Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 81

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 81
---
,606)Accumulated impairment  (44,576)  (907)  -   -   (45,483)Total oil and gas properties, net $103,512  $6,726  $(2,407) $-  $107,831  *Certain reclassifications have been made to prior period amounts to conform to the current period’s presentation, which had no effect on the previously reported total assets, total liabilities, total shareholders’ equity, results of operations or cash flows. For the nine-month period ended September 30, 2025, the Company incurred $17,220,000 of capital costs primarily related to the Company’s completion operations with respect to four operated wells drilled and completed with a third-party as well as five lift conversions in the Permian Basin. The Company also participated in the drilling and/or completion of 23 non-operated wells in the D-J Basin for which production has yet to begin ranging from 8% to 44% working interest. Additionally, the Company acquired approximately 100 net mineral acres and 296 net lease acres in and around its existing footprint in the D-J Basin through multiple transactions at total acquisition and due diligence costs of $194,000 and $334,000, respectively. For the nine-month period ended September 30, 2025, the Company recorded an impairment of oil and gas properties of $907,000 related to undeveloped leases representing 1,034 net acres in the D-J Basin that it allowed to expire or had no plans to drill prior to expiration. In February 2025, the Company entered into a joint development agreement with a private equity-backed D-J Basin E&P Company (“Operator”), pursuant to which the parties agreed to jointly participate in the expansion and development of the Company’s Roth and Amber drilling and spacing units (“DSUs”) located in Weld County, Colorado. The Operator paid to the Company $1.7 million, and the Company agreed to amend the Company’s existing Roth and Amber DSUs to increase each to 1,600 acres and transfer operatorship of the DSUs to the Operator.  In February 2025, the Company recognized $0.3 million in disposition expense related to the sale of certain capitalized equipment to a third-party in the D-J Basin. In April 2025, the Company sold all of its operated production in Weld County, Colorado to a private buyer for an adjusted price of $