Company: PED
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001654954-25-009652
Chunk: 63

Company: PEDEVCO CORP
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 63
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11, 2024, the Company entered into a new $250 million reserve-based lending facility (the “Facility”) with Citibank, N.A., as administrative agent, and the lenders (including Citibank, N.A.) from time to time a party thereto. The Facility has a maturity of four years and provides for an initial borrowing base of $20.0 million and an aggregate maximum revolving credit amount of $250 million. The Company has not drawn down any borrowings under the Facility as of the date of this report. The RBL includes customary representations and warranties, and affirmative and negative covenants of the Company for a facility of that size and type, including prohibiting the Loan Parties from creating any indebtedness without the consent of the lenders, subject to certain exceptions, and requiring the Company to have a net leverage ratio (the ratio of (a) total net debt to (b) EBITDAX) of no less than 1.0 to 1.0 and a current ratio (the ratio of (i) consolidated current assets to (ii) consolidated current liabilities) of no less than 1.0 to 1.0. EBITDAX is defined as Earnings Before Interest, Taxes, Depreciation (or Depletion), Amortization, and Exploration Expense. Amounts, if any, that we borrow under the RBL, are due on September 11, 2028.

Cash Flows (in thousands)

  Six Months Ended June 30,   2025  2024 Cash flows provided by operating activities $5,508  $295 Cash flows used in investing activities  (1,040)  (12,333)Cash flows provided by financing activities  139   - Net increase (decrease) in cash and restricted cash $4,607  $(12,038)

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Cash flows provided by operating activities. Net cash used in operating activities increased by $5.2 million for the current year’s period, when compared to the prior year’s period, primarily due to a decrease in net income of $5.0 million, coupled with a $0.5 million decrease in depreciation, depletion and amortization and a $1.0 million gain on a sale of oil and gas properties, offset by a $0.7 million impairment of oil and gas properties, $0.4 increase in deferred tax asset and $1.4 million from