Company: PED
Filing Date: 2025-10-31
Form Type: 10-K/A
Source: 0001654954-25-012381
Chunk: 154

Company: PEDEVCO CORP
Filing Date: 2025-10-31
Form: 10-K/A
Chunk 154
---
 |     |           |      - |   |     |                             |                (104,384 | ) |
| Total oil and gas assets (as Restated)                           |     | $                           |                      81,398 |   |     | $         |  18,486 |   |     | $         | (5,605 | ) |     | $         |      - |   |     | $                           |                  94,279 |   |

For the year ended December 31, 2024, the Company incurred $ million of capital costs primarily related to non-operated drilling and completion costs related to the Company’s participation in 24 new non-operated wells in the D-J Basin in which the Company participated and the Company’s completion operations with respect to three operated wells with a third-party in the Permian Basin, together with costs related to certain workovers for lift conversions, cleanouts and permitting in the Company’s D-J Basin Asset.

As of December 31, 2024, the Company also acquired approximately 267 net mineral acres and 4,960 net lease acres in and around its existing footprint in the D-J Basin through multiple transactions at total acquisition and due diligence costs of $ and $, respectively.

On August 21, 2024, the Company, through its wholly-owned subsidiary, PRH Holdings, LLC (“PRH”), entered into a five-year Participation Agreement with a large private equity-backed D-J Basin exploration and production company with extensive operational experience (“Joint Development Party”), . The Company correspondingly paid $ million in capital costs (included in the $20.5 million number above) related to these wells.

| 106 |

Additionally, on September 23, 2024, PRH sold 320 net acres to a third-party in the Company’s D-J Basin Asset for $, and, as a result, the Company recognized a $ gain from the sale of oil and gas properties. Also, the Company sold 30 gross 5.1 net non-operated legacy well-bores in our D-J Basin Asset for net cash proceeds of $. As a result of the sale, the Company recognized a loss on sale of oil and gas properties of $ for these non-core assets. However, the Company still retained the corresponding acreage related to the sale for any potential future development. In a separate transaction, the Company also sold an additional legacy well-bore assignment for net cash proceeds of $ and recognized a gain on sale of oil and gas properties of $. Taken together,