Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1363

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 1363
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 Transfers  2023    as Restated           as Restated Oil and gas properties, subject to amortization $176,253  $15,645  $(6,495) $-  $185,403 Oil and gas properties, not subject to amortization  775   11,632   -   -   12,407 Asset retirement costs  1,407   39   (593)  -   853 Accumulated depreciation, depletion and impairment (As Restated)  (97,037)  (8,830)  1,483   -   (104,384 )Total oil and gas assets (as Restated) $81,398  $18,486  $(5,605) $-  $94,279  For the year ended December 31, 2024, the Company incurred $20.5 million of capital costs primarily related to non-operated drilling and completion costs related to the Company’s participation in 24 new non-operated wells in the D-J Basin in which the Company participated and the Company’s completion operations with respect to three operated wells with a third-party in the Permian Basin, together with costs related to certain workovers for lift conversions, cleanouts and permitting in the Company’s D-J Basin Asset. As of December 31, 2024, the Company also acquired approximately 267 net mineral acres and 4,960 net lease acres in and around its existing footprint in the D-J Basin through multiple transactions at total acquisition and due diligence costs of $725,000 and $862,000, respectively. On August 21, 2024, the Company, through its wholly-owned subsidiary, PRH Holdings, LLC (“PRH”), entered into a five-year Participation Agreement with a large private equity-backed D-J Basin exploration and production company with extensive operational experience (“Joint Development Party”), whereby the Joint Development Party assigned to PRH a 30% interest in approximately 7,607 net acres of existing oil and gas leases and PRH assigned to the Joint Development Party a 70% interest in approximately 3,166 net acres of oil and gas leases, all located within the SW Pony Prospect in the D-J Basin in Weld County, Colorado. Additionally, to facilitate joint development of the SW Pony Prospect, the parties agreed to an approximately 16,900 gross acre