Company: PED
Filing Date: 2025-10-29
Form Type: 10-K/A
Source: 0001654954-25-012328
Chunk: 4

Company: PEDEVCO CORP
Filing Date: 2025-10-29
Form: 10-K/A
Chunk 4
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 10-K”)(collectively, the “Form 10-Ks” and the “Comprehensive Financial Statements”).

This Amendment No. 2 also includes the Comprehensive Financial Statements, restated to address the Error as discussed above.

Restatement of Previously Issued Consolidated Financial Statements

As previously disclosed in the Current Report on Form 8-K filed by the Company with the SEC on March 25, 2025, in connection with the preparation of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the Company concluded that in prior years it had not appropriately accounted for the depletion expense related to its oil and gas properties. These errors led to an overstatement of depletion expense during the impacted periods.

On March 28, 2025, the Audit Committee of the Company’s Board of Directors, after discussion with senior management and the Company’s independent registered public accountants, concluded that the errors were material to the Company's Comprehensive Financial Statements and the Comprehensive Financial Statements as of and for the fiscal years ended December 31, 2023 and December 31, 2022, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, should no longer be relied upon due to the impact of the unintentional error noted above.

The Original Form 10-K included restated Consolidated Financial Statements as of and for the years ended December 31, 2023 and 2022, which are also included in this Amendment No. 2.

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Updates of Disclosure by Registrants Engaged in Oil and Gas Producing Activities

In addition to the matters discussed above, this Amendment No. 2 includes the following new or revised information in order to confirm compliance with Items 1200 through 1208 of Regulation S-K: (a) a new table under “Part I – Item 1. Business – Production, Sales Price and Production Costs”, to disclose production, by final product sold, of oil, gas, and other products, such as natural gas liquids; (b) an expanded table under “Part I – Item 1. Business – Well Summary”, to additionally include wells with royalty interests as of the end of the fiscal years presented; (c) an expanded table under “Part I – Item 1. Business – Drilling Activity”, to include our present activities, including the number of gross and net wells in the process of being drilled, completed, or waiting on