Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1216

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 1216
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 SEC pricing for 2024, noted above, was lower than the 2023 average pricing of $78.22 per Bbl for crude oil and $2.64 per Mcf for natural gas.

The reserves as of December 31, 2024 were determined in accordance with standard industry practices and SEC regulations by the licensed independent petroleum engineering firm of Cawley, Gillespie & Associates, Inc. A large portion of the proved undeveloped crude oil reserves are associated with our D-J Basin Asset. Although these hydrocarbon quantities have been determined in accordance with industry standards, they are prepared using the subjective judgments of the independent engineers and may actually be more or less. 

Oil and Natural Gas Sales Volumes

During the year ended December 31, 2024, our net crude oil, natural gas, and NGLs sales volumes increased to 671,796 Bbls, or 1,835 barrels of oil per day (“Bopd”), from 520,886 Bbls, or 1,427 Bopd, a 29% increase over the previous fiscal year. The increase in production volume is related to our participation in 24 new non-operated wells (11 of which occurred in the latter four months of 2024) in the D-J Basin and the drilling and completion of three operated wells with a third-party in the Permian Basin in the latter part of Q1 2024 (see additional detail below).

Significant Capital Expenditures

The table below sets out the significant components of capital expenditures for the year ended December 31, 2024 (in thousands):

Capital Expenditures   Leasehold Acquisitions  $862 Mineral Acquisitions  725 Drilling and Facilities   20,522  Total* $22,109 

*see “Item 8. Financial Statements and Supplementary Data” - “Note 7 - Oil and Gas Properties”.

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Market Conditions and Commodity Prices

Our financial results depend on many factors, particularly the price of crude oil and natural gas and our ability to market our production on economically attractive terms. Commodity prices are affected by many factors outside of our control, including changes in market supply and demand, which are impacted by weather conditions, inventory storage levels, basis differentials and other factors. As a result, we cannot accurately predict future commodity prices and, therefore, we cannot determine with any degree of certainty what effect increases or decreases in these prices will