Welcome to our dedicated page for Pedevco news (Ticker: PED), a resource for investors and traders seeking the latest updates and insights on Pedevco stock.
PEDEVCO Corp. (NYSE American: PED) generates a steady flow of news as an energy company focused on the acquisition and development of strategic, high growth oil and natural gas projects in the United States. Company press releases highlight its activities in key onshore basins, including the Permian Basin in eastern New Mexico and multiple Rockies basins such as the D-J Basin, Northern DJ Basin, and Powder River Basin.
News coverage for PED often centers on quarterly and annual financial results, where the company reports production volumes, revenue trends, operating income or loss, and non-GAAP measures like EBITDA and Adjusted EBITDA. These updates typically include operational detail, such as the number and type of wells drilled or completed, working interests in non-operated wells, and changes in lease operating expenses and capital spending.
Another major theme in PEDEVCO news is corporate and strategic transactions. Recent releases describe the closing of a transformative merger with North Peak entities that own substantial oil-weighted producing assets and leasehold interests in the Northern DJ and Powder River Basins. Related announcements discuss the issuance of Series A Convertible Preferred Stock, a private placement of preferred shares, and amendments to a reserve-based lending facility with Citibank.
Investors following PED news will also see operations updates on horizontal San Andres wells in the company’s Chaveroo Field in the Permian Basin, participation in multi-mile lateral non-operated wells in the D-J Basin, and selective divestitures of low-producing legacy wells. Governance and capital markets items, such as changes in the board of directors, auditor transitions, and conference participation, are also disclosed through press releases and Form 8-K filings.
For readers tracking PED, this news stream provides insight into PEDEVCO’s production profile, asset base, capital structure, and strategic direction across its Rockies and Permian positions.
PEDEVCO Corp. (PED) reported a significant turnaround in financial performance for 2021, with revenues reaching $15.9 million, a 97% increase from 2020. The company produced an average of 727 BOEPD, with oil comprising 86% of production. Operating expenses decreased by 53% to $19.5 million. Adjusted EBITDA soared 6,822% to $6.3 million. Ending 2021 with cash reserves of $29.2 million and no debt, PEDEVCO anticipates a transformative 2022 driven by ongoing projects in the Permian and D-J Basins.
PEDEVCO Corp. (NYSE American: PED) announced its participation in the 34th Annual Roth Conference from March 13-15, 2022, in Dana Point, California. President J. Douglas Schick will conduct one-on-one meetings with investors. An updated investor presentation will be available on the company's website from March 7, 2022. PEDEVCO focuses on acquiring and developing high-growth energy projects in the U.S., with key assets in the Permian Basin and the Denver-Julesberg Basin.
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.