Company: PED
Filing Date: 2025-10-31
Form Type: 10-K/A
Source: 0001654954-25-012381
Chunk: 167

Company: PEDEVCO CORP
Filing Date: 2025-10-31
Form: 10-K/A
Chunk 167
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 effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the significance of the subjective decisions required and variances in available data for various reservoirs make these estimates generally less precise than other estimates presented in connection with 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.

<div align='center'>PROVED RESERVE SUMMARY</div>

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, 2023 and 2022. 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.

|                                             |     | Oil (MBbls) |        |   |     | Gas (MMcf) |        |   |     | NGL (MBbls) |       |   |     | Combined (MBoe) |        |   |
| Proved developed and undeveloped reserves:  |     |             |        |   |     |            |        |   |     |             |       |   |     |                 |        |   |
| December 31, 2022                           |     |             | 11,611 |   |     |            | 16,379 |   |     |             | 1,796 |   |     |                 | 16,137 |   |
| Revisions of previous estimates             |     |             | (2,011 | ) |     |            |    216 |   |     |             |   130 |   |     |                 | (1,845 | ) |
| Revisions due to prices                     |     |             |    (74