Company: PED
Filing Date: 2025-10-31
Form Type: 10-K/A
Source: 0001654954-25-012381
Chunk: 142

Company: PEDEVCO CORP
Filing Date: 2025-10-31
Form: 10-K/A
Chunk 142
---
 the unit-of-production calculation. In estimating proved oil and natural gas reserves, management relies on interpretations and judgment of available geological, geophysical, engineering and production data. Additional assumptions include drilling and operating expenses, capital expenditures, taxes and availability of funds. The estimates of oil and natural gas reserves have been developed by specialists, specifically petroleum engineers.

The principal considerations for our determination that performing procedures relating to the impact of proved developed oil reserves on proved oil and gas properties, net is a critical audit matter are (i) the significant judgment by management, including the use of specialists, when developing the estimates of proved developed oil reserves, which in turn led to (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating the audit evidence related to the data, methods, and assumptions used by management and its specialists in developing the estimates of proved developed oil reserves.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. The work of management’s specialists was used in performing the procedures to evaluate the reasonableness of the proved developed oil reserves. As a basis for using this work, the specialists’ qualifications were understood and the Company’s relationship with the specialists was assessed. The procedures performed also included evaluating the methods and assumptions used by the specialists, testing the completeness and accuracy of the data used by the specialists, and evaluating the specialists’ findings.

/s/ Marcum llp

We served as the Company’s auditor from 2008 through 2025.

March 31, 2025, except for the effects of the restatement described in Note 4, which is dated October 29, 2025

| 89 |

<div align='center'>PEDEVCO CORP.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share and per share data)</div>

| Assets                                                                                                                               
 Current assets:                                                                                                                      |     | December 31, 
 2024         
 As Restated  |          |   |     | 2023        
 As Restated |          |   |
|:-------------------------------------------------------------------------------------------------------------------------------------|:----|:-------------|---------:|:--|:----|:------------|---------:|:--|
| Cash and cash equivalents                                                                                                            |     | $            |    4,010 |   |     | $           |   18,515 |   |
| Accounts receivable – oil and gas                                                                                                    |     |              |    7,995 |   |