Next Bridge Hydrocarbons S- 1/A EXHAUSTIVE CHANGE COMPARISON August 27, 2024 (Amendment No. 4) vs. January 23, 2026 (Amendment No. 5) COVER PAGE & HEADER Section August 27, 2024 January 23, 2026 Change Type Amendment Number Amendment No. 4 Amendment No. 5 Sequential Filing Date August 27, 2024 January 23, 2026 Date change (+18 months) Prospectus Date SUBJECT TO COMPLETION, DATED AUGUST 27, 2024 SUBJECT TO COMPLETION, DATED JANUARY 23, 2026 Date update Principal Office Address 6300 Ridglea Place, Suite 950, Fort Worth, TX 76116 500 W. Texas Avenue, Suite 890, Midland TX 79701 Location relocated Prospectus Language (Stock Offering) "We are offering directly to selected accredited investors up to 40,000,000 shares" "We are offering, on a reasonable best efforts basis, directly to selected accredited investors up to 40,000,000 shares" Added "reasonable best efforts basis" Prospectus Language (Trading) "Investing in our common stock involves a high degree of risk." "Investing in our common stock is highly speculative and involves a high degree of risk." Added "highly speculative" Section August 27, 2024 January 23, 2026 Change Type Prospectus Language (Market) "There is no established trading market for the shares of common stock and we do not expect a market to develop." (Implicit from file) "There is no established trading market for the shares of common stock and we do not expect a market to develop. We do not intend to apply for the listing of our shares of common stock on any national securities exchange or other trading market." Added explicit disclaimer re: no exchange listing plans Risk Factors Page Number "See the section entitled Risk Factors beginning on page 9" "See the section entitled Risk Factors beginning on page 9" Same page number Prospectus Cost Statement "We anticipate that delivery of the shares of common stock will be made on or about , 2024, subject to satisfaction of certain conditions." Removed Delivery date no longer specified TABLE OF CONTENTS Page Item Aug 2024 Page Jan 2026 Page Change U.S. FEDERAL INCOME TAX Page 23 Page 21 Moved earlier (-2 pages) USE OF PROCEEDS Page 27 Page 24 Moved earlier (-3 pages) DETERMINATION OF OFFERING PRICE Page 27 Page 24 Moved earlier (-3 pages) BUSINESS Page 28 Page 25 Moved earlier (-3 pages) MANAGEMENT DISCUSSION AND ANALYSIS Page 37 Page 32 Moved earlier (-5 pages) MANAGEMENT Page 52 Page 46 Moved earlier (-6 pages) EXECUTIVE COMPENSATION Page 58 Page 51 Moved earlier (-7 pages) SECURITY OWNERSHIP Page 61 Page 54 Moved earlier (-7 pages) RELATED PARTY TRANSACTIONS Page 62 Page 55 Moved earlier (-7 pages) DILUTION Page 64 Page 58 Moved earlier (-6 pages) CAPITAL STOCK DESCRIPTION Page 65 Page 59 Moved earlier (-6 pages) Page Item Aug 2024 Page Jan 2026 Page Change PLAN OF DISTRIBUTION Page 69 Page 63 Moved earlier (-6 pages) PROSPECTUS SUMMARY - COMPANY DESCRIPTION Item August 27, 2024 January 23, 2026 Change Type Primary Focus Tense "Our primary focus has been the development of interests in an oil and gas project we hold in the Orogrande Basin" "Our primary focus was previously the development of interests in an oil and gas project we held in the Orogrande Basin" Past tense shift Orogrande Status "we hold in the Orogrande Basin in West Texas in Hudspeth County, Texas the Orogrande Project" "we held in the Orogrande Basin in West Texas in Hudspeth County, Texas . The Orogrande leases expired as of December 31, 2024." Lease expiration explicitly stated Hazel Project Description "the Hazel Project" (implicit within four projects) "the Hazel Project in Sterling, Tom Green, and Irion Counties, Texas" County list expanded (added "Tom Green, and Irion") Louisiana Assets Mention "undeveloped oil and gas leases in Louisiana the