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. 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.