Next Bridge Hydrocarbons, Inc.

Next Bridge Hydrocarbons, Inc. entered into a Securities Exchange Agreement with Panther Bridge, LLC — an entity managed by the CEO's son — exchanging a matured $6M promissory note and 3M shares of Series A Preferred Stock for a $20M revolving line of credit at 10% interest, maturing 2031. An initial $10M principal balance was deemed immediately advanced as consideration, with no new cash flowing to the Company. The Company issued 15M common shares to Panther Bridge at a rate of 1.5 shares per $1 of principal, with up to 30M shares issuable.

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A non-traded company with a large retail shareholder base from the MMTLP saga is issuing up to 30M shares to a related-party entity in a transaction that provides no immediate cash infusion.

Next Bridge Hydrocarbons, the entity that emerged from the controversial MMTLP/TRCH saga, continues to rely on insider-linked financing structures rather than traditional capital markets, consistent with its history as a non-listed, dark-venue company.

Panther Bridge retains sole discretion to approve or reject future advances for any reason, meaning the remaining $10M credit capacity may never be funded. The 15M shares issued (and up to 30M total) represent dilution to existing shareholders in a company with no public trading market.