Company: PED
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003703
Chunk: 752

Company: PEDEVCO CORP
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 752
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 ended December 31, 2024 were from $39.6 million in sales of crude oil and natural gas. The primary uses of cash were funds used for drilling, completion, acquisition and operating costs.

Working Capital

At December 31, 2024, the Company’s total current assets of $13.2 million exceeded its total current liabilities of $6.9 million, resulting in a working capital surplus of $6.3 million, while at December 31, 2023, the Company’s total current assets of $24.6 million exceeded its total current liabilities of $18.9 million, resulting in a working capital surplus of $5.7 million. Although current assets and current liabilities both decreased when comparing periods, the $0.6 million net increase in our working capital surplus is primarily related to a larger reduction in accounts payable and accrued expenditures compared to the corresponding smaller reduction in current assets when comparing the current period to the prior period due to the timing of cash payments related to our drilling, as operator, and our participation in the drilling and completion of wells by a third-party operator. (see “Item 8. Financial Statements and Supplementary Data” - “Note 7 - Oil and Gas Properties”).

Financing

The Company has an ongoing $8.0 million offering of securities in an “at the market offering”, pursuant to which the Company may sell securities from time to time (the “ATM Offering”). The ATM Offering was made pursuant to the terms of a December 20, 2024, Sales Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC and A.G.P./Alliance Global Partners. The Company will pay the Lead Agent a commission of 3.0% of the gross sales price of any shares sold under the Sales Agreement. The Company also agreed to reimburse the Agents for their reasonable and documented out-of-pocket expenses in an amount not to exceed $75,000, in connection with entering into the Sales Agreement and for the Agents’ reasonable and documented out-of-pocket expenses related to quarterly maintenance of the Sales Agreement on a quarterly basis in an amount not to exceed $5,000. The Company has not sold any securities under the ATM Offering as of the date of this report.

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Our net capital expenditures for 2025 are estimated at the time of this Annual Report to range between $27 million to $33 million, including $24.5 million to $30.5 million for drilling and completion costs on our Permian Basin