# EDGAR Filing Document

**Accession Number:** 0001141197
**File Stem:** 0001654954-25-009657
**Filing Date:** 2025-8
**Character Count:** 31549
**Document Hash:** 0e36c6e0ffc60fc0d6dc95b7efe619d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-009657.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001654954-25-009657

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250814

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PEDEVCO CORP
- **CENTRAL INDEX KEY:** 0001141197
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 223755993
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35922
- **FILM NUMBER:** 251219843

**BUSINESS ADDRESS:**
- **STREET 1:** 575 N. DAIRY ASHFORD
- **STREET 2:** ENERGY CENTER II, SUITE 210
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079
- **BUSINESS PHONE:** 855-733-3826

**MAIL ADDRESS:**
- **STREET 1:** 575 N. DAIRY ASHFORD
- **STREET 2:** ENERGY CENTER II, SUITE 210
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77079

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLAST ENERGY SERVICES, INC.
- **DATE OF NAME CHANGE:** 20050610

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VERDISYS INC
- **DATE OF NAME CHANGE:** 20010523

?xml version='1.0' encoding='ASCII'? ped_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): **August 14, 2025**

---

| |
|:---|
| **PEDEVCO CORP.** |
| **(Exact name of registrant as specified in its charter)** |

---

---

| | | |
|:---|:---|:---|
| **Texas** | **001-35922** | **22-3755993** |
| **(State or other jurisdiction of incorporation or organization)** | **(Commission file number)** | **(IRS Employer Identification No.)** |

---

---

| | |
|:---|:---|
| **575 N. Dairy Ashford, Suite 210**<br>**Houston, Texas**  | **77079**  |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: <u>(713) 221-1768</u>**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value per share | PED | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operations and Financial Condition.**

On August 14, 2025, PEDEVCO Corp. (the "<u>Company</u>") issued a press release announcing its financial results for the quarter-ended June 30, 2025. A copy of the press release is furnished as <u>Exhibit 99.1</u> to this Form 8-K, and is incorporated by reference into this <u>Item 2.02</u> in its entirety.

The information contained in this Current Report (and included as an exhibit hereto) shall not be deemed "<u>filed</u>" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

The Company is making reference to non-GAAP financial information in the attached press release and a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

**Item 9.01. <u>Financial Statements and Exhibits.</u>**

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1\*](ped_ex991.htm) | [Press Release dated August 14, 2025](ped_ex991.htm) |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K |

---

\* Furnished herewith.

*The inclusion of any website address in this Form 8-K, and any exhibit thereto, is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, such website is not part of or incorporated into this Form 8-K.*

***Forward-Looking Statements***

The press release furnished as <u>Exhibit 99.1</u>, to this Current Report on Form 8-K, contains forward-looking statements within the safe harbor provisions under the federal securities laws, including The Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements relate to the Company's current expectations and are subject to the limitations and qualifications set forth in the press release as well as in the Company's other filings with the Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements. These statements also involve known and unknown risks, which may cause the results of the Company and its subsidiaries to be materially different than those expressed or implied in such statements, as described in greater detail in the press release furnished as <u>Exhibit 99.1</u>. Accordingly, readers should not place undue reliance on any forward-looking statements. Forward-looking statements may include comments as to the Company's beliefs and expectations as to future financial performance, events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the Company's control. More information on potential factors that could affect the Company's financial results is included from time to time in the "<u>Cautionary Note Regarding Forward-Looking Statements,</u>" "<u>Risk Factors</u>" and "<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>" sections of the Company's periodic and current filings with the SEC, including the Form 10-Qs and Form 10-Ks, filed with the SEC and available at <u>www.sec.gov</u> and the Company's website at <u>https://www.PEDEVCO.com/ped/sec_filings</u>, and specifically including the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as otherwise provided by law.

