Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 2058

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 2058
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Net proved reserves at end of year  18,142   17,046 

 111Table of Contents

RESERVES

During the year ended December 31, 2024, the Company’s reserves increased by 1.1 MMBoe of proved reserves. Included in the increase, the Company had a 0.95 MMBoe increase in proved undeveloped reserves (noted below) resulting primarily from the addition of volumes in the D-J Basin due to increased activity. The Company also had an increase of 1.2 MMBoe in proved developed producing reserves related to acquisition of properties in the D-J Basin and reclassification of wells from proved developed non-producing at the end of 2023 to proved developed producing for 2024, which offset the natural decline in existing production base in the D-J Basin Asset and Permian Basin.

The following table sets forth the Company’s proved developed and undeveloped reserves at December 31, 2024 and 2023, respectively:

  2024  2023 Proved Developed Reserves       Crude Oil (MBbls)  2,443   1,869 Natural Gas (Mmcf)  4,292   2,998 NGL (MBbls)  630   255 Oil Equivalents (MMBoe)   3,788   2,624          Proved Developed Non-Producing Reserves         Crude Oil (MBbls)  13   702 Natural Gas (Mmcf)  44   1,229 NGL (MBbls)  7   144 Oil Equivalents (MMBoe)   1,051   1,051          Proved Undeveloped Reserves         Crude Oil (MBbls)  8,337   8,787 Natural Gas (Mmcf)  19,079   15,659 NGL (MBbls)  2,809   1,975 Oil Equivalents (MMBoe)   14,327   13,372          Proved Reserves         Crude Oil (MBbls)  10,793   11,358 Natural Gas (Mmcf)  23,415   19,886