PEDEVCO Provides Permian Basin Operational Update
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 Corp (NYSE American: PED) ha annunciato il completamento con successo delle operazioni di perforazione per quattro nuovi pozzi orizzontali San Andres (due netti) nel suo campo principale di Chaveroo, situato nel Permian Basin. L'azienda ha riportato che tutti i pozzi sono stati completati sia nei tempi previsti che al di sotto del budget allocato.
Guardando al futuro, PEDEVCO prevede di completare questi pozzi entro inizio Q2 2025, con la produzione iniziale che dovrebbe iniziare entro metà Q2 2025.
PEDEVCO Corp (NYSE American: PED) ha anunciado la finalización exitosa de las operaciones de perforación para cuatro nuevos pozos horizontales San Andres (dos netos) en su campo principal de Chaveroo, ubicado en la Cuenca Permian. La compañía informó que todos los pozos se completaron tanto a tiempo como por debajo del presupuesto asignado.
De cara al futuro, PEDEVCO planea completar estos pozos a principios del Q2 2025, con una producción inicial que se espera comience a mediados del Q2 2025.
PEDEVCO Corp (NYSE American: PED)는 네 개의 새로운 수평 산 안드레스 유정 (순수 2개)의 드릴링 작업을 성공적으로 완료했다고 발표했습니다. 이 유정은 퍼미안 분지에 위치한 주요 차바루 필드에 있습니다. 회사는 모든 유정이 예정대로 완료되었고 할당된 예산 이하로 진행되었다고 보고했습니다.
앞으로 PEDEVCO는 이 유정을 2025년 2분기 초에 완료할 계획이며, 초기 생산은 2025년 2분기 중반에 시작될 것으로 예상하고 있습니다.
PEDEVCO Corp (NYSE American: PED) a annoncé l'achèvement réussi des opérations de forage pour quatre nouveaux puits horizontaux San Andres (deux nets) dans son champ principal de Chaveroo, situé dans le Bassin Permien. La société a rapporté que tous les puits ont été terminés à la fois dans les délais et en dessous du budget alloué.
En regardant vers l'avenir, PEDEVCO prévoit de terminer ces puits au début du Q2 2025, avec une production initiale qui devrait commencer d'ici mi-Q2 2025.
PEDEVCO Corp (NYSE American: PED) hat den erfolgreichen Abschluss der Bohrarbeiten für vier neue horizontale San Andres-Bohrlöcher (zwei netto) in seinem Kernfeld Chaveroo, das sich im Permian Basin befindet, bekannt gegeben. Das Unternehmen berichtete, dass alle Bohrlöcher sowohl im Zeitplan als auch unter dem zugewiesenen Budget abgeschlossen wurden.
Für die Zukunft plant PEDEVCO, diese Bohrlöcher bis Anfang Q2 2025 abzuschließen, wobei die erste Produktion voraussichtlich mitte Q2 2025 beginnen wird.
- Drilling completed under budget, indicating cost efficiency
- All wells completed on schedule, demonstrating operational efficiency
- Expansion of production capacity with four new wells
- No immediate revenue impact until production begins in Q2 2025
HOUSTON, TX / ACCESS Newswire / March 11, 2025 / PEDEVCO Corp. (NYSE American:PED) ("PEDEVCO") provided an operational update today on the completion of drilling of four gross (two net) new horizontal San Andres wells in its core Chaveroo Field in the Permian Basin. The wells were all drilled on time and under budget. The Company plans to complete the wells in early Q2 2025, with first production anticipated to commence in mid-Q2 2025.
About PEDEVCO Corp.
PEDEVCO 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 and Southeastern Wyoming. PEDEVCO is headquartered in Houston, Texas. More information about PEDEVCO can be found at www.pedevco.com.
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 meaning of the federal securities laws, including the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). 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. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, development plans and programs, including the costs thereof, drilling locations, estimated oil, natural gas and natural gas liquids production, price realizations, projected operating, general and administrative and other costs, projected capital expenditures, efficiency and cost reduction initiative outcomes, statements regarding future production, costs and cash flows, liquidity and our capital structure. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, 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 relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changing economic, regulatory and political environments in the markets in which the Company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; actions of competitors or regulators; the potential disruption or interruption of the Company's operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company's control; 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, the availability of such funding and the costs thereof; 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; risks 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 Dr. Simon G. Kukes, our Executive Chairman and member of the Board, beneficially owns a majority of our common stock; our ability to maintain the listing of our common stock on the NYSE American; pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; inflationary risks and recent increased interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; risks related to military conflicts in oil producing countries; changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; the amount and timing of future development costs; the availability and demand for alternative energy sources; regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; and others that are included from time to time in filings made by PEDEVCO with the Securities and Exchange Commission, many of which are beyond our control, including, but not limited to, in the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" sections of 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, including, but not limited to its Annual Report on Form 10-K for the year ended December 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. These reports are available at www.sec.gov.
The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. 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.
View the original press release on ACCESS Newswire
FAQ
How many new wells did PEDEVCO (PED) drill in the Permian Basin's Chaveroo Field?
When will PEDEVCO's (PED) new Permian Basin wells begin production?
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How did PEDEVCO (PED) perform against its drilling budget and timeline?
