Company: PED
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009652
Chunk: 8

Company: PEDEVCO CORP
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 8
---
 -   4,354 Accumulated depreciation and depletion  (81,015)  (6,808)  -   -   (87,823)Accumulated impairment   (44,576)    (742)    -    -    (45,318) Total oil and gas properties, net $103,512  $1,024  $(2,119) $-  $102,417 

*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.

 9Table of Contents

 For the six-month period ended June 30, 2025, the Company incurred $8,455,000 of capital costs primarily related to the Company’s completion operations with respect to four operated wells recently drilled and completed with a third-party in the Permian Basin. Additionally, for the six-month period ended June 30, 2025, the Company recorded an impairment of oil and gas properties of $742,000 related to undeveloped leases representing 1,007 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 $606,000. The sale included wellbore and surface equipment only for the Company’s 17 operated wells in its D-J Basin Asset, with the Company retaining ownership in all its existing leasehold. The effective date of the sale is January 1