Company: PED
Filing Date: 2025-10-31
Form Type: 10-K/A
Source: 0001654954-25-012381
Chunk: 130

Company: PEDEVCO CORP
Filing Date: 2025-10-31
Form: 10-K/A
Chunk 130
---
 |     |                     | 30 | % |
| Natural Gas                            |     |      |   1,216 |     |      |   1,438 |     |                    |    (222 | ) |     |                 -15 |    | % |
| NGL                                    |     |      |   2,144 |     |      |   1,421 |     |                    |     723 |   |     |                     | 51 | % |
| Total Revenues                         |     | $    |  39,553 |     | $    |  30,784 |     | $                  |   8,769 |   |     |                     | 28 | % |

| (1) | Assumes 6 Mcf of natural gas equivalents to 1 barrel of oil. |

| 80 |

Total crude oil, natural gas and NGL revenues for the year ended December 31, 2024, increased $8.8 million, or 28%, to $39.6 million, compared to $30.8 million for the same period a year ago, due to a favorable volume variance of $8.8 million. There was a negligible price variance over the periods. The increase in production volume is related to our participation in 24 new non-operated wells in the D-J Basin and the drilling and completion of three operated wells in the Permian Basin.

Net Operating and Other (Income) Expenses

The following table sets forth operating and other expenses for the years ended December 31, 2024 and 2023 (in thousands):

|                                          |     | 2024 |        |   |     | 2023          
 (As Restated) |       |     | Increase (Decrease) |        |   |     | % Increase (Decrease) |      |    |
|:-----------------------------------------|:----|:-----|-------:|:--|:----|:--------------|------:|:----|:--------------------|-------:|:--|:----|:----------------------|-----:|:---|
| Direct Lease Operating Expense           |     | $    |  6,961 |   |     | $             | 4,679 |     | $                   |  2,282 |   |     |                       |   49 | %  |
| Workovers                                |     |      |    839 |   |     |               | 1,460 |     |