Company: PED
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001654954-25-005762
Chunk: 80

Company: PEDEVCO CORP
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 80
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232   5%                 General and Administrative (Cash) $1,121  $1,020  $101   10%Share-Based Compensation (Non-Cash)  475   475   -  -%Total General and Administrative Expense  $1,596  $1,495  $101   7%                 Interest Income $64  $149  $(85) (57%)Other Income $2  $7  $(5) (71%)Gain on Sale of Fixed Asset $-  $12  $(12) (100%)

*Includes severance, ad valorem taxes and marketing costs.

Lease Operating Expenses. The increase of $0.9 million was primarily due to higher direct and variable lease operating expenses associated with the higher oil volume resulting from the increased number of wells and increased oil production during the current year’s period, compared to the prior year’s period, due to our participation in new non-operated wells in the D-J Basin, as well as production from our completed wells in 2024.

Depreciation, Depletion, Amortization and Accretion. The $0.1 million decrease was primarily the result of an increase in our 2025 depletable reserve base relative to the production increase noted above.

Impairment of Oil and Gas Properties. The Company recorded an impairment of oil and gas properties of $0.2 million related to undeveloped leases representing 232 net acres in the D-J Basin that it allowed to expire or currently have no plans to drill prior to expiration, in the current period.  There was no impairment in the prior period.

General and Administrative Expenses (excluding share-based compensation). The $0.1 million increase was primarily the result of additional payroll and professional fees.

Share-Based Compensation. Share-based compensation, which is included in general and administrative expenses in the Statements of Operations, remained unchanged when comparing periods.  Share-based compensation is utilized for the purpose of conserving cash resources for use in field development activities and operations.

Interest Income and Other Income. Includes interest earned from our interest-bearing cash accounts and interest on our note receivable, nominally decreased due to additional cash usage for our operations in the current period compared to the prior period. There was a nominal amount and decrease in other income when comparing periods.

Gain on Sale of Fixed Asset. Relates to the sale of a vehicle and the