Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1497

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 1497
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 reserves (PUDs) increased by 955 MBoe to 14,327 MBoe, primarily related to the following:

 ·Additions of 3,796 MBoe related to the development of operated and non-operated sections in the D-J Basin (3,256 MBoe) and operated sections in Permian Basin (540 MBoe); and    ·Revisions of 2,841 Mboe related to increase in leasehold and minerals and expected performance increase of 586 MBoe in the D-J Basin Asset based on offset well results, and decrease of 3,427 MBoe related to removal of PUD locations in D-J Basin (1970 Mboe) and Chaveroo of our Permian Basin Asset (1457 MBoe) outside of the five-year development plan.    ·There was no transfer of proved undeveloped to proved developed reserves in 2024 since projects scheduled to be completed in 2024 were delayed to future periods and replaced with participation in wells through acquired leasehold properties in the D-J Basin.

We expect to spend an aggregate of $170–$200 million developing proved undeveloped reserves through December 31, 2028. All proved undeveloped reserves are scheduled to be developed within five years of initial booking. We expect to fund these development costs with cash from operations and cash on hand, supplemented as needed by proceeds from asset sales, private and public offerings, credit availability and equity infusions or loans (which may be convertible) made available from Dr. Simon G. Kukes, the Company’s former Chief Executive Officer and newly appointed Executive Chairman of the Company's Board of Directors, or entities which he controls, which funding Dr. Kukes is under no obligation to provide.

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Capitalized Costs Relating to Oil and Natural Gas Producing Activities. The following table sets forth the capitalized costs relating to the Company’s crude oil and natural gas producing activities at December 31, 2024 and 2023 (in thousands): 

  2024  2023     (As Restated) Proved oil and gas properties  $222,807  $198,663 Unproved oil and gas properties   -   -  Total oil & gas properties   222,807   198,663 Accumulated depreciation and depletion and impairment   (119,295)  (104,384