Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 1384

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 1384
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 from operations and cash on hand, supplemented as needed by proceeds from asset sales, private and public offerings, credit availability and equity infusions or loans (which may be convertible) made available from Dr. Simon G. Kukes, the Company’s former Chief Executive Officer and newly appointed Executive Chairman of the Company's Board of Directors, or entities which he controls, which funding Dr. Kukes is under no obligation to provide.

 113Table of Contents

Capitalized Costs Relating to Oil and Natural Gas Producing Activities. The following table sets forth the capitalized costs relating to the Company’s crude oil and natural gas producing activities at December 31, 2024 and 2023 (in thousands): 

  2024  2023     (As Restated) Proved oil and gas properties  $222,807  $198,663 Unproved oil and gas properties   -   -  Total oil & gas properties   222,807   198,663 Accumulated depreciation and depletion and impairment   (119,295)  (104,384) Net Capitalized Costs $103,512  $94,279 

Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development Activities. The following table sets forth the costs incurred in the Company’s oil and natural gas property acquisition, exploration and development activities for the years ended December 31, 2024 and 2023 (in thousands): 

  2024  2023 Acquisition of properties      Proved $1,587  $5,704 Unproved  -   - Exploration costs  -   - Development costs  20,522   21,523 Total  $22,109  $27,227 

Results of Operations for Oil and Natural Gas Producing Activities. The following table sets forth the results of operations for oil and natural gas producing activities for the years ended December 31, 2024 and 2023 (in thousands): 

  2024  2023     (As Restated) Crude oil and natural gas revenues $39,553  $30,784 Production costs  (12,469)  (9,831)Depreciation and depletion and impairment   (14,911)  (8,830)Results of operations for producing activities, excluding