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. (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.