Company: PED
Filing Date: 2025-10-31
Form Type: 10-K/A
Source: 0001654954-25-012381
Chunk: 5

Company: PEDEVCO CORP
Filing Date: 2025-10-31
Form: 10-K/A
Chunk 5
---
 following new or revised information in order to confirm compliance with Items 1200 through 1208 of Regulation S-K: (a) a new table under “Part I – Item 1. Business – Production, Sales Price and Production Costs”, to disclose production, by final product sold, of oil, gas, and other products, such as natural gas liquids; (b) an expanded table under “Part I – Item 1. Business – Well Summary”, to additionally include wells with royalty interests as of the end of the fiscal years presented; (c) an expanded table under “Part I – Item 1. Business – Drilling Activity”, to include our present activities, including the number of gross and net wells in the process of being drilled, completed, or waiting on completion, and any other related activities of material importance as of December 31, 2024; (d) updated information under “Part I – Item 1. Business – Oil and Natural Gas Reserves”, to include a discussion of the technologies used to establish the appropriate level of certainty for the estimates of reserves; (e) a new table and narrative discussion under “Proved Reserves Summary” in the notes to Audited Financial Statements included in “Part II – Item 8 – Financial Statements and Supplementary Data” to include a discussion of the changes in total proved reserves to more clearly align explanations and associated quantities to the corresponding line items in the reserves reconciliation and an expansion of the tabular presentation of proved developed and proved undeveloped reserves by individual product type to also include the net quantities at the beginning of the initial year shown in the reconciliation; and (f) to modify our reconciliations showing the changes in proved undeveloped reserves for 2023 and 2024 to separately present and quantify the types of changes under “Proved Reserves Summary” in the notes to Audited Financial Statements included in “Part II – Item 8 – Financial Statements and Supplementary Data”.

Internal Control Considerations

In connection with the restatement of the financial statements for the Affected Period, the Company concluded its disclosure controls and procedures as of December 31, 2024 remained ineffective due to the unremeditated material weaknesses previously disclosed in Part II, Item 9A “Controls and Procedures” of the Original Form 10-K, as well as the identification of an additional material weakness in internal control over financial reporting related to the errors described above. Please refer to Part II, Item 9A of this Amendment No. 3.

Items Am