Wildcat Projects" "holds undeveloped oil and gas leases... in LaFourche Parish and Acadia Parish, Louisiana." Parish locations added explicitly Date Reference "As of June 30, 2024, we had interests in four oil and gas projects" "As of September 30, 2025, we had interests in three oil and gas projects" Date advanced 15 months; project count reduced from 4 to 3 (Orogrande expired) Employee Count "We currently have two part-time employees, and we employ consultants" "We currently have no employees. We employ consultants" All payroll eliminated Item August 27, 2024 January 23, 2026 Change Type Subsidiaries Disclosed "nine wholly owned subsidiaries: Torchlight Energy, Inc., a Nevada corporation, Hudspeth Oil Corporation, a Texas corporation Hudspeth, Torchlight Hazel, LLC, Hudspeth Operating, LLC, Wolfbone Investments, LLC" + implicit other 4 "nine wholly owned subsidiaries, Torchlight Energy, Inc., a Nevada corporation, Hudspeth Oil Corporation, a Texas corporation Hudspeth, Torchlight Hazel, LLC, a Texas limited liability company, Hudspeth Operating, LLC, a Texas limited liability company, Wolfbone Investments, LLC, a Texas limited liability company Wolfbone, and Wildcat Panther LLC, Wildcat Valentine LLC, Wildcat Cowboy LLC, and Wildcat Packer LLC, all Texas limited liability companies." Wildcat entities explicitly named (3 new LLCs added: Panther, Valentine, Cowboy, Packer) BUSINESS SECTION - DETAILED PROPERTY DESCRIPTIONS Business Operations Paragraph Element Aug 2024 Jan 2026 Change Primary Focus Opening "Our primary focus has been the development of interests in an oil and natural gas project we hold in the Orogrande Basin in West Texas." "Our primary focus was previously the development of interests in an oil and natural gas project we held in the Orogrande Basin in West Texas in Hudspeth County, Texas in Hudspeth County, Texas the Orogrande Project." Redundant "in Hudspeth County, Texas" added; tense changed to "was previously" Orogrande Project Statement "Our primary focus has been the development of interests in an oil and natural gas project we hold in the Orogrande Basin in West Texas. The Orogrande leases expired as of December 31, 2024." (combined statement) "Our primary focus was previously the development of interests in an oil and natural gas project we held in the Orogrande Basin in West Texas in Hudspeth County, Texas . The Orogrande leases expired as of December 31, 2024." Moved to past tense; explicit expiration date Element Aug 2024 Jan 2026 Change Presently/Primary Interests "Presently, our primary interests include the oil and natural gas leases for properties of the Orogrande Basin in Hudspeth County, Texas the Orogrande Project. In addition, we have minor interests..." Removed entirely Orogrande no longer described as "primary interests" Rich Masterson Geologist Multi-paragraph description of Rich Masterson's credentials and Wolfbone shale play (p. 42) Removed No longer mentioned Current Projects Section Metric Aug 2024 (June 30, 2024) Jan 2026 (Sept 30, 2025) Change Orogrande Project 134,000 gross / 134,000 net acres Removed from table -100% Orogrande acreage Hazel Project 12,203 gross / 9,762 net acres (320/256 developed) 806 gross / 645 net acres -93.4% acreage Oklahoma (Viking) 640 gross / 192 net acres 640 gross / 192 net acres No change Louisiana (Wildcat) 1,392 gross / 1,392 net acres 1,392 gross / 1,392 net acres No change Total Gross Acres 148,235 2,838 -98.3% total acreage Total Net Acres 145,346 2,229 -98.5% net acreage Oil & Gas Property Investments Period Aug 2024 Jan 2026 Change Reference Period "Six months ended June 30, 2024 and 2023" "Nine months ended September 30, 2025 and 2024" Period extended 3 months; moved to 9M from 6M 2024/2025 Investment (9M) "$31,769" (6M 2024) "$5,064,022" (9M 2025) +$5.03M or +15,937% Prior Year (6M/9M) "$7,853,902" (6M 2023) "$1,519,644" (9M 2024) Substantial reduction YoY Capitalized Interest 2024 "$1,438,571" (6M 2024 partial year) "$2,182,539" (FY 2024 full year) Interest capitalization continued through 2024 Capitalized Interest 9M 2025 Not shown "$0" (9M 2025) Interest capitalization stopped in 2025 Drilling Activity Status Aug 2024 (as of Dec 31, 2023) Jan 2026 (as of Dec 31, 2024) Change Orogrande Dry Wells 0 Not shown Lease expired Orogrande Productive Wells 10 Not shown Lease expired Hazel Dry Wells 0 Not shown Data consolidated Hazel Productive Wells 0 Not shown Data consolidated Total Production Multiple wells described; details on test wells, plug-abandon wells Minimal production from Oklahoma marginal wells only Complete operational shift Recent Developments Item Aug 2024 Jan 2026 Change Wildcat Contribution Described as "March 2024" transaction; 2,500,000 shares issued Referenced in notes; specific terms in Note 4 Moved to financial statement notes Participation Agreement Described: third party purchased working interest from Wildcat entities Same basic fact confirmed Consistent MANAGEMENT & OFFICERS SECTION Officer Listing Signature Page Officer Aug 2024 Jan 2026 Change Gregory McCabe - Title Chairman and Chief Executive Officer Chairman and Chief Executive Officer Same Gregory McCabe - Address 6300 Ridglea Place, Suite 950, Fort Worth, TX 76116 500 W. Texas Avenue, Suite 890, Midland TX 9701 Address changed to Midland Roger Wurtele - Title Chief Financial Officer Chief Financial Officer Same Edward Pocock III - Title Director Director Same Robert L. Cook - Title Director Director Same Signature Dates August 27, 2024 January 23, 2026 18-month gap MD&A - RESULTS OF OPERATIONS Net Loss Comparison Metric FY 2023 FY 2024 Jan 2026 Filing Change Net Loss $(10,389,372) $(59,614,467) Updated to FY 2024 -$49.2M worsening Impairment Charge Not disclosed (or $27.2M) $56,186,313 Explicitly called out $56.2M impact Working Capital Deficit $(47,094,367) $(51,418,849) Updated -$4.3M worsening Income Statement Disclosures Item Aug 2024 (June 30, 2024 6M) Jan 2026 (Dec 31, 2024 FY) Change Oil & Gas Sales (6M 2024) "$5,206" Updated to FY 2024: "$12,585" FY substantially higher than 6M Production Costs "$112,547" (6M) "$186,006" (FY) Costs increased YoY G&A Expense (FY) "$12,095,611" (FY 2023) "$4,137,001" (FY 2024) -66% reduction in G&A Prospect Fee Income "$1,700,000" (FY 2023) "$0" (FY 2024) One-time 2023 item eliminated Insurance Proceeds Not mentioned "$872,267" (FY 2024) New income source Cash & Liquidity Discussion Metric Aug 2024 (Dec 31, 2023) Jan 2026 (Dec 31, 2024) Jan 2026 (Sept 30, 2025) Change Cash Balance "$1,668,847" "$191,117" "$680,100" (9M interim) -88.5% collapse Cash Flow from Operations (FY) "$7,558,092" "$5,109,114" Not yet provided -32.4% YoY Cash Flow from Financing (FY) "$18,000,000" (2023) "$1,250,000" (2024) "$7,018,000" (9M 2025) -93% financing contraction in 2024 Capital Expenditures (FY) "$8,653,640" (2023) "$448,477" (2024) "$5,064,022" (9M 2025) Massive 2024 reduction; 2025 uptick McCabe Financing Updates Note Provision Aug 2024 Disclosure Jan 2026 Disclosure Change Note Provision Aug 2024 Disclosure Jan 2026 Disclosure Change 2022 Note - Amount Available "$20,000,000" "amended to provide up to $25,000,000" +$5M increase 2022 Note - Drawn as of Filing "$20,000,000" total drawn (Dec 22, 2022 initial + 2023 draw) "Additionally, on January 23, 2024, Mr. McCabe loaned the Company $1,000,000 on a new Note bearing zero interest. Additional advances under the 2022 Note occurred in 2024 and in the nine months ended September 30,2025 totaling $1,233,000." 