If You Invested in Pedevco (PED)

PEDEVCO Corp. (NYSE American: PED) is an energy company engaged in the acquisition and development of strategic, high growth oil and natural gas projects in the United States. The company operates in the crude petroleum and natural gas extraction industry within the broader mining, quarrying, and oil and gas extraction sector. According to multiple company disclosures, PEDEVCO focuses on oil-weighted assets and development programs designed to grow production while managing operating and capital costs.

PEDEVCO is headquartered in Houston, Texas, and is incorporated in the state of Texas, as noted in its SEC filings. Its common stock trades on the NYSE American under the ticker symbol PED. The company reports that its business is centered on U.S. onshore basins with significant existing production, established infrastructure, and identified drilling inventory.

Core Assets and Operating Areas

PEDEVCO describes its principal assets as located in two major U.S. oil and gas regions. One is its Permian Basin Asset, located in the Northwest Shelf of the Permian Basin in eastern New Mexico, including the San Andres formation and the company’s core Chaveroo Field. The other is its Rockies-focused portfolio, historically including a D-J Basin asset in Weld and Morgan Counties, Colorado, and Laramie County, Wyoming, and, following a transformative merger, an expanded position in the Northern DJ Basin and the Powder River Basin.

In multiple press releases and SEC filings, PEDEVCO explains that it participates in both operated and non-operated horizontal drilling programs. The company has drilled and completed operated horizontal San Andres wells in its Chaveroo Field and has participated in numerous non-operated horizontal wells in the D-J Basin with varying working interests. These activities are part of its strategy to develop oil-weighted production and to utilize existing infrastructure in established basins.

Rockies-Focused Growth and North Peak Merger

A key development for PEDEVCO is the North Peak Merger, described in its Form 8-K filings and related press releases. On October 31, 2025, PEDEVCO closed mergers with entities referred to as North Peak (including North Peak Oil & Gas, LLC and Century Oil and Gas Sub-Holdings, LLC). North Peak owns substantial oil-weighted producing assets and leasehold interests with future drilling inventory located in the Northern DJ and Powder River Basins, including approximately 281,000 net acres, as disclosed in the company’s 8-K/A filings.

Company news releases state that, with the addition of these assets to PEDEVCO’s existing D-J Basin position, the combined company is described as a publicly traded Rockies-focused operator with over 6,500 barrels of oil equivalent per day (BOEPD) of current production, a high percentage of oil and liquids, and more than 320,000 to 328,000 net acres across its Rockies position. These disclosures emphasize that the company has identified extensive potential drilling inventory across multiple formations in these basins.

In connection with the North Peak Merger, PEDEVCO issued shares of Series A Convertible Preferred Stock as merger consideration and completed a private placement of additional preferred shares. The preferred stock is convertible into common stock at a 10-to-1 ratio, subject to stockholder approval and other conditions described in the company’s Form 8-K. The company also amended and restated its credit agreement, increasing the borrowing base under a reserve-based lending facility with Citibank from $20 million to $120 million and drawing approximately $87 million to help fund the transaction, as disclosed in its SEC filings.

Business Model and Development Approach

Across its disclosures, PEDEVCO characterizes its business model as centered on the acquisition and development of strategic, high growth energy projects in the U.S., with a particular focus on oil-weighted production in the Rockies and Permian Basin. The company participates in drilling programs as both operator and non-operator, with working interests that vary by well and project. Press releases detail participation in multi-mile lateral wells in the D-J Basin and the drilling and completion of horizontal San Andres wells in the Permian Basin.

The company’s operations updates describe a mix of activities, including drilling new horizontal wells, participating in non-operated pads, performing lift conversions on existing wells, and selectively divesting low-producing legacy wells to reduce recurring operating expenses and plugging and abandonment liabilities while retaining underlying acreage for future development. These disclosures indicate an emphasis on managing lease operating expenses, general and administrative costs, and capital allocation across its asset base.

Capital Structure, Liquidity and Governance

PEDEVCO’s SEC filings and press releases discuss its capital structure and liquidity. Prior to the North Peak Merger, the company highlighted periods with zero debt and available capacity under a $250 million reserve-based lending facility. After the merger and related financing, filings state that PEDEVCO had total debt of approximately $87 million and cash balances that are described in the company’s transaction announcements.

The company has used non-GAAP measures such as EBITDA and Adjusted EBITDA in its earnings releases, explaining that these metrics are presented as supplemental measures of performance and that reconciliations to comparable GAAP measures are provided in its filings. PEDEVCO also discloses that it utilizes share-based compensation to conserve cash for field development and operations.

Governance-related filings and news describe changes to the board of directors and the engagement of a new independent registered public accounting firm. The company has reported material weaknesses in internal control over financial reporting related to tax provision and depreciation, depletion, and amortization inputs, and has indicated that it is developing remediation plans, as described in its Form 8-K filings.

Trading Status and Regulatory Reporting

PEDEVCO’s common stock is registered under Section 12(b) of the Securities Exchange Act of 1934 and is listed on the NYSE American under the symbol PED, as confirmed in multiple Form 8-K filings. The company files annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements on Schedule 14A, and other required documents with the U.S. Securities and Exchange Commission.

These filings provide detailed information about PEDEVCO’s operating results, reserves-related accounting, non-GAAP financial measures, capital programs, and governance matters. Investors researching PED stock can review these documents to understand the company’s asset base, development activities, financial condition, and corporate actions, including the North Peak Merger and related preferred stock and credit facility arrangements.

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