Company: PED
Filing Date: 2025-10-31
Form Type: 10-K/A
Source: 0001654954-25-012381
Chunk: 29

Company: PEDEVCO CORP
Filing Date: 2025-10-31
Form: 10-K/A
Chunk 29
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 and an MBA from Rice University.

| 22 |

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 is not limited to the following:

| · | Comprehensive review of operators and related performance around our lease acreage.                                                                                                           |
| · | The review of internal reserve estimates by well and by area by a qualified petroleum engineer. A variance by well to the previous year-end reserve report is used as a tool in this process. |
| · | SEC-compliant internal policies to determine and report proved reserves.                                                                                                                      |
| · | The discussion of any material reserve variances among management to ensure the best estimate of remaining reserves.                                                                          |

Qualifications of Third-Party Engineers. The technical person primarily responsible for the audit of our reserves estimates at Cawley, Gillespie & Associates, Inc. is W. Todd Brooker, who meets the requirements regarding qualifications, independence, objectivity, and confidentiality set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers. Cawley, Gillespie & Associates, Inc. is an independent firm and does not own an interest in our properties and is not employed on a contingent fee basis. Reserve estimates are imprecise and subjective and may change at any time as additional information becomes available. Furthermore, estimates of oil and gas reserves are projections based on engineering data. There are uncertainties inherent in the interpretation of this data as well as the projection of future rates of production. The accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. A copy of the report issued by Cawley, Gillespie & Associates, Inc. is attached to this Report as Exhibit 99.1.

For more information regarding our oil and gas reserves, please refer to “Item 8 Financial