Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1899

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1899
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 Oil and Gas Properties   76   4,268   (4,192) (98%)                  Interest Income $351  $422  $(71) (17%) Other Income (Expense) $(42) $40  $(82) (205%) Gain on Sale of Fixed Asset $12  $-  $12   100%

*Includes severance, ad valorem taxes, workover adjustments and assessment and marketing costs.

Lease Operating Expenses. The increase of $2.6 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 and gas production during the current year’s period, compared to the prior year’s period.

Depreciation, Depletion, Amortization and Accretion. The $5.9 million increase was primarily the result of an increase in production (noted above) in the current period when compared to the prior period. Additionally, the Company continued to adhere to its plugging and abandonment program in the Permian Basin Asset (in accordance with the terms of an existing compliance order) to plug additional wells over the next several years, which increased accretion expense in Q4 2024 by approximately $0.4 million.

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General and Administrative Expenses (excluding share-based compensation). The increase of $0.6 million in general and administrative expenses (excluding share-based compensation) was primarily due to increased contract and full time staff related to increased activity, an increase in accrued bonuses, which were subsequently paid in January 2025, software licensing fees and general increases in accounting and professional services when comparing the prior period to the current period.

Share-Based Compensation. Share-based compensation, which is included in general and administrative expenses in the Statements of Operations, decreased nominally due to the forfeiture of certain employee stock-based options due to certain voluntary employee terminations. Share-based compensation is utilized for the purpose of conserving cash resources for use in field development activities and operations.

Loss on Sale of Oil and Gas Properties, net. The Company completed three oil and gas property sales transactions during the year ended December 31, 2024, for a total net loss on the sale of oil and gas properties of $76,000, as follows:  (i) the Company sold 30 gross (5.1 net) non-operated legacy well-bores in its D-J Basin Asset for