Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1726

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1726
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, net of production costs  (24,653)  (22,779)Net changes in prices and production costs  (32,032)  (76,156)Extensions, discoveries, additions and improved recovery  -   - Changes in estimated future development costs  (740)  (7,068)Development costs incurred  -   - Revisions of previous quantity estimates  (40,363)  (15,021)Accretion of discount  (1,173)  (11,697)Net change in income taxes  6,629   58,301 Purchases of reserves in place  47,162   - Sales of reserves in place  (1,028)  (10,151)Change in timing of estimated future production  -   16 Standardized measure, end of year $144,163  $190,361 

 115Table of Contents

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

ITEM 9A. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the SEC’s rules and forms and is accumulated and communicated to the Company’s management, as appropriate, in order to allow timely decisions in connection with required disclosure.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”)(J. Douglas Schick) and Chief Accounting Officer (“CAO”), we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of December 31, 2024, the end of the period covered by this Annual Report. Based on this evaluation, our CEO and CAO concluded as of December 31, 2024, that our disclosure controls and procedures were not designed at a reasonable assurance level and were not effective to provide reasonable assurance that the information we are required to disclose in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the