UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On June 14, 2023, PEDEVCO Corp. (the “Company”) issued a press release announcing its expansion into the Wyoming D-J Basin Codell play, a copy of which is furnished herewith as Exhibit 99.1 and incorporated by reference into this Item 7.01.
The information contained in this Current Report (and included in Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
The press release furnished as Exhibit 99.1 to this Current Report on Form 8-K contains forward-looking statements within the safe harbor provisions under the federal securities laws, including The Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements relate to the Company’s current expectations and are subject to the limitations and qualifications set forth in the presentation as well as in the Company’s other filings with the Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements. These statements also involve known and unknown risks, which may cause the results of the Company and its subsidiaries to be materially different than those expressed or implied in such statements. Accordingly, readers should not place undue reliance on any forward-looking statements. Forward-looking statements may include comments as to the Company’s beliefs and expectations as to future financial performance, events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the Company’s control. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, filed with the SEC and available at www.sec.gov and the Company’s website at https://www.PEDEVCO.com/ped/sec_filings, and specifically including, but not limited to its Annual Report on Form 10-K for the year ended December 31, 2022 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as otherwise provided by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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104 |
| Inline XBRL for the cover page of this Current Report on Form 8-K |
* Furnished herewith.
The inclusion of any website address in this Form 8-K, and any exhibit thereto, is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, such website is not part of or incorporated into this Form 8-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PEDEVCO CORP. | |||
| Date: June 14, 2023 | By: | /s/Simon G. Kukes | |
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| Simon G. Kukes | |
| Chief Executive Officer | |||
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EXHIBIT 99.1
PEDEVCO Announces Expansion into Wyoming D-J Basin Codell Play
Houston, Texas, June 14, 2023 – PEDEVCO Corp. (NYSE American: PED) (the “Company”) today announced that it has 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.
Over the last year, Southeastern Wyoming has seen a significant increase in oil and gas development and merger and acquisition activity as operators continue to expand their positions in this crude oil and liquids rich play, development of which historically targeted the Niobrara benches, but with recent developments showing much greater success targeting the Codell formation.
With its attractive economics, the Company believes that the Codell play of the D-J Basin in Southeastern Wyoming offers one of the most exciting oil and gas expansion and development opportunities in the U.S., with nearby recent development exceeding 750 MBOE EURs per well.
The Company’s expansion into the Southeastern Wyoming Codell play in the D-J Basin is a continuation of the Company’s renewed focus on its D-J Basin assets, which offer among the highest rates of return in the industry.
J. Douglas Schick, President of the Company, stated, “We are very pleased to announce the expansion of our D-J Basin footprint into Southeastern Wyoming and continued growth and development of our D-J Basin position. In the present environment, we believe our capital is better spent and will yield greater returns growing our production and reserves organically versus seeking to acquire existing production. Throughout 2021 and 2022 our team researched multiple new highly prospective oil rich plays, ultimately identifying the emerging Codell play in Southeastern Wyoming as an ideal target due to the impressive well results of operators in the area, a favorable regulatory environment, and geological, geographical and operational similarities with our existing D-J Basin position. We look forward to commencing development of our new Wyoming position, with first development anticipated in 2024.”
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About PEDEVCO Corp.
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 Southeastern Wyoming. PEDEVCO is headquartered in Houston, Texas.
Cautionary Statement Regarding Forward Looking Statements
All statements in this press release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In particular, when used in the preceding discussion, the words "estimates," "believes," "hopes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Company's control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and subsequently filed Quarterly Reports on Form 10-Q under the heading "Risk Factors". The Company operates in a highly competitive and rapidly changing environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statements, except as otherwise required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. Readers are also urged to carefully review and consider the other various disclosures in the Company's public filings with the SEC.
References to thickness of oil pay or of a formation where evidence of hydrocarbons have been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil accumulations are not necessarily indicative of future production or ultimate recovery.
CONTACT:
PEDEVCO Corp.
(713) 221-1768
PR@pedevco.com
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Cover |
Jun. 14, 2023 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | PEDEVCO CORP. |
| Entity Central Index Key | 0001141197 |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Document Period End Date | Jun. 14, 2023 |
| Entity Incorporation State Country Code | TX |
| Entity Tax Identification Number | 22-3755993 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Entity File Number | 001-35922 |
| Entity Address Address Line 1 | 575 N. Dairy Ashford |
| Entity Address Address Line 2 | Suite 210 |
| Entity Address City Or Town | Houston |
| Entity Address State Or Province | TX |
| Entity Address Postal Zip Code | 77079 |
| City Area Code | 713 |
| Local Phone Number | 221-1768 |
| Security 12b Title | Common Stock, $0.001 par value per share |
| Trading Symbol | PED |
| Security Exchange Name | NYSE |