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PEDEVCO Corp. (NYSE American: PED), also known as Pacific Energy Development, is a publicly traded energy company actively engaged in the acquisition and development of high-growth energy projects in the United States. Headquartered in Houston, Texas, with an operations office in Danville, California, PEDEVCO focuses on leveraging modern drilling and completion techniques in strategic areas where these technologies have yet to be fully applied. The company's core assets are located in two prolific regions: the San Andres formation of the Permian Basin in Southeast New Mexico and the Denver-Julesberg (D-J) Basin in Colorado and Wyoming.
PEDEVCO's principal asset in the D-J Basin, covering over 17,000 net acres, spans Weld and Morgan Counties in Colorado and extends into Southeastern Wyoming. The company's recent expansion into the Codell play in the D-J Basin underscores its commitment to high-return oil and gas projects. Over 4,000 net leasehold acres were acquired, boosting the company's footprint in this promising area. Development in the Codell formation has shown impressive results, and PEDEVCO plans to commence operations here in 2024.
In the Permian Basin, PEDEVCO operates a significant acreage in the Northwest Shelf, focusing on the development of legacy proved properties with established production histories. The company's innovative approach includes partnering with Evolution Petroleum Corporation for the joint development of the Chaveroo oilfield, highlighting their strategy to leverage existing infrastructure and enhance production through modern techniques. Recent drilling activities have yielded promising initial production results, with expectations for further development in 2024.
Financially, PEDEVCO has demonstrated robust performance. As of the latest reports, the company has maintained zero debt, controlled general and administrative expenses, and effectively managed lease operating expenses. For Q1 2024, PEDEVCO reported a net income of $0.8 million, with a production volume comprising 84% liquids. The company's focus on cost efficiency and strategic asset development continues to drive its financial health and operational success.
PEDEVCO's business model emphasizes organic growth through the development of its existing assets. The company's operational updates indicate a strong pipeline of projects, with permits in place for multiple drilling activities in the D-J Basin and ongoing partnerships to enhance production in the Permian Basin. These initiatives are expected to yield significant returns and expand the company's production capabilities in the near term.
For investors, PEDEVCO represents a dynamic and forward-looking energy company committed to sustainable growth and the strategic development of high-potential oil and gas assets. The company's focus on leveraging modern technologies and maintaining financial discipline positions it well for continued success in the competitive energy sector.
PEDEVCO Corp. (NYSE American: PED) is set to host one-on-one meetings at The Inaugural EF Hutton Global Conference, taking place on May 10-11, 2023, at the Plaza Hotel in New York. J. Douglas Schick, the Company's President, will facilitate these meetings on May 10 from 8:30 a.m. to 3:15 p.m. Eastern Time. Investors can register online until April 28, 2023, to schedule a meeting. The Company has an investor deck available on its website, although it may be removed at any time. PEDEVCO is focused on acquiring and developing high growth energy projects in the U.S., with key assets in the Permian Basin and the D-J Basin. Further information about PEDEVCO is available on their official website.
PEDEVCO Corp. (NYSE American: PED) reported a transformational 2022, achieving revenue of $30 million, a remarkable 89% increase from 2021. The company produced an average of 1,000 BOEPD, with an operating income of $2.6 million and net income of $2.8 million, or $0.03 per share. Adjusted EBITDA rose 157% to $16.1 million. Despite a 40% rise in operating expenses to $27.4 million, cash reserves grew to $32.98 million with zero debt. Looking ahead, PEDEVCO anticipates significant production growth from new wells in the D-J Basin and plans further drilling activities in 2023.
PEDEVCO Corp. (NYSE American: PED) announced its participation in the 35th Annual Roth Conference from March 12-14, 2023 in Laguna Niguel, California. President J. Douglas Schick will hold one-on-one investor meetings during the event. An updated investor deck will be available on the company's website from March 6, 2023, with the possibility of discontinuation at any time. PEDEVCO engages in strategic energy project acquisition and development, focusing on its key assets in the Permian Basin and D-J Basin. For more information, visit www.pedevco.com.
PEDEVCO Corp. (PED) reported a significant financial turnaround for Q3 2022, achieving a net income of $1.1 million or $0.01 per share, versus a net loss of $0.3 million in Q3 2021. Revenues soared by 84% year-over-year to $7.47 million, largely attributable to increased production averaging 960 BOEPD (87% oil). Adjusted EBITDA doubled to $3.87 million. Operating expenses rose 46% to $6.45 million, driven by non-recurring costs. The company boasts a cash reserve of $30.9 million with zero debt, and anticipates further production growth from upcoming well completions.
PEDEVCO Corp. (NYSE: PED) announced strong financial results for Q2 2022, reporting a revenue surge of 155%, reaching $9.55 million. The company averaged 1,085 BOEPD, with net income hitting $3.21 million, or $0.04 per share, a significant turnaround from a net loss of $0.225 million in Q2 2021. Adjusted EBITDA also rose 281%, totaling $6 million. Despite a 44% increase in operating expenses to $6.3 million, PEDEVCO's cash position remains solid at $26.36 million, with zero debt. The company continues to pursue growth opportunities in the Permian and D-J Basins.
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