2024 & 9M 2025 advances disclosed; zero- interest note added 2021 Note Extension Extended to "September 30, 2024" "An amendment to the 2021 Note entered into on June 30, 2025 includes an automatic renewal provision and the maturity date of the 2021 Note is presently extended to December 31, 2025." Maturity extended to 12/31/2025; auto- renewal added 2022 Note Extension Extended to "September 30, 2024" "The Company and Mr. McCabe have entered into an amendment to the 2022 Note in order to provide for automatic extensions of the maturity date of the 2022 Note on a quarterly basis, and the current maturity date of the 2022 Note is March 31, 2026." Quarterly auto- extension added; maturity now 3/31/2026 Accrued Interest on Related Party Notes "$3,870,175" (Dec 31, 2023) "$6,808,410" (Dec 31, 2024) +$2.9M accrued interest (97% increase) FINANCIAL STATEMENTS - BALANCE SHEET Current Assets Line Item Dec 31, 2023 Dec 31, 2024 Sept 30, 2025 Change Cash $1,668,847 $191,117 $680,100 -88.5% (12M); -59.3% recovery (9M) Accounts Receivable (Related Party) $0 Not shown Not shown Eliminated Accounts Receivable (Working Interest) $207,470 Consolidated into AR $85,000 Reduced & consolidated Production Receivable $1,412 Not shown Not shown Eliminated Line Item Dec 31, 2023 Dec 31, 2024 Sept 30, 2025 Change Prepayments - Development Costs $131,340 Not shown Not shown Eliminated/reclassified Prepaid Expenses $76,741 $95,256 $289,797 Increased Total Current Assets $2,085,810 $757,261 Not separately shown -63.7% collapse Oil & Gas Properties Item Dec 31, 2023 Dec 31, 2024 Sept 30, 2025 Change Evaluated Costs $0 $0 $0 Always zero Unevaluated Costs $0 (fully impaired) $569,551 $5,633,573 Property revaluation post-expiration Accumulated Impairment $0 Not shown (impaired to net value) $(5,038,725) Major impairment 2025 Net Property Value $0 $569,551 $594,848 Slight increase Total Assets Date Amount Change Dec 31, 2023 $2,190,989 Baseline Dec 31, 2024 $1,431,991 -34.7% Sept 30, 2025 (estimated) Likely lower Further deterioration Current Liabilities Item Dec 31, 2023 Dec 31, 2024 Change Accounts Payable $3,777,693 $519,841 -86.3% reduction Accounts Payable (Related Party) Not separately shown $97,027 New line item Note Payable - Meta $0 $0 Eliminated (transferred to McCabe Aug 2023) Note Payable - McCabe (Related Party) $41,221,028 $42,750,832 +$1.53M (+3.7%) Unrelated Party Note Not shown $2,000,000 New note in Feb 2024 Accrued Interest (Unrelated) $0 Not shown No unrelated interest Accrued Interest (Related) $3,870,175 $6,808,410 +$2.94M (+75.9%) Total Current Liabilities $49,180,177 $52,176,110 +$2.996M (+6.1%) Non-Current Liabilities Item Dec 31, 2023 Dec 31, 2024 Change Item Dec 31, 2023 Dec 31, 2024 Change Asset Retirement Obligations $248,651 $1,099,311 +$850,660 (+342%) Total Liabilities $49,428,820 $53,275,421 +$3.85M (+7.8%) Stockholders' Equity Item Dec 31, 2023 Dec 31, 2024 Change Common Stock Shares 248,830,516 251,930,516 +3.1M shares (+1.24%) Common Stock Par Value $24,883 $25,193 +$310 Additional Paid-In Capital $71,956,656 $107,678,096 +$35.7M (+49.6%) Accumulated Deficit $(119,219,378) $(159,547,862) -$40.3M worsening Total Stockholders' Deficit $(47,237,839) $(51,843,430) -$4.6M deterioration FINANCIAL STATEMENTS - INCOME STATEMENT Full Year Comparisons Item 2023 2024 Change % Oil & Gas Sales $26,031 $12,585 -$13,446 -51.6% Lease Operating Expenses \((59,059)\) \((185,100)\) -$126,041 +213% Production Taxes \((1,874)\) \((906)\) +$968 -51.6% General & Admin \((12,095,611)\) \((4,137,001)\) +$7,959K -65.8% Impairment Loss $0 (or \((27.2M))\) \((56,186,313)\) -$56.2M N/A Other Income $1,741,141 $872,267 -$868,874 -49.9% Net Loss \((10,389,372)\) \((59,614,467)\) -$49.2M -473% Loss Per Share $0.21 Not disclosed N/A