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Overview of PEDEVCO Corp (Symbol: PED)
PEDEVCO Corp is a publicly-traded oil and gas company specializing in the acquisition and development of strategic energy projects across the United States. As an energy company operating in the highly competitive oil and gas sector, PEDEVCO employs modern drilling and completion techniques on legacy proved properties that feature a long production history, well-defined geology, and established infrastructure. This focus on enhancing proven assets with contemporary field management technologies positions the company as an expert in optimizing mature assets for increased operational efficiency.
Core Business and Asset Portfolio
The company's operational footprint spans two primary regions: the Permian Basin and the Denver-Julesburg (D-J) Basin. In the Permian Basin, PEDEVCO concentrates on its San Andres formation assets in West Texas and eastern New Mexico, where the emphasis is on leveraging existing infrastructure to enhance production using proven modern techniques. In the D-J Basin, situated in Colorado and Wyoming, the company has focused on acquiring properties with long-term production histories, enabling it to maximize the returns from its development projects. The strategic nature of these assets underlines PEDEVCO's commitment to risk-conscious investments in areas with well-established geological parameters.
Operational Strategy and Technological Approach
PEDEVCO’s business model revolves around acquiring traditional resource-rich properties and applying advanced drilling and completion technologies that have not yet been fully exploited. This approach not only enables the company to extend the productive life of mature assets but also helps in reducing operational expenses through cost-effective production strategies. The company’s methodology emphasizes operational excellence, risk management, and effective cost control measures, making it a model of technological application in an industry driven by both discovery and optimization.
Market Position and Competitive Landscape
Operating within the energy sector, PEDEVCO effectively positions itself by focusing on assets that require measured investment and disciplined field management. Unlike companies that pursue rapid expansion through high-cost exploration, PEDEVCO leverages the benefits of legacy asset performance, thereby differentiating itself in a competitive landscape. Its strategic focus on developed basins allows for an efficient balance between production reliability and cost reduction, making it notable among investors who value a conservative yet opportunistic approach in the energy market.
Partnerships, Collaborations, and Risk Management
The company actively engages in partnerships and joint ventures to further its development objectives. Collaborations with experienced operators in both the Permian and D-J Basins have allowed PEDEVCO to boost production and streamline operations. These strategic alliances not only enhance its technological know-how but also mitigate the inherent risks associated with large-scale energy projects. PEDEVCO’s robust risk management framework encompasses operational safety, cost containment, and asset integrity, ensuring that the company remains resilient amid industry volatility.
Financial Considerations and Operational Efficiency
While specific financial figures are not the primary focus, PEDEVCO’s disciplined cost structure and focus on operational improvements underscore its commitment to sustainable business practices. The company’s efforts in consolidating assets, reducing operating expenses, and streamlining administrative practices illustrate a prudent approach to financial management. This operational efficiency is a key factor in achieving reliable production outcomes and reinforcing investor confidence.
Industry Expertise and Future Readiness
PEDEVCO Corp demonstrates a high level of expertise in the oil and gas sector by continuously adapting traditional asset management to modern technological applications. Its in-depth understanding of geological formations, combined with a strategic focus on cost-efficient field operations, showcases the company's expert knowledge. This expertise has earned PEDEVCO a reputation for meticulous asset development and operational excellence, which are critical attributes in the dynamic landscape of the energy industry.
Conclusion
In summary, PEDEVCO Corp is an energy company with a clear focus on the deliberate acquisition and technological advancement of legacy oil and gas assets. By concentrating on geologically proven regions such as the Permian and D-J Basins, and by implementing modern drilling techniques, the company maintains a balanced approach to risk and reward. Its strategic partnerships, disciplined operational tactics, and commitment to cost control position it as a knowledgeable participant in the energy sector, providing a comprehensive operational framework for investors seeking to understand the nuances of contemporary energy project development.
PEDEVCO Corp (NYSE American: PED) has announced the successful completion of drilling operations for four gross (two net) new horizontal San Andres wells in its core Chaveroo Field located in the Permian Basin. The company reported that all wells were completed both on schedule and under the allocated budget.
Looking ahead, PEDEVCO plans to complete these wells in early Q2 2025, with initial production expected to commence by mid-Q2 2025.
PEDEVCO (NYSE American: PED) has announced its participation in the upcoming 37th Annual ROTH Conference, scheduled for March 16-18, 2025, at the Laguna Cliffs Marriott Resort & Spa in Dana Point, California.
The company's President and CEO, J. Douglas Schick, will be available for one-on-one meetings with investors during the conference. Interested investors can submit their registration requests through ROTH's platform and schedule meetings through their ROTH representatives.
PEDEVCO (NYSE:PED) has entered into a joint development agreement with a major private equity-backed D-J Basin E&P operator in Denver, Colorado. The agreement involves the expansion and development of PEDEVCO's Roth and Amber DSUs in Weld County, Colorado.