2<br>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **PEDEVCO CORP.** | **PEDEVCO CORP.** |
| Date: August 14, 2025 | By: | /s/ *J. Douglas Schick* |
|  |  | J. Douglas Schick |
|  |  | President and Chief Executive Officer |

---

3<br>

## Exhibit 99.1

**EXHIBIT 99.1**

PEDEVCO Announces Q2 2025 Financial Results and Operations Update

**HOUSTON, TX / ACCESSWIRE / August 14, 2025 /** PEDEVCO Corp. (NYSE American: PED) ("PEDEVCO" or the "Company"), an energy company engaged in the acquisition and development of strategic, high growth energy projects in the U.S., today announced its financial results for the three months ended June 30, 2025 and provided an operations update.

**Key Financial and Operational Highlights Include:**

· Produced an average of 1,517 barrels of oil equivalent per day ("BOEPD") (86% liquids) in the three months ended June 30, 2025 ("Q2 2025"), compared to 2,010 BOEPD produced in Q1 2024, decreasing 25% from Q2 2024.

· Q2 2025 revenue of $7.0 million, decreasing $4.8 million from Q2 2024.

· Operating loss of $2.2 million, decreasing $4.9 million from Q2 2024.

· Operating expenses (inclusive of general and administrative expenses, depreciation, depletion and amortization expenses and lease operating expenses) of $8.9 million, decreasing 3% from Q2 2024.

· Net loss of $1.7 million, or $0.02 loss per basic and diluted share outstanding, compared to $2.7 million gain, or $0.03 income per basic and diluted share outstanding in Q2 2024.

· Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), of $3.0 million, compared to $7.4 million in Q2 2024.

· Cash and cash equivalents (including $2.75 million in restricted cash) of $11.2 million as of June 30, 2025, and zero debt.

· Received first production from four recently completed horizontal San Andres wells in its core Chaveroo Field in the Permian Basin starting in May 2025.

· Participated in the drilling of eight 2.5 mile lateral non-operated wells located in the D-J Basin with a ~7.5% working interest, with completion expected to occur in mid-August 2025 and initial production expected in early Q4 2025.

· Participated in the drilling of three 2.5 mile lateral and one 3 mile U-shaped lateral non-operated wells located in the D-J Basin with a ~44% working interest, with completion expected to occur in early September 2025 and initial production expected in mid-Q4 2025.

· Participated in the drilling of six 1.5 mile lateral non-operated wells located in the D-J Basin with a ~5% working interest, timing of completion operations of the operator are currently unknown.

J. Douglas Schick, President and Chief Executive Officer of the Company, stated, "We believe the outlook for PEDEVCO is bright with our participation in 18 non-operated wells in the D-J Basin currently under various stages of development and four operated wells in the Permian turned-in-line in May 2025, together with another four non-operated wells planned to be drilled in late Q4 2025 in the D-J Basin in which we hold interests. However, in Q2 2025 our production was hampered by several factors, including a large non-operated D-J Basin pad being offline for a week and various Permian Basin wells being shut-in to accommodate offset frac operations and natural declines from flush production that came online in Q4 2024. This temporary production decline, coupled with a challenging commodity price environment and a credit loss write-off from a note receivable related to an asset sale that occurred in 2023, contributed to results that should significantly improve in the coming quarters. We believe that we remain well-positioned to continue disciplined growth, with over $10 million of cash on our balance sheet, zero debt, and an untouched $250 million RBL in place with Citibank. We will continue to focus on developing our Permian Basin Asset and growing operated and non-operated production in our D-J Basin Asset, while continuing to control lease operating and G&A expenses and seeking accretive M&A opportunities."

**Financial Summary:**

We reported net loss for the three-month period ended June 30, 2025, of $1.7 million, or $0.02 loss per common share, compared to net income for the three-month period ended June 30, 2024 of $2.7 million or $0.03 income per common share. The decrease in net income of $4.4 million, when comparing the current period to the prior year's period, was primarily due to the recognition from a note receivable – credit loss related to the full write-off of a note receivable, corresponding accrued interest and post-closing adjustments owed to the Company related to the sale of our EOR Operating Company subsidiary, and other reductions to operating income of $3.5 million (a $4.8 million reduction in revenue and a $0.5 million impairment to oil and gas properties, offset by a $0.8 million reduction in other operating expenses), offset by a $1.0 million gain on the sale of oil and gas properties from the sale of 17 operated wells in the D-J Basin (each discussed in more detail below) and an income tax benefit of $0.5 million.

