UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of
Report (Date of Earliest Event Reported): March 23, 2021
PEDEVCO CORP.
(Exact name of registrant as specified in its charter)
Texas
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001-35922
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22-3755993
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(State or other jurisdiction of incorporation or
organization)
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(Commission file number)
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(IRS Employer Identification No.)
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575 N. Dairy Ashford, Suite 210
Houston, Texas 77079
(Address of principal executive offices)
(713) 221-1768
(Registrant’s telephone number)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
[
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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[
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the
Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.001 par value per share
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PED
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NYSE American
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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 8.01. Other Events.
On
March 23, 2021, PEDEVCO Corp. (the “Company”) issued a
press release announcing the results of two new horizontal well
completions in its Permian Basin asset and the closing of an asset
sale in its D-J Basin asset.
A copy
of the press release is attached as Exhibit 99.1 hereto and
incorporated in this Item
8.01 by reference.
Item
9.01. Financial Statements
and Exhibits.
(d) Exhibits.
Exhibit No.
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Description
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Press
Release dated March 23, 2021
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* Filed
herewith.
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 thereunto duly authorized.
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PEDEVCO
CORP.
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Date: March 23,
2021
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By:
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/s/
Simon G. Kukes
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Simon G. Kukes
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Chief Executive
Officer
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PEDEVCO Announces Successful New Wells and Adds $1.9 Million Cash
through Sale of Non-Core Assets
Over $18.5 Million Cash on Balance Sheet and Zero Debt
Houston,
Texas, March 23, 2021 – PEDEVCO Corp. (NYSE American: PED)
(the “Company”) today announced the results of two
horizontal San Andres wells drilled and completed in its Phase II
development program, as well as the sale of certain non-core assets
in the D-J Basin which added approximately $1.9 million in cash to
the Company’s balance sheet.
Highlights:
●
Initiated
production on the Haley Chaveroo SA Unit 301H (Haley 301) and the
Haley Chaveroo SA Unit 303H (Haley 303), each with an approximately
4,800-foot horizontal section in the San Andres
formation
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Brought Haley 301
onto production with an average thirty-day peak initial production
rate (IP30) of 428.6 gross barrels of oil equivalent per day
(BOEPD) (85% oil)
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Brought Haley 303
onto production with an average thirty-day peak initial production
rate (IP30) of 178.4 gross barrels of oil equivalent per day
(BOEPD) (84% oil)
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Sold approximately
230 net leasehold acres in the D-J Basin for $6,000 per net acre,
adding approximately $1.38 million in cash proceeds
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Sold non-operated
working interest in one well located on the divested acreage
position for $500,000, for a total of approximately $1.9 million
cash added to the balance sheet
J.
Douglas Schick, President, commented, “We are encouraged by
the IP30 rates of these two San Andres wells, which we believe
further demonstrate the development potential of our Permian Basin
Asset. We are also pleased to receive top-dollar for the sale of
these non-core D-J Basin assets, which represent less than 2% of
our total D-J Basin acreage. We believe that we are uniquely
positioned with over $18.5 million of free cash, zero debt, and
significant highly-prospective drilling inventory, which advantages
we plan to aggressively leverage to develop our assets, pursue
accretive merger and acquisition opportunities, and seek to deliver
shareholder value.”
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. 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, 2020 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