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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) has updated its presentation showcasing the company's strategic plans in the D-J Basin and the Permian Basin. The company reported impressive offset well performance in the D-J Basin, attributed to enhanced geological targeting and completion techniques. PEDEVCO aims to allocate more capital toward non-operated projects in the D-J Basin, participating in several upcoming horizontal Niobrara wells. Additionally, the ongoing 'Phase III' development of its Permian asset is set to continue, leveraging a debt-free balance sheet and approximately $20 million in free cash for growth.
PEDEVCO Corp. (PED) announced a significant revenue increase in Q2 2021, reporting $3.74 million, a 470% rise from $656 thousand in Q2 2020. Oil and gas production surged 40% to 718 BOEPD, driven by the resumption of operations after COVID-19-related shut-ins. Operating loss narrowed to $0.6 million from $3.4 million in the prior year. Adjusted EBITDA improved to $1.6 million from a loss of $0.7 million. Cash reserves stood at $22.63 million as of June 30, 2021.
PEDEVCO Corp. (NYSE: PED) announced successful results from its Phase II development program, drilling two horizontal San Andres wells. The Haley Chaveroo SA Unit 301H achieved an initial production rate of 428.6 BOEPD, while the Haley Chaveroo SA Unit 303H reached 178.4 BOEPD, with both wells primarily producing oil. Additionally, the company sold non-core assets in the D-J Basin, adding $1.9 million in cash. With over $18.5 million in cash and zero debt, PEDEVCO aims to leverage its financial position for asset development and M&A opportunities.
PEDEVCO Corp. announced the closing of an underwritten public offering of 5,968,500 shares of common stock at a price of $1.50 per share, generating approximately $8.95 million in gross proceeds. This offering included the full exercise of the underwriter's over-allotment option, managed by Kingswood Capital Markets. The shares were offered under a "shelf" registration statement filed with the SEC. PEDEVCO specializes in the acquisition and development of high-growth energy projects and operates key assets in the Permian Basin and D-J Basin.
PEDEVCO Corp. (NYSE American: PED) has terminated its exchange offer for SandRidge Permian Trust Common Units due to the Avalon Asset Sale’s adverse impact on the Trust’s value. PEDEVCO cited that the sale stripped the Trust of significant royalty interests, impacting future production drastically, which was lowered to approximately 240 barrels of oil equivalent per day from 1,000 barrels. This led to the conclusion that the Trust no longer holds sufficient value for PEDEVCO, prompting the withdrawal of the offer and return of Trust units to unitholders.
PEDEVCO Corp. (NYSE American: PED) issued a public request to Avalon Energy and Montare Resources for clarity on their asset sale transaction, revealing concerns over its fair valuation. The sale involved releasing 31.8% of the SandRidge Permian Trust's royalty interests for $4.9 million. PEDEVCO questions the transaction's arm's-length nature due to potential common ownership. If the sale price is accurate, it implies a low total asset valuation for the Trust, prompting fears of asset stripping and future revenue loss. PEDEVCO demands transparency on the royalty interests sold and the valuation justifications from Avalon and Montare by November 13, 2020.
PEDEVCO Corp. (NYSE American: PED) announced an exchange offer for SandRidge Permian Trust, initiating an exchange of Trust Common Units for PEDEVCO stock. The Trust's recent sale to Montare Resources raised concerns about valuation transparency, as it received $4.9 million for 31.8% of its value, implying a total value of only $15.4 million. This falls significantly short of previous valuations reported in the Trust's 10-K, which indicated values exceeding $100 million. PEDEVCO has urged Avalon and Montare to clarify their valuation process to ensure fair treatment for Trust Unitholders.
PEDEVCO Corp. (NYSE American: PED) announced an exchange offer to acquire all outstanding common units of SandRidge Permian Trust, offering 4/10ths of a share of PEDEVCO common stock for each Trust Common Unit. This values the exchange at approximately $0.536 per unit, compared to the Trust's closing price of $0.44. The offer aims to combine the two entities, enhancing shareholder value and providing Trust holders with a security listed on the NYSE American Exchange. The exchange offer expires on November 30, 2020, unless extended.
PEDEVCO Corp. (NYSE American: PED) issued an update on August 28, 2020, regarding its interest in acquiring the common units of the SandRidge Permian Trust from Avalon Energy. Following PEDEVCO's proposal, Avalon informed the company that it had rejected the offer due to an exclusive agreement with Montare Resources. Despite this, PEDEVCO remains interested in a potential acquisition and is considering a public tender offer for Trust Units not owned by Avalon, which would not need approval from other parties. However, no meaningful discussions have taken place as of now.
PEDEVCO Corp. (NYSE American:PED) has issued a status update regarding its interest in acquiring common units of the SandRidge Permian Trust. Following the delivery of an open letter to the Trustee, PEDEVCO was informed that the Trustee lacks authority to negotiate with the Company. Despite this, PEDEVCO seeks communication with Unit Holders and the possibility of extending the Trust's delisting deadline. New developments include Avalon Energy entering into an agreement with Montare Resources, which may complicate PEDEVCO's acquisition attempts. No formal agreements have been established yet.
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