Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 340

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 340
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 we refer to as our “Permian Basin Asset.” Also as of December 31, 2024, we held approximately 14,809 net D-J Basin acres located in Weld and Morgan Counties, Colorado, and 3,860 net D-J Basin acres located in Laramie County, Wyoming, through our wholly-owned subsidiary, PRH, and which are operated by our wholly-owned operating subsidiary, Red Hawk, which asset we refer to as our “D-J Basin Asset.” As of December 31, 2024, we held interests in 35 gross (33.5 net) wells in our Permian Basin Asset, of which 28 gross (26.5 net) wells are active producers, five gross (five net) wells are inactive, and two gross (two net) wells are active salt water disposal wells (“SWD’s”), all of which are held by PEDCO and operated by RAZO, and interests in 82 gross (21.9 net) wells in our D-J Basin Asset held by PRH, all of which 17 gross (15.4 net) wells are operated by Red Hawk and currently producing, 48 gross (6.5 net) wells are non-operated, and 17 wells have an after-payout interest.

Detailed information about our business plans and operations, including our core D-J Basin and Permian Basin Assets, is contained under “Part 1” — “Item 1. Business” above.

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How We Conduct Our Business and Evaluate Our Operations

Our use of capital for acquisitions and development allows us to direct our capital resources to what we believe to be the most attractive opportunities as market conditions evolve. We have historically acquired properties that we believe have significant appreciation potential. We intend to continue to acquire both operated and non-operated properties to the extent we believe they meet our return objectives.

We will use a variety of financial and operational metrics to assess the performance of our oil and natural gas operations, including:

 ·production volumes; ·realized prices on the sale of oil and natural gas; ·oil and natural gas production and operating expenses; ·capital expenditures; ·general and administrative expenses; ·net cash provided by operating activities; and ·net income.

Reserves

Our estimated net proved crude oil and natural gas reserves at December 31, 2024 and 2023 were approximately 18.1 million barrels of oil equivalent (“MMBoe”) and 17.0 MMBo