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. operates as a publicly traded energy company focused on acquiring and developing oil and natural gas assets in the Rocky Mountain region. Company news commonly covers operating and financial results, production and reserve updates, investor presentations, and the integration of acquired oil and gas properties into its Rockies-focused platform.
Recurring developments also include material agreements, credit and capital-structure matters, shareholder voting items, governance actions, and risk disclosures tied to exploration, development, production, commodity prices, financing, and NYSE American listing requirements.
PEDEVCO Corp. (PED) reported strong Q1 2022 results, producing an average of 1,074 BOEPD with revenues of $7.1 million, a 101% increase from Q1 2021. Operating income rose 74% to $1.26 million, and net income reached $1.34 million ($0.02 per share). Adjusted EBITDA surged 225% to $3.8 million. The company's cash position was $25.13 million with zero debt, while participating in six new D-J Basin wells. Production performance exceeded expectations for completed D-J Basin wells, and initial production from two new Permian Basin wells has commenced.
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.