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) 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.
PEDEVCO Corp. (NYSE American: PED) announced an exchange offer for SandRidge Permian Trust, initiating an exchange of Trust Common Units for PEDEVCO stock. The Trust's recent sale to Montare Resources raised concerns about valuation transparency, as it received $4.9 million for 31.8% of its value, implying a total value of only $15.4 million. This falls significantly short of previous valuations reported in the Trust's 10-K, which indicated values exceeding $100 million. PEDEVCO has urged Avalon and Montare to clarify their valuation process to ensure fair treatment for Trust Unitholders.
PEDEVCO Corp. (NYSE American: PED) announced an exchange offer to acquire all outstanding common units of SandRidge Permian Trust, offering 4/10ths of a share of PEDEVCO common stock for each Trust Common Unit. This values the exchange at approximately $0.536 per unit, compared to the Trust's closing price of $0.44. The offer aims to combine the two entities, enhancing shareholder value and providing Trust holders with a security listed on the NYSE American Exchange. The exchange offer expires on November 30, 2020, unless extended.
PEDEVCO Corp. (NYSE American: PED) issued an update on August 28, 2020, regarding its interest in acquiring the common units of the SandRidge Permian Trust from Avalon Energy. Following PEDEVCO's proposal, Avalon informed the company that it had rejected the offer due to an exclusive agreement with Montare Resources. Despite this, PEDEVCO remains interested in a potential acquisition and is considering a public tender offer for Trust Units not owned by Avalon, which would not need approval from other parties. However, no meaningful discussions have taken place as of now.
PEDEVCO Corp. (NYSE American:PED) has issued a status update regarding its interest in acquiring common units of the SandRidge Permian Trust. Following the delivery of an open letter to the Trustee, PEDEVCO was informed that the Trustee lacks authority to negotiate with the Company. Despite this, PEDEVCO seeks communication with Unit Holders and the possibility of extending the Trust's delisting deadline. New developments include Avalon Energy entering into an agreement with Montare Resources, which may complicate PEDEVCO's acquisition attempts. No formal agreements have been established yet.