N/A Nine-Month Interim Comparison (2025 vs 2024) Item 9M 2024 9M 2025 Change Revenue $7,261 $7,382 +$121 (+1.7%) Cost of Revenue \((144,505)\) \((83,799)\) +$60,706 (-42%) G&A Expense $1,660,713 $3,810,673 -$2.15M (+129%) Impairment $0 $5,038,725 New 2025 charge STATEMENT OF CASH FLOWS FY 2024 vs FY 2023 Component 2023 2024 Change Component 2023 2024 Change Net Loss \ ((10,389,372)\) \ ((59,614,467)\) -$49.2M Impairment (Add-back) $0 $56,186,313 Major non-cash adjustment Stock-Based Compensation $4,781,279 $54,381 -$4.7M (consultant equity lower) Op Cash Flow $7,558,092 $5,109,114 -$2.4M (-32.4%) Capex - Oil & Gas Properties \((8,653,640)\) \((448,477)\) -$8.2M (-94.8% reduction) Proceeds from Property Sales $0 $1,141,142 New in 2024 Inv Cash Flow \((8,653,640)\) \((692,665)\) +$7.96M improvement Financing Proceeds - Related Party $18,000,000 $1,250,000 -$16.75M (-93%) Financing Proceeds - Unrelated $0 $2,000,000 New in 2024 Financing Cash Flow $17,311,281 $2,938,719 -$14.4M (-83%) Net Change in Cash $1,099,549 \((1,477,730)\) -$2.6M (reversed from positive) Ending Cash $1,668,847 $191,117 -$1.48M (-88.5%) GOING CONCERN DISCLOSURE Element Aug 2024 Jan 2026 Change Substantial Doubt Status "These conditions raise substantial doubt about the Company's ability to continue as a going concern" "These conditions raise substantial doubt about the Company's ability to continue as a going concern" Language identical, but facts far worse Net Loss Referenced "$37,556,787" (FY 2023) "$59,614,467" (FY 2024) +$22.1M additional loss Working Capital Deficit "\((47,094,367)" | "\) (51,418,849)" +$4.3M worse Management Plan Obtain debt/equity funding; obtain loans; joint venture transactions Identical language Plans unchanged despite worsening RELATED-PARTY TRANSACTIONS NOTES McCabe Promissory Note Changes Feature Aug 2024 Jan 2026 Change Feature Aug 2024 Jan 2026 Change 2021 Note Principal $20,000,000 (Secured) Outstanding balance varies; transferred from Meta to McCabe Aug 7, 2023 Ownership transferred 2021 Note Interest Rate 8% per annum; 12% default Same No change 2021 Note Maturity Extended multiple times to "September 30, 2024" "June 30, 2025 includes automatic renewal provision... presently extended to December 31, 2025" Maturity extended; auto-renewal added Loan Agreement Balance $6,589,362 Not separately stated (consolidated) Consolidated with other notes 2022 Note Principal $20,000,000 (Unsecured) "amended to provide up to $25,000,000" +$5M availability 2022 Note Interest Rate 5% per annum Same No change 2022 Note Maturity Extended to "September 30, 2024" "quarterly basis...current maturity date of the 2022 Note is March 31, 2026" Quarterly auto- extension added; maturity extended 2022 Note January 2024 Loan Not mentioned "$1,000,000 on January 23, 2024...bearing zero interest" New 0% loan added Additional 2024/2025 Draws Not mentioned "Additional advances under the 2022 Note occurred in 2024 and in the nine months ended September 30,2025 totaling $1,233,000" New disclosure of recent draws Accrued Interest Status "As of December 31, 2023, the combined total accrued and unpaid interest under the 2021 Note and the Loan Agreement was $3,870,175" "As of December 31, 2024...accrued and unpaid interest was $6,808,410" +$2.94M (+76%) accrued interest Interest Payment Status Accrued but deferred Accrued but deferred Still unpaid; compounding Capco Loan (NEW) Feature Aug 2024 Jan 2026 Status Loan Amount Not mentioned $2,000,000 New disclosure Lender Not mentioned CAPCO Holding, Inc., Texas corporation New third-party lender Feature Aug 2024 Jan 2026 Status Interest Rate Not mentioned 12% per annum; Option for 18% max on extension 12-18% range Term Not mentioned 1 year with optional 1-year extension 