We reported operating expenses in Q2 2025 of $8.9 million, which was approximately $0.3 million lower than we reported in Q2 2024. The decrease was primarily due to lower direct and variable lease operating expenses and lower depreciation, depletion, amortization, and accretion expenses associated with the lower crude oil, natural gas and NGL volumes resulting from the production volume declines noted above offset by a $0.5 million impairment of oil and gas properties expense related to acreage expirations.

Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), decreased 58% to $3.0 million in Q2 2025, compared to $7.4 million in Q2 2024.

Cash and cash equivalents were $11.2 million as of June 30, 2025 (including $2.75 million in restricted cash), compared with $6.6 million as of December 31, 2024 (including $2.6 million in restricted cash), which increase was due largely to decreased cash outlay during the period.

**Production, Prices and Revenues:**

Production for Q2 2025 was 138,028 barrels of oil equivalent ("Boe"), comprised of 100,249 barrels of oil, 119,493 million cubic feet ("Mcf") of natural gas, and 17,863 Boe of natural gas liquids ("NGLs"). Liquids production comprised 86% of total production in the quarter.

Our average realized crude oil sales price in Q2 2025 was $61.65 per barrel, average realized natural gas price was $2.70 per Mcf, and average realized NGL sales price was $26.24 per barrel. Our combined average realized sales price for the quarter was $50.51 per Boe, which was a decrease of 22% compared with $64.61 per Boe in Q2 2024.

Total crude oil, natural gas and NGL revenues for the three-month period ended June 30, 2025, decreased $4.8 million or 41%, for the same period a year ago due to an unfavorable price variance of $2.3 million, due to the average sales price for crude oil and NGL realized by the Company decreasing compared to the three-month period ended June 30, 2024, coupled with an unfavorable volume variance of $2.5 million.

Production volume decreased due to several non-recurring items including a large non-operated pad being offline for approximately a week during the quarter in the D-J Basin and wells shut-in for offset fracs related to our four Permian wells that come online in May. Production volume also decreased due to natural declines from non-operated D-J Basin wells that came online in Q4 2024 and the sale of 17 operated wells in the D-J Basin in April 2025 and 30 non-core non-operated low working interest wells in the D-J Basin sold in late 2024.

**Lease Operating Expenses ("LOE"):**

Total LOE for Q2 2025 was $2.8 million compared to total LOE for Q2 2024 of $3.5 million. The decrease of $0.7 million was primarily due to lower direct and variable lease operating expenses associated with the lower crude oil, natural gas and NGL volumes resulting from the production volume declines noted above.

**Depreciation, Depletion, Amortization and Accretion ("DD&A"):**

DD&A decreased from $4.24 million in Q2 2024 to $3.86 million in Q2 2025. The $0.4 million decrease was primarily the result of lower crude oil, natural gas and NGL volumes resulting from the production volume declines noted above.

**Impairment of Oil and Gas Properties:**

The Company recorded an impairment of oil and gas properties of $0.5 million related to undeveloped leases representing 776 net acres in the D-J Basin that it allowed to expire or currently has no plans to drill prior to expiration, in the current period. There was no impairment in the prior period.

**General and Administrative Expenses ("G&A"):**

The $0.3 million increase was primarily the result of additional payroll, audit fees and software licensing fees.

Share-based compensation, which is included in general and administrative expenses in the Statements of Operations, increased nominally due to the award of certain employee restricted stock and stock-based options. Share-based compensation is utilized for the purpose of conserving cash resources for use in field development activities and operations.

