Pedevco Stock Price, News & Analysis

PEDEVCO Corp. (NYSE American: PED) announced the acquisition of additional D-J Basin assets in Weld County, Colorado, effective July 1, 2021. The acquisition includes 46.6 net leasehold acres and interests in 14 horizontal wells. The recently completed wells produced an average of 661 BOEPD in January 2022, with production expected to rise. This acquisition increases the company's average working interest in the drilling spacing units from 2.50% to 7.37% and 3.68%. The total estimated drilling and completion costs for these new interests are around $2.35 million.

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.

HOUSTON, TX / ACCESSWIRE / December 8, 2021 / PEDEVCO Corp. (NYSE American:PED) has announced the spudding of its first new horizontal well, State 402H, in its Permian Basin Asset, with a target depth of 4,368 feet and a lateral length of 5,270 feet. The second well, State 403H, will follow, aiming for a depth of 4,361 feet and lateral length of 5,600 feet. Completion operations are expected to lead to first production from both wells in Q1 2022.

PEDEVCO Corp. (NYSE American: PED) reported a 68% increase in third-quarter revenues to $4.1 million, driven by a favorable price variance of $2.1 million despite a volume variance loss of $400,000. Oil and gas production averaged over 700 BOEPD with 83% from oil. The net loss narrowed to $325,000 from $2.3 million year-over-year, while Adjusted EBITDA surged 129% to $1.9 million. Cash reserves rose to $23.2 million as of September 30, 2021. The company plans to drill two new wells in the Permian Basin by year-end 2021.

PEDEVCO Corp. (NYSE American: PED) has successfully closed a registered direct offering, raising approximately $7.0 million by selling around 4.5 million shares of common stock at $1.57 per share. After expenses, the net proceeds are estimated at $6.4 million, which will primarily fund asset development programs in the Permian and D-J Basins, pursue acquisition opportunities, and support general corporate purposes. The offering was facilitated by EF Hutton and Roth Capital Partners, with compliance under an effective shelf registration statement.

PEDEVCO Corp. (NYSE American: PED) has announced a registered direct offering to raise approximately $7.0 million by selling about 4.5 million shares of common stock at a price of $1.57 per share. The offering is expected to close on October 6, 2021, subject to customary conditions. The funds will support the acquisition and development of energy projects in the U.S. EF Hutton and Roth Capital Partners are acting as joint placement agents for this offering.

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.