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 in the Wattenberg core and extension area. We have approximately 41,700 net Permian Basin acres located in Chaves and Roosevelt Counties, New Mexico, and approximately 12,000 net D-J Basin acres located in Weld and Morgan Counties, Colorado.
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.
- Become the Premier Public Oil & Gas Company Focused on the Development of Conventional Assets Using Unconventional Technologies
- Maximize Value of our Permian and D-J Basin Assets
- Primary focus will be to grow reserves and production on our Permian Basin properties through low-risk horizontal San Andres infill drilling
- Secondary focus will be on our D-J Basin properties where offset operators have used improving completion techniques with larger fracs to drive strong 30-day average initial production rates (IP30) and estimated ultimate recovery (EUR) growth
- Build a team of highly skilled employees to facilitate growth and successful implementation of our plans
- Maintain Strong Balance Sheet with Financial Flexibility
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, and 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.
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. PEDEVCO is headquartered in Houston, Texas.