About Us

Who We Are

We are an exploration and production (E&P) company focused on the acquisition and development of oil and natural gas assets where the latest in modern drilling and completion techniques and technologies have yet to be applied. We target legacy conventional proven properties where there is a long production history, well-defined geology and existing infrastructure that can be leveraged when applying modern field management.

Our current properties are located in the San Andres formation of the Permian Basin situated in West Texas and eastern New Mexico and in the Denver-Julesberg Basin (D-J Basin) in Colorado and Wyoming in the Wattenberg core and extension area. As of September 30, 2024, we had approximately 14,552 net Permian Basin acres located in Chaves and Roosevelt Counties, New Mexico, and approximately 19,453 net D-J Basin acres located in Weld and Morgan Counties, Colorado, and Laramie County, Wyoming.

Our goal is to be the operator in the majority of our acreage so that we can dictate the pace of development and maintain capital discipline.

History

Prior to June 2018, PEDEVCO focused primarily on development of its properties in the D-J Basin and had accumulated $73.4 million in debt through the oil downturn of 2014 - 2017 and was in danger of losing its NYSE American listing.

On June 26, 2018, the Company secured a strategic investment of $7.7 million from SK Energy LLC, an investment company owned by Dr. Simon Kukes, who subsequently became PEDEVCO's Chief Executive Officer and a director of the Company on July 12, 2018. At this time a new management team who had been working with Dr. Kukes on the restructuring and other oil and gas acquisitions was brought into the company. Through a series of restructuring transactions, all outstanding liabilities were eliminated, and SK Energy became owner of 47% of the common shares outstanding.

The result of the restructuring was a simplified balance sheet, a significant reduction in indebtedness, and insertion of a new management team with a new corporate and enhanced operational focus.

On August 31, 2018, the Company closed the acquisition of the Chaveroo and Milnesand fields in Permian Basin of New Mexico, for $21.3 million. These properties consist of over 23,000 acres, held by production (HBP'd), of mostly contiguous land and have been active oil producing fields since the 1960's. The new management team had previously evaluated these fields and used PEDEVCO as the vehicle to acquire and implement their new strategy.

On February 4, 2019 the Company acquired approximately 22,000 additional leasehold acres in the Chaveroo NE field which is contiguous with the Company's Chaveroo field.



In June 2023 the Company significantly expanded its oil and gas leasehold into Southeastern Wyoming through the acquisition of over 4,000 net leasehold acres in the highly prospective Codell play in Southeastern Wyoming's D-J Basin, increasing the Company's D-J Basin footprint to over 17,000 net acres across Northeastern Colorado and Southeastern Wyoming.

In September 2023, the Company and Evolution Petroleum Corporation entered into a Participation Agreement for the joint development of a portion of the Company’s Permian Basin Asset known as the Chaveroo oilfield, located in Chaves and Roosevelt Counties, New Mexico, pursuant to which the Company and Evolution identified twelve “Development Blocks” covering approximately 16,000 gross leasehold acres where the Company currently holds leasehold interests, in which the parties may jointly develop by drilling and completion of up to nine horizontal San Andres wells in each Development Block.

In September 2024 the Company closed a new reserve based lending facility with Citibank, N.A., with an initial borrowing base of $20.0 million and an aggregate maximum revolving credit amount of $250 million.

In October 2024 the Company entered into a five year Participation Agreement and Area of Mutual Interest with a large, Denver, Colorado-based private equity-backed D-J Basin E&P Company with extensive operational experience, pursuant to which the companies agreed to participate in the joint development of approximately 10,750 net acres collectively held by the companies in the SW Pony Prospect located in Weld County, Colorado, and formed an approximately 16,900 gross acre AMI in the prospect, with PEDVCO holding a 30% interest and the counterparty holding a 70% interest in the combined acreage.

Effective January 1, 2025, the Company’s Board of Directors appointed J. Douglas Schick as the Company's new President and Chief Executive Officer and a member of the Board, expanded its executive management and development team with the hiring of Mr. Jody Crook as the Company's new Chief Commercial Officer, and former CEO Dr. Simon Kukes stepped down as CEO and became the Executive Chairman of the Company's Board of Directors.

Company Description

PEDEVCO Corp (NYSE American: PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company's principal assets are its San Andres Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado, and Laramie County, Wyoming. PEDEVCO is headquartered in Houston, Texas.