Company: PED
Filing Date: 2025-10-29
Form Type: 10-K/A
Source: 0001654954-25-012328
Chunk: 127

Company: PEDEVCO CORP
Filing Date: 2025-10-29
Form: 10-K/A
Chunk 127
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Oil and Natural Gas Sales Volumes

During the year ended December 31, 2024, our net crude oil, natural gas, and NGLs sales volumes increased to 671,796 Bbls, or 1,835 barrels of oil per day (“Bopd”), from 520,886 Bbls, or 1,427 Bopd, a 29% increase over the previous fiscal year. The increase in production volume is related to our participation in 24 new non-operated wells (11 of which occurred in the latter four months of 2024) in the D-J Basin and the drilling and completion of three operated wells with a third-party in the Permian Basin in the latter part of Q1 2024 (see additional detail below).

Significant Capital Expenditures

The table below sets out the significant components of capital expenditures for the year ended December 31, 2024 (in thousands):

| Capital Expenditures    |     |   |        |
|:------------------------|:----|:--|-------:|
| Leasehold Acquisitions  |     | $ |    862 |
| Mineral Acquisitions    |     |   |    725 |
| Drilling and Facilities |     |   | 20,522 |
| Total*                  |     | $ | 22,109 |

*see “Item 8. Financial Statements and Supplementary Data” - “Note 7 - Oil and Gas Properties”.

| 79 |

Market Conditions and Commodity Prices

Our financial results depend on many factors, particularly the price of crude oil and natural gas and our ability to market our production on economically attractive terms. Commodity prices are affected by many factors outside of our control, including changes in market supply and demand, which are impacted by weather conditions, inventory storage levels, basis differentials and other factors. As a result, we cannot accurately predict future commodity prices and, therefore, we cannot determine with any degree of certainty what effect increases or decreases in these prices will have on our production volumes or revenues. In addition to production volumes and commodity prices, finding and developing sufficient amounts of crude oil and natural gas reserves at economical costs are critical to our long-term success. We expect prices to remain volatile for the remainder of the year. For information about the impact of realized commodity prices on our crude oil and natural gas and condensate revenues, refer to “Results of Operations” below.

Results of Operations

The following discussion and analysis