Company: PED
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001654954-25-013092
Chunk: 1

Company: PEDEVCO CORP
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 1
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 did not impact total revenue, cash flow from operations and cash balances for the fiscal year ended December 31, 2024. The consolidated balance sheet as of September 30, 2025 reflects the amounts from the December 31, 2024 consolidated financial statements that were corrected and restated based on the following (in thousands):    As of December 31, 2024 CORRECTED CONSOLIDATED BALANCE SHEET  As Previously Reported   Impact of Adjustment  As Restated Deferred income taxes $12,751  $(5,496) $7,255 Total assets  133,845   (5,496)  128,349 Accumulated deficit  (106,002)  (5,496)  (111,498)Total shareholders’ equity  121,100   (5,496)  115,604 Total liabilities and shareholders’ equity  133,845   (5,496)  128,349 

NOTE 2 – DESCRIPTION OF BUSINESS PEDEVCO is an oil and gas company focused on the development, acquisition and production of oil and natural gas assets where the latest in modern drilling and completion techniques and technologies have yet to be applied. In particular, the Company focuses on legacy proven properties where there is a long production history, well defined geology and existing infrastructure that can be leveraged when applying modern field management technologies. The Company’s current properties are located in the San Andres formation of the Permian Basin situated in West Texas and eastern New Mexico (the “Permian Basin”) and in the Denver-Julesberg Basin (“D-J Basin”) in Colorado and Wyoming. The Company holds its Permian Basin acres located in Chaves and Roosevelt Counties, New Mexico, through its wholly-owned operating subsidiary, Pacific Energy Development Corp. (“PEDCO”), which asset the Company refers to as its “Permian Basin Asset,” and it holds its D-J Basin acres located in Weld and Morgan Counties, Colorado, and Laramie County, Wyoming, through its wholly-owned subsidiary, PRH Holdings LLC, and which asset the Company refers to as its “D-J Basin Asset.”  The Company believes that horizontal development and exploitation of conventional assets in the Permian Basin and development of the Wattenberg and Wattenberg Extension in the D-J Basin represent among the most economic oil and natural gas plays in the United States (“U.S.”).