Key terms include:
- Operator to pay PEDEVCO approximately $1.7 million
- DSU sizes to increase from ~1,280 acres to ~1,600 acres
- Operatorship transfer to the new partner
- PEDEVCO to maintain minimum 40% working interest in Roth DSU
- Five new horizontal wells planned for Roth DSU in Q3 2025, with completion in Q4 2025
Upon completion of the Roth DSU wells (by June 30, 2026), the Operator has the option to acquire up to 50% of PEDEVCO's Amber DSU leasehold interest, resulting in each party holding ~45% working interest in the Amber DSU.
PEDEVCO (NYSE American:PED) announced key leadership changes effective January 1, 2025. J. Douglas Schick, current President since August 2018, has been appointed as the new CEO and Board member, while Dr. Simon G. Kukes will transition from CEO to Executive Chairman. The company also hired Jody Crook as Chief Commercial Officer.
Under the current leadership since 2018, PEDEVCO has achieved significant milestones, including increased production, cost containment, capital raising, securing a $250 million reserve-based credit facility with Citibank, and establishing joint development agreements in the Permian and D-J Basins. The company maintains a clean balance sheet with cash reserves and zero debt.
PEDEVCO Corp. (NYSE American:PED) reported strong Q3 2024 financial results with revenue of $9.1 million, up $1.7 million from Q3 2023. The company achieved net income of $2.9 million ($0.03 per share), compared to $0.9 million in Q3 2023. Production increased to 1,698 BOEPD (85% liquids) from 1,376 BOEPD in Q3 2023. Operating income grew 231% to $2.8 million, while Adjusted EBITDA rose 30% to $5.7 million. The company maintains zero debt with $7.2 million in cash and cash equivalents. PEDEVCO participated in multiple well developments in the D-J Basin and is planning four new wells in the Permian Basin for early 2025.
PEDEVCO Corp. (NYSE American:PED) has entered into a five-year Participation Agreement and Area of Mutual Interest with a large private equity-backed D-J Basin E&P Company in Colorado. The agreement covers joint development of approximately 10,750 net acres in the SW Pony Prospect, Weld County, Colorado. Key points include:
1. Formation of a 16,900 gross acre AMI with PEDEVCO holding 30% interest and the Operator 70%.
2. Plans to drill and complete a minimum of five horizontal Niobrara wells per year over the next five years.
3. PEDEVCO acquired a ~27.9% working interest in six new horizontal D-J Basin wells drilled in Q3 2024, expected to provide immediate production uplift.
4. The AMI covers approximately 16% of PEDEVCO's D-J Basin acreage.
This collaboration aims to accelerate development and increase production in the highly-prospective SW Pony Prospect area.
PEDEVCO Corp. (NYSE American:PED) has successfully closed a new $250 million reserve based lending facility (RBL) with Citibank, N.A. as the administrative agent. The facility has a four-year maturity and provides an initial borrowing base of $20.0 million. PEDEVCO has not drawn any borrowings yet. The company's president, J. Douglas Schick, expressed satisfaction with the partnership, stating that the RBL, combined with their existing $10 million cash on hand and strong cash flow, is expected to provide ample capital for accelerated development of their D-J Basin and Permian Basin assets, as well as funding for potential asset acquisitions and strategic transactions.
PEDEVCO Corp. (NYSE American:PED) announced strong Q2 2024 financial results and operations update. Key highlights include:
- Average production of 2,010 BOEPD (87% liquids), up from 1,660 BOEPD in Q2 2023
- Q2 2024 revenue of $11.8 million, a $3.3 million increase from Q2 2023
- Operating income of $2.6 million, up 77% from Q2 2023
- Net income of $2.7 million ($0.03 per share), compared to $1.6 million ($0.02 per share) in Q2 2023
- Adjusted EBITDA increased to $7.4 million, up from $5.0 million in Q2 2023
- Cash and cash equivalents of $8.7 million with zero debt
The company attributes its strong performance to successful non-operated wells in the D-J Basin and new Permian Basin wells. PEDEVCO plans to leverage its strong balance sheet for continued growth and increased shareholder value.
PEDEVCO announced its participation in the 2024 Louisiana Energy Conference on May 29th at the Four Seasons Hotel in New Orleans. J. Douglas Schick, the President of PEDEVCO, will join a panel discussion titled 'U.S. Onshore E&P - Multi Basins Approach Reduces Portfolio Risk' and will be available for investor meetings during the event. For more information on the conference, visit www.LouisianaEnergyConference.com.
PEDEVCO Corp. (NYSE American: PED) has announced its financial results for Q1 2024, ending March 31. The company produced an average of 1,478 BOEPD, an increase from Q1 2023's 1,428 BOEPD. Revenue slightly decreased to $8.12 million, while operating income dropped to $0.6 million, a 62% decline. Net income was $0.8 million, or $0.01 per share, down from $1.8 million, or $0.02 per share, in Q1 2023.
Operating expenses increased by 15%, totaling $7.5 million. Adjusted EBITDA fell to $4.72 million. The company had $15.5 million in cash and no debt. PEDEVCO participated in the production of 13 non-operated wells and drilled three horizontal wells in the Permian Basin.
Additionally, PEDEVCO received approval for the Roth 2-11 OGDP in Colorado, covering 2,560 acres. The company is collaborating with Evolution Petroleum for further development in the Permian Basin.
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