Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 379

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 379
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 table below (in thousands):   December 31, 2024 Operating lease – right-of-use asset $224      Operating lease liabilities – current $99 Operating lease liabilities – long-term  129 Total lease liability $228  The weighted-average remaining lease term for the Company’s operating lease is 2.2 years as of December 31, 2024, with a weighted-average discount rate of 7.90%. Lease liability with enforceable contract terms that have greater than one-year terms are as follows (in thousands): 2025 $112 2026  115 2027  20 Thereafter  - Total lease payments  247 Less imputed interest  (19)Total lease liability $228  Leasehold Drilling Commitments The Company’s oil and gas leasehold acreage is subject to expiration of leases if the Company does not drill and hold such acreage by production or otherwise exercises options to extend such leases, if available, in exchange for payment of additional cash consideration. In the D-J Basin Asset, 808.91 net acres are set to expire during 2025 (net to our direct ownership interest only), with 3,662 and 1,657 net acres set to expire for the years ending December 31, 2026 and 2027 respectively, and 508.53 net acres thereafter, if we fail to meet drilling commitments or obtain term assignment extensions (net to our direct ownership interest only). In the Permian Basin Asset only 200 net acres is set to expire for the year ending December 31, 2026, (net to our direct ownership interest only), all of the remaining acreage is currently held by production. The Company plans to hold significantly all of this acreage through a program of drilling and completing producing wells. If the Company is not able to drill and complete a well before term assignment expiration, the Company may seek to extend terms of contractual assignments. Other Commitments Although the Company may, from time to time, be involved in litigation and claims arising out of its operations in the normal course of business, the Company is not currently a party to any material legal proceeding. In addition, the Company is not aware of any material legal or governmental proceedings against it or contemplated to be brought against it.

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As part of its regular operations, the Company may become party to various pending or threatened claims, lawsuits