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Exhibit 10.2

AMENDMENT TO NOTE AND SECURITY AGREEMENT

This Amendment of Note and Security Agreement (“Amendment”) is entered into as
of February 23, 2015 (“Effective Date”), is by and among RJ CREDIT LLC, a
Delaware limited liability company (“Lender”), and PEDEVCO CORP. a company
organized and existing under the State of Texas (“Borrower”), collectively
referred to hereinafter as the “Parties.”

RECITALS

A.           By that certain Note and Security Agreement, dated as of April 10,
2014 (as amended, modified, supplemented or restated from time to time, the
“Agreement”), RJ RESOURCES CORP., a Delaware corporation, borrowed funds from RJ
CREDIT LLC (“Lender”) to provide financing for the working capital needs of RJ
Resources Corp. as the “Borrower” thereunder, not to exceed $10,000,000 as the
maximum aggregate principal amount outstanding at any time. Capitalized terms
used but not otherwise defined herein have the meanings set forth in the
Agreement.

B.           By the Assumption and Consent Agreement, dated February 23, 2015,
Borrower was assigned and assumed all of the rights and obligations of RJ
Resources Corp. under the Agreement.

 
C.           By this Amendment, the Parties desire to amend the Agreement in the
manner contemplated in a Letter of Intent between Red Hawk Petroleum, LLC (a
subsidiary of Borrower) and Golden Globe Energy (US) LLC, dated January 21,
2015.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein and in the Agreement and for good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties agree to
amend the Agreement as follows:

1.           Termination Date.  The “Termination Date”, as defined in Section
1(a) of the Agreement and used throughout the Agreement, is hereby amended,
revised and changed to December 31, 2017.

2.           No Obligation of Lender.  The following sentence is hereby added to
the end of Section 1(a) of the Agreement:

 
“As of February 15, 2015, the aggregate principal balance outstanding on the
Loan equals $8,353,496.34. The Lender is not obligated or required to make any
further Advances to the Borrower under the terms of this Agreement.”

3.           Per Annum Interest Rate.  Section 1(e) of the Agreement is hereby
deleted in its entirety and replaced with the following Section 1(e):

 
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“The principal amount of each Advance shall bear interest at the per annum rate
of twelve percent (12%) on an actual/360 day basis, which shall be paid monthly
in cash.  Following the occurrence and during the continuance of an Event of
Default (as defined in Section 8), the per annum interest rate on each Advance
shall be increased to twenty-four percent (24%) per annum.”

 
4.           Subordination.  The following new Section 1(h) is hereby added to
the Agreement and is stated as follows:

“The Loan is subordinate and subject to the terms and conditions of those
certain promissory notes issued by Borrower in favor of BRe BCLIC Primary, BRe
BCLIC Sub, BRe WINIC 2013 LTC Primary, BRe WNIC 2013 LTC Sub, and RJC Credit LLC
(‘RJC’), as investors, and BAM Administrative Services LLC, as agent for the
investors, and any related collateral documents (the “PEDEVCO Loan”), as well as
any future secured indebtedness of Borrower from a lender with an aggregate
principal amount of at least $20,000,000.00 (“Future PEDEVCO Loan”).

Should Borrower repay the PEDEVCO Loan and replace such indebtedness with a
Future PEDEVCO Loan, and, upon the reasonable request of such senior lender,
Lender agrees to amend this Agreement to adjust the frequency of payments as set
forth in Section 1(c) above (or to eliminate such payments and replace the same
with the accrued interest to be paid at maturity) accordingly.”

5.           This Amendment and the obligations and benefits in it are binding
upon the heirs, personal representatives, successors and assigns of the Parties.
 
6.           Upon the effectiveness of this Amendment, each reference in the
Agreement to “Agreement,” “hereunder,” “hereof,” “herein” or words of like
import shall mean and be a reference to such Agreement as modified or amended
hereby.
 
7.           All remaining provisions of the Agreement remain effective, and are
hereby ratified by the Parties, with the following exceptions:
 
 
a.
Only the following representations and warranties under Section 6 of the
Agreement are being made by PEDEVCO Corp. as the “Borrower” under this
Amendment:  Section 6(a) (replacing “Delaware” with “Texas”), Section 6(b),
Section 6(d), Section 6(e), Section 6(g), Section 6(h), Section 6(j), Section
6(k), and Section 6(l).

 
 
b.
Reference to “Deloitte LLP” in Section 7(a)(vi)(A) shall be replaced by “GBH
CPAs, PC.”

 
 
c.
Section 7(b) is deleted in its entirety.

 
 
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d.
Reference to “Guarantee” in Section 14(g) is deleted.

 
 
e.
Section 10 shall be revised to provide Borrower’s address as follows:  “PEDEVCO
Corp., 4125 Blackhawk Plaza Circle, Suite 201, Danville, CA 94506, Attn:  Chief
Executive Officer and General Counsel.”

 
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
Effective Date set forth above.

 
PEDEVCO CORP.
             
By: /s/Michael Peterson            
 
       Michael Peterson
 
       President
         
RJ CREDIT LLC
         
By: /s/Ezra Beren                         
 
       Ezra Beren
 
       Authorized Signatory

 
 
 
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