Pedevco - PED STOCK NEWS

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.

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.