Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 2770

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 2770
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 estimates of crude oil and natural gas reserves may occur in the future, development and production of the reserves may occur in periods other than those assumed, and actual prices realized and costs incurred may vary significantly from those used.

Management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable and possible as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated.

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The following table sets forth the standardized measure of discounted future net cash flows from projected production of the Company’s oil and natural gas reserves as of December 31, 2024 and 2023 (in thousands):

  2024  2023 Future cash inflows $916,105  $972,432 Future production costs  (288,879)  (250,681)Future development costs  (209,139)  (202,842)Future income taxes  (100,484)  (121,204)Future net cash flows  317,603   397,705 Discount to present value at 10% annual rate  (173,440)  (207,344)Standardized measure of discounted future net cash flows relating to proved oil and gas reserves $144,163  $190,361 

Changes in Standardized Measure of Discounted Future Net Cash Flows. The following table sets forth the changes in the standardized measure of discounted future net cash flows for each of the years ended December 31, 2024 and 2023 (in thousands): 

  2024  2023 Standardized measure, beginning of year $190,361  $274,916 Crude oil and natural gas sales, net of production costs  (24,653)  (22,779)Net changes in prices and production costs  (32,032)  (76,156)Extensions, discoveries, additions and improved recovery  -   - Changes in estimated future development costs  (740)  (7,068)Development costs incurred  -   - Revisions of previous quantity estimates  (40,363)  (15,021)Accretion of discount  (1,173)  (11,697)Net change in income taxes