Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1720

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1720
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 financial statement disclosures. 

Proved reserves. Reserves of oil and natural gas that have been proved to a high degree of certainty by analysis of the producing history of a reservoir and/or by volumetric analysis of adequate geological and engineering data.

Proved developed reserves. Proved reserves that can be expected to be recovered through existing wells and facilities and by existing operating methods.

Proved undeveloped reserves or PUDs. Proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for recompletion.

PROVED RESERVE SUMMARY

All of the Company’s reserves are located in the United States. The following tables sets forth the changes in the Company’s net proved reserves (including developed and undeveloped reserves) for the years ended December 31, 2024 and 2023. Reserves estimates as of December 31, 2024 were estimated by the independent petroleum consulting firm Cawley, Gillespie & Associates, Inc. The reserve report is incorporated herein by reference to Exhibit 99.1 of the Annual Report on Form 10-K which these financial statements are filed with.

  December 31,     2024  2023 Crude Oil (MBbls)       Net proved reserves at beginning of year  11,358   11,611 Revisions of previous estimates  (2,638)  506 Purchases in place  2,566   - Extensions, discoveries and other additions  -   - Sales in place  (54)  (384)Production  (439)  (375)Net proved reserves at end of year  10,793   11,358          Natural Gas (Mmcf)         Net proved reserves at beginning of year  19,885   16,379 Revisions of previous estimates  (2,090)  4,260 Purchases in place  6,281   - Extensions, discoveries and other additions  -   - Sales in place  (154)  (323)Production  (506)  (431)Net proved reserves at end of year  23,416   19,885          NGL (MBbbls)         Net proved reserves at beginning of year  2,