**Interest Income and Other Income:**

We earned $63,000 in interest, including interest earned from our interest-bearing cash accounts. Includes interest earned from our interest-bearing cash accounts and interest on the note receivable (in the prior period), which nominally decreased due to additional cash usage for our operations and no interest recognized on the note receivable, which has been fully written-off in the current period. Other income in the current period is related to sales tax refunds and other expense in the prior period primarily related to the subsequent disposition of a cash escrow bank balance related to the sale of our then wholly-owned subsidiary EOR Operating Company.

**Working Capital and Liquidity:**

At June 30, 2025, the Company's total current assets of $17.6 million exceeded its total current liabilities of $10.6 million, resulting in a working capital surplus of $7.0 million, while 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. The $0.7 million increase in our working capital surplus is primarily related to a proportional increase in production and sales, offset by a proportional increase in payables related to our current capital drilling program, when comparing the current period to the prior period (described above).

**Operations Update:**

The Company received first production in mid-Q2 from four new horizontal San Andres wells the Company drilled and completed in its core Chaveroo Field in the Permian Basin in Q1 2025 and early Q2 2025. The Company is pleased with the early production results.

During the quarter, the Company elected to participate in the drilling of (i) eight 2.5 mile lateral non-operated wells located in the D-J Basin with a ~7.5% working interest, with completion expected to occur in mid-August 2025 and initial production expected in early Q4 2025, (ii) three 2.5 mile lateral and one 3 mile U-shaped lateral non-operated wells located in the D-J Basin with a ~44% working interest, with completion expected to occur in early September 2025 and initial production expected in mid-Q4 2025, and (iii) six 1.5 mile lateral non-operated wells planned to be drilled in late Q4 2025 in the D-J Basin with a ~5% working interest.

More information regarding our operating results for the three months ended June 30, 2025, including our full financial statements and footnotes, can be found in our Quarterly Report on Form 10-Q which was filed earlier today with the Securities and Exchange Commission and is available at www.sec.gov.

***About PEDEVCO Corp.***

PEDEVCO Corp. (NYSE American: PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company's principal assets are its Permian Basin Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado, and Laramie County, Wyoming. PEDEVCO is headquartered in Houston, Texas.

***Use of Non-GAAP Financial Information***

This earnings release discusses EBITDA and Adjusted EBITDA which are presented as supplemental measures of the Company's performance. These measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before share-based compensation expense, impairment of oil and gas properties, gain on sale of oil and gas properties, gain on sale of fixed assets, and note receivable – credit loss. EBITDA and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We use EBITDA and Adjusted EBITDA as supplements to GAAP measures of performance to provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: EBITDA and Adjusted EBITDA do not reflect cash expenditures, future requirements for capital expenditures, or contractual commitments; EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments. For example, although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Additionally, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than PEDEVCO Corp. does, limiting its usefulness as a comparative measure. You should not consider EBITDA and Adjusted EBITDA in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. The Company's presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure. For more information on these non-GAAP financial measures, please see the section titled "Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA", included at the end of this release.

