Company: PED
Filing Date: 2025-10-29
Form Type: 10-K/A
Source: 0001654954-25-012328
Chunk: 29

Company: PEDEVCO CORP
Filing Date: 2025-10-29
Form: 10-K/A
Chunk 29
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| Productive  |     |       |  - |     |     |   - |     |       | - |     |     |   - |     |       | - |     |     |   - |
| Dry         |     |       |  - |     |     |   - |     |       | - |     |     |   - |     |       | - |     |     |   - |

As of December 31, 2024, the Company had no gross or net wells in the process of being drilled, completed or waiting on completion.

Oil and Natural Gas Reserves

Reserve Information.For estimates of the Company’s net proved producing reserves of crude oil and natural gas, as well as discussion of the Company’s proved and probable undeveloped reserves, see “Part II” - “Item 8 Financial Statements and Supplementary Data” – “Supplemental Oil and Gas Disclosures (Unaudited)”. At December 31, 2024, the Company’s total estimated proved reserves were 18.1 million Boe, of which 14.2 million Bbls were crude oil and NGL reserves, and 23.4 million Mcf were natural gas reserves.

Internal Controls.Arvind Krishna,our Director of Development and Reservoir Engineering (a non-executive position), is the technical person primarily responsible for our internal reserves estimation process (which is based upon the best available production, engineering and geologic data) and has in excess of five years as a reserves estimator and provides oversight of the annual audit of our year end reserves by our independent third party engineers. He has a Master of Science degree in Petroleum Engineering from The University of Texas at Austin and an MBA from Rice University.

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The preparation of our reserve estimates is in accordance with our prescribed procedures that include verification of input data into reserve forecasting and economic software, as well as management review. To achieve reasonable certainty, our internal reserve engineer and Cawley, Gillespie and Associates (“Cawley”), our independent reserve engineers, employ technologies demonstrated to yield results with consistency and repeatability. The technologies used in the estimation of our proved reserves include, but are not limited to, preparing deep dive geologic understanding of the basins, analyzing oil in place, horizontal well targeting, offset well activity, statistical analysis and correlating well performance with the geology to hi-grade locations that maximize the future value from the field. Our reserve analysis also includes, but