1+1 structure Security Not mentioned McCabe pledged 250,000 shares Stock pledge required Subordination Not mentioned Subordinated to Capco; McCabe subordinated all his claims Subordination agreement signed LITIGATION & LEGAL PROCEEDINGS Cordax Cases Case Aug 2024 Status Jan 2026 Status Outcome Harris County (Hudspeth v. Cordax) Pending; Cordax motion for summary judgment denied; mediation failed June 2022 "Prior to trial, in 2024, the parties settled the case." Settlement amount confidential; Cordax released effective May 16, 2024; June 2024 received $306,554 SETTLED Hudspeth County (Cordax Mineral Lien Foreclosure) Pending; Company filed Plea in Abatement "As part of the settlement in the Harris County case, Cordax has released the mineral lien, and the case has been dismissed with prejudice." DISMISSED Meta Indemnity Company required to indemnify Meta per Distribution Agreement Indemnity obligation removed (cases settled) Contingent liability eliminated Targgart Securities Class Action Feature Aug 2024 Jan 2026 Change Case Docket "24-cv-1927" (EDNY) Same, transferred to Northern District of Texas Transferred to N.D. Texas Claims Sections 11 & 15 (Securities Act); Section 12a-2 added Sept 9, 2024 Same (plus 12a-2) No change Parties NBH + current/former officers and directors Same No change S-1 Reference "Form S-1 filed July 14, 2022; effective Nov 18, 2022" Same Same document referenced Filing Status Pending; Amended complaint filed Sept 9, 2024 "July 3, 2025: District Court granted Defendants' Motion to Dismiss and dismissed the case with prejudice." DISMISSED WITH PREJUDICE Feature Aug 2024 Jan 2026 Change Appeal Status Not mentioned "July 29, 2025: Plaintiffs filed Notice of Appeal... Fifth Circuit...fully briefed as of December 22, 2025" Appeal pending in 5th Circuit; briefs complete Bartok Stockholder Derivative Feature Aug 2024 Jan 2026 Change Case Docket "No. 017-352565-24" (Tarrant County District Court) Same No change Filed Date May 7, 2024 Same No change Defendants McCabe, officers, directors; includes Meta officers (historical) Same No change Claims Breach of fiduciary duty; spin-off misconduct; continuing misstatements Same No change Status Pending; discovery/litigation phase "November 13, 2025: Court issued order of nonsuit without prejudice for the case after plaintiff filed notice requesting the same." NONSUITED (without prejudice) PREFERRED STOCK ISSUANCE (NEW) Feature Aug 2024 Jan 2026 Change Series A Preferred Authorization Not mentioned 3,000,000 shares authorized New Shares Issued Not mentioned 210,700 shares outstanding as of Jan 23, 2026 New Liquidation Price Not mentioned $1.00 per share + unpaid dividends New Dividend Rate Not mentioned 18% per annum (cumulative) High rate reflects distress Redemption Rights Not mentioned At company option; also mandatory upon "Change in Control" (>50% vote shift) New Voting Rights Not mentioned None, except on Series A amendments or as required by law New Issuance Timing Not mentioned Inferred as August 2025 (between 12/31/2024 filing and 1/23/2026 filing) New financing Implied Proceeds Not mentioned ~$210K+ (210,700 × $1.00) New capital source CAPITAL STRUCTURE & SHARE ISSUANCES Share Counts Category Aug 2024 (Dec 31, 2023) Jan 2026 (Dec 31, 2024) Jan 2026 (Jan 23, 2026) Change Common Shares Outstanding 248,830,516 251,930,516 251,930,516 + post-filing +3.1M (1.24%) by 12/31/2024 Common Stock Par Value ($0.0001) $24,883 $25,193 Same +$310 Preferred Shares (Series A) Not mentioned Not mentioned 210,700 New class 2024 Share Issuances Detailed Date/Type Aug 2024 Jan 2026 Details Consulting Shares (Feb 2024) Not mentioned 600,000 shares Consultant agreement; $10K/month + 500K shares compensation Wildcat Contribution (March 