Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 2170

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 2170
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NGL (MBbls)  3,446   2,374 Oil Equivalents (MMBoe)   18,142   17,046 

 112Table of Contents

Proved Undeveloped Reserves

The following table is a reconciliation of the change in our PUD reserves for the periods indicated below (quantities in net MBoe):

Proved undeveloped reserves, December 31, 2022  12,942 Transfers to proved developed  (809)Additions  3,592 Revisions of prior estimates  (2,353)Proved undeveloped reserves, December 31, 2023  13,372 Transfers to proved developed  -- Additions  3,796 Revisions of prior estimates  (2,841)Proved undeveloped reserves, December 31, 2024  14,327 

For the year ended December 31, 2023, total proved undeveloped reserves (PUDs) increased by 430 MBoe to 13,372 MBoe, primarily related to the following:

 ·Transfer of 809 MBoe from PUD to proved developed reserves in D-J Basin (561 MBoe) and Permian Basin Asset (248 MBoe) based on total capital expenditures during 2023;    ·Additions of 3,592 MBoe related to the development of operated and non-operated sections in the D-J Basin (2,968 MBoe) and operated sections in Permian Basin (624 MBoe); and    ·Revisions related to increase in leasehold and minerals and expected performance increase of 1,447 MBoe in the D-J Basin Asset based on offset well results, and decrease of 3,311 MBoe related to removal of PUD locations in Chaveroo of our Permian Basin Asset outside of the five-year development plan and decrease of 489 Mboe primarily related to reduced working interest in a recently developed unit.

For the year ended December 31, 2024, total proved undeveloped reserves (PUDs) increased by 955 MBoe to 14,327 MBoe, primarily related to the following:

 ·Additions of 3,796 MBoe related to the development of operated and non-operated sections in the D