Permian Basin Properties
The Company’s Permian basin asset currently consists of the Chaveroo and Chaveroo NE oil fields in New Mexico.
The Chaveroo field is located in the Northwest Shelf of the Permian Basin and is a legacy oil field with over 700 million barrels of original oil in place (OOIP) that has produced 48 million barrels of oil equivalent to date from the San Andres formation, via 40-acre vertical well spacing. The company historically had100% working interest and approximately 82% Net Revenue Interests in these two properties. The company brought in a joint venture partner in 2023 and sold 50% working interest to the partner in future drilling projects.
By applying horizontal drilling and modern completion techniques and downspacing to 20 acre infill drilling locations the company has realized significantly better recoveries and achieved lower finding and development cost, than can be achieved through vertical development.
The Chaveroo NE field is contiguous to the Chaveroo field and is an extension of the field with a thinner San Andres pay interval that historically was not developed vertically. With horizontal technology and modern completion designs the Chaveroo NE field has been proven to contain oil and gas reserves that can be produced in economic quantities.
Permian Basin PEDEVCO-Operated Highlights
- ~ 14,100 net acres in prolific San Andres formation
- Large, contiguous leasehold position in thick oil columns (Main Pay Zones)
- Operational control with working interest (WI) ranging from 50% to 100% and high net revenue interests (NRI) of ~82%
- 100+ drilling locations
- Infrastructure in place to develop acreage