Pedevco - PED STOCK NEWS

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.