PEDEVCO Announces Completion of Drilling of Two New Horizontal Wells in its Permian Basin Asset

Rhea-AI Summary

PEDEVCO Corp. (NYSE American:PED) has completed drilling two new horizontal wells in its Permian Basin asset. The first well, State 402H, reached a total vertical depth of 4,373 feet with a 5,286-foot lateral, while the second, State 403H, achieved a depth of 4,362 feet and 5,610 feet laterally. Completion operations are set to begin in mid-January, with first production expected by mid-February 2022. This development is part of PEDEVCO's strategy to enhance its growth in high-potential energy projects.

Positive

• Completion of two new horizontal wells enhances production capacity.
• Strategic drilling in the targeted upper San Andres zone.
• First production expected by mid-February 2022.

Negative

• None.

Initial Production Anticipated in Mid-February

HOUSTON, TX / ACCESSWIRE / January 6, 2022 / PEDEVCO Corp. (NYSE American:PED) announced today that it has completed the drilling of two new horizontal wells in its Permian Basin Asset, with the lateral lengths of each landing 100% in the targeted upper San Andres zone. The first well, the State 402H, reached a true vertical depth (TVD) of 4,373 feet with a lateral length (MD) of 5,286 feet. The second well, the State 403H, reached 4,362 feet TVD and 5,610 feet MD. The Company plans to begin completion operations in mid-January and expects first production from both wells to commence by mid-February 2022.

About PEDEVCO Corp.

PEDEVCO Corp. (NYSE American:PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company's principal assets are its San Andres Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado. PEDEVCO is headquartered in Houston, Texas.

Cautionary Statement Regarding Forward Looking Statements

This press release may contain forward-looking statements, including information about management's view of PEDEVCO's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act") and other securities laws. In particular, when used in the preceding discussion, the words "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act and such laws, and are subject to the safe harbor created by the Act and applicable laws. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of PEDEVCO and its subsidiaries to be materially different than those expressed or implied in such statements. These risks include, but are not limited to, risks of our operations not being profitable or generating sufficient cash flow to meet our obligations; risks relating to the future price of oil, natural gas and NGLs; risks related to the status and availability of oil and natural gas gathering, transportation, and storage facilities; risks related to changes in the legal and regulatory environment governing the oil and gas industry, and new or amended environmental legislation and regulatory initiatives; risks related to the need for additional capital to complete future acquisitions, conduct our operations, and fund our business on favorable terms, if at all; risks related to the limited control over activities on properties we do not operate and the speculative nature of oil and gas operations in general; risk associated with the uncertainty of drilling, completion and enhanced recovery operations; risks associated with illiquidity and volatility of our common stock, dependence upon present management, the fact that Mr. Simon Kukes, our CEO and member of the Board, beneficially owns a majority of our common stock, and our ability to maintain the listing of our common stock on the NYSE American; COVID-19, governmental responses thereto, economic downturns and possible recessions caused thereby; and others that are included from time to time in filings made by PEDEVCO with the Securities and Exchange Commission, including, but not limited to, in the "Risk Factors" sections in its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed, and files from time to time, with the U.S. Securities and Exchange Commission. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on PEDEVCO's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. PEDEVCO cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

CONTACT:

PEDEVCO Corp.
(713) 221-1768
PR@pedevco.com

SOURCE: PEDEVCO Corp.

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FAQ

When is PEDEVCO's first production from the new wells expected?

PEDEVCO expects first production from the new wells by mid-February 2022.

What are the depths of PEDEVCO's new horizontal wells?

The State 402H well reached a depth of 4,373 feet and the State 403H well reached 4,362 feet.

What company ticker is PEDEVCO listed under?

PEDEVCO is listed under the ticker symbol PED on the NYSE American.

Where are PEDEVCO's new wells located?

The new wells are located in the Permian Basin, specifically in the upper San Andres zone.

What operations are planned following the completion of drilling?

Completion operations are expected to begin in mid-January 2022.