2024) "2,500,000 shares issued...under the Contribution Agreement" Same; elaborated in Note 4 Louisiana mineral properties; 2.5M shares at $0.50/sh equivalent Post- 12/31/2024 Issuances Not mentioned "~300 shares to directors/officers; ~843 shares for mineral acquisition" Minimal post-year issuances EXECUTIVE OFFICERS & DIRECTORS All Officers & Directors (Signature Page) Name Title Aug 2024 Jan 2026 Address Change Date Signed Gregory McCabe Chairman & CEO Listed Listed 6300 Ridglea (Fort Worth) → 500 W. Texas (Midland) Aug 27, 2024 → Jan 23, 2026 Roger Wurtele CFO Listed Listed Same office addresses Aug 27, 2024 → Jan 23, 2026 Edward Pocock III Director Listed Listed Same Aug 27, 2024 → Jan 23, 2026 Robert L. Cook Director Listed Listed Same Aug 27, 2024 → Jan 23, 2026 EXHIBITS & DOCUMENTS INCORPORATED BY REFERENCE Newly Added Exhibits (Jan 2026) Exhibit Description Aug 2024 Jan 2026 Status 10.53 Tenth Amendment to Secured PN (McCabe, 6/30/2025) Not mentioned Incorporated by reference to 10-K 12/11/2025 New 10.54 Ninth Amendment to Unsecured PN (McCabe, 6/30/2025) Not mentioned Incorporated by reference to 10-K 12/11/2025 New 10.55 Tenth Amendment to Unsecured PN (McCabe, 1/14/2026) Not mentioned Incorporated by reference to Form 8-K 1/16/2026 New SUMMARY TABLE: WORDING & PHRASE CHANGES Phrase/Concept Aug 2024 Jan 2026 Impact "Our primary focus has been ..." Active present tense "Our primary focus was previously ..." Orogrande relegation to history "...we hold in the Orogrande..." Ownership status "...we held ..." + "leases expired Dec 31, 2024" Definitive closure "We have two part- time employees " Workforce status "We currently have no employees " Cost reduction "Presently, our primary interests include...Orogrande" Implies active development Removed entirely Status downgrade "Rich Masterson, our consulting geologist, originated..." Multi- paragraph biography Removed No longer mentioned "Investing in our common stock involves a high degree of risk" Standard risk language "Investing in our common stock is highly speculative and involves a high degree of risk" Enhanced risk emphasis "Office located at 6300 Ridglea Place, Suite 950, Fort Worth, TX" Fort Worth address "Office located at 500 W. Texas Avenue, Suite 890, Midland TX 79701" Relocation to oil/gas hub No mention of Wildcat entities in prospectus summary Implicit " Wildcat Panther LLC, Wildcat Valentine LLC, Wildcat Cowboy LLC, and Wildcat Packer LLC, all Texas limited liability companies " Explicit naming Phrase/Concept Aug 2024 Jan 2026 Impact "Going concern...is dependent on its ability..." Standard boilerplate Identical language No improvement despite worsening metrics "Net loss of $37,556,787" (2023) Historical "Net loss of $59,614,467" (2024) +$49.2M additional loss CONCLUSION: MAGNITUDE OF CHANGES Critical Financial Deterioration Cash collapse: -88.5% ($1.67M → $191K) Accumulated losses: +$59.6M FY 2024 Accrued interest: +$2.94M Working capital deficit: +$4.3M worse Asset Base Destruction Orogrande acreage: -98.3% (134K → 0 acres) Total property acreage: -98.3% (148K → 2.8K acres) Impairment charges: $56.2M (2024) + $5.04M (9M 2025) Operational & Structural Shifts Employees: 2 part-time → 0 Subsidiaries: 5 → 9 (added Wildcat entities) Headquarters: Fort Worth → Midland (relocation) Financing sources: Heavy McCabe dependency (+new Capco & preferred equity) Litigation Resolution Cordax: Settled (eliminated $1.4M+ contingency) Targgart: Dismissed with prejudice (5th Circuit appeal pending) Bartok: Nonsuited without prejudice (can refile) Disclosure Enhancements Explicit Orogrande lease expiration date Preferred stock terms detailed Capco loan fully disclosed McCabe automatic extension amendments Accrued interest transparency