investments LLC, a Texas limited liability company (&#147;<U>Wolfbone</U>&#148;), McCabe Petroleum Corporation, a Texas corporation
(&#147;<U>MPC</U>&#148;), and Gregory McCabe, an individual resident of the State of Texas (&#147;<U>Owner</U>&#148;, and, together
with the Company, Hudspeth, Wolfbone and MPC, each a &#147;<U>Party</U>&#148; and collectively, the &#147;<U>Parties</U>&#148;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECITALS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Wolfbone, which is wholly-owned by Owner, owns certain working interests in the Orogrande Properties (as defined below) in the Orogrande
Basin in Hudspeth County, Texas;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
MPC, an affiliate of Wolfbone and wholly-owned by Owner, owes to the Company in respect of amounts advanced related to the Orogrande
Properties (the &#147;<U>Orogrande Obligation</U>&#148;) with an estimated amount of a balance of approximately $165,238 pursuant to
the terms of that certain Participation and Development Agreement, -by and between Hudspeth Oil Corporation, a wholly owned subsidiary
of the Company (&#147;<U>Hudspeth Oil</U>&#148;), MPC and Owner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 34.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Hudspeth is a wholly-owned by a wholly-owned subsidiary of the Company;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Owner has agreed to make financings to the Company pursuant to that certain 5% Unsecured Promissory Note dated as of December 21,
2022 issued by the Company in favor the Owner (the &#147;<U>Note</U>&#148;);</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to this Agreement, (1) each of Hudspeth, Wolfbone and MPC shall merge in accordance with the TBOC, with each of Wolfbone and
MPC continuing as surviving entities (the &#147;<U>Merger</U>&#148;), pursuant to the terms and conditions set forth in this Agreement
and in accordance with Section 10.001 <I>et. seq. </I>of the TBOC, (2) following the Merger, Wolfbone sha