***Cautionary Statement Regarding Forward Looking Statements***

**PEDEVCO CORP.**

**CONSOLIDATED BALANCE SHEETS**

(amounts in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
| **Assets** | **June 30, 2025** <br> **(Unaudited)** | **December 31,** <br> **2024** |
| Current assets: |  |  |
| Cash and cash equivalents | $8467 | $4010 |
| Note receivable, current |  | 293 |
| Accounts receivable – oil and gas | 8556 | 7995 |
| Prepaid expenses and other current assets | 568 | 917 |
| Total current assets | 17591 | 13215 |
| Oil and gas properties: |  |  |
| Oil and gas properties, subject to amortization, net | 96194 | 95070 |
| Oil and gas properties, not subject to amortization, net | 6223 | 8442 |
| Total oil and gas properties, net | 102417 | 103512 |
| Note receivable |  | 933 |
| Operating lease – right-of-use asset | 299 | 224 |
| Deferred income taxes | 13165 | 12751 |
| Other assets | 3346 | 3210 |
| Total assets | $136818 | $133845 |
| **Liabilities and Shareholders' Equity** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $5782 | $2625 |
| Accrued expenses | 1561 | 2255 |
| Revenue payable | 2467 | 1266 |
| Operating lease liabilities – current | 174 | 99 |
| Asset retirement obligations – current | 580 | 663 |
| Total current liabilities | 10564 | 6908 |
| Long-term liabilities: |  |  |
| Operating lease liabilities, net of current portion | 125 | 129 |
| Asset retirement obligations, net of current portion | 5477 | 5708 |
| Total liabilities | 16166 | 12745 |
| Commitments and contingencies |  |  |
| Shareholders' equity: |  |  |
| Common stock, $0.001 par value, 200,000,000 shares authorized; 91,829,352 and 89,355,267 shares issued and outstanding, respectively | 92 | 89 |
| Additional paid-in capital | 228098 | 227013 |
| Accumulated deficit | (107538) | (106002) |
| Total shareholders' equity | 120652 | 121100 |
| Total liabilities and shareholders' equity | $136818 | $133845 |

---

**PEDEVCO CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(amounts in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| Oil and gas sales | $6972 | $11811 | $15708 | $19927 |
| Operating expenses: |  |  |  |  |
| Lease operating costs | 2799 | 3548 | 6211 | 6079 |
| Selling, general and administrative expense | 1693 | 1383 | 3289 | 2878 |
| Impairment of oil and gas properties | 510 |  | 742 |  |
| Depreciation, depletion, amortization and accretion | 3857 | 4242 | 7203 | 7727 |
| Total operating expenses | 8859 | 9173 | 17445 | 16684 |
| Gain on sale of oil and gas properties | 1021 |  | 1021 |  |
| Note receivable – credit loss | (1378) |  | (1378) |  |
| Operating income (expense) | (2244) | 2638 | (2094) | 3243 |
| Other income (expense), net: |  |  |  |  |
| Interest income | 63 | 93 | 127 | 242 |
| Gain on sale of fixed asset |  |  |  | 12 |
| Other income (expense) | 15 | (50) | 17 | (43) |
| Total other income  | 78 | 43 | 144 | 211 |
| Income (loss) before income taxes | (2166) | 2681 | (1950) | 3454 |
| Income tax benefit | 490 |  | 414 |  |
| Net (loss) income | $(1676) | $2681 | $(1536) | $3454 |
| Income (loss) per common share: |  |  |  |  |
| Basic | $(0.02) | $0.03 | $(0.02) | $0.04 |
| Diluted | $(0.02) | $0.03 | $(0.02) | $0.04 |
| Weighted average number of common shares outstanding: |  |  |  |  |
| Basic | 91403552 | 89326805 | 91137310 | 89040322 |
| Diluted | 91403552 | 89326805 | 91137310 | 89040322 |

---

**PEDEVCO CORP.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
|  | **2025** | **2024** |
| Cash Flows From Operating Activities: |  |  |
| Net (loss) income | $(1536) | $3454 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| Depreciation, depletion, amortization and accretion | 7203 | 7727 |
| Impairment of oil and gas properties | 742 |  |
| Note receivable – credit loss | 1378 |  |
| Amortization of right-of-use asset | 75 | 55 |
| Share-based compensation expense | 949 | 937 |
| Disposition of escrow cash account |  | (50) |
| Deferred income taxes | (414) |  |
| Gain on sale of oil and gas properties, net | (1021) |  |
| Gain on disposal of fixed asset |  | (12) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp; Accounts receivable – oil and gas | (672) | (2837) |
| &nbsp;&nbsp; Note receivable accrued interest | (41) | (53) |
| &nbsp;&nbsp; Prepaid expenses and other current assets | 349 | 125 |
| &nbsp;&nbsp; Accounts payable | (2224) | (359) |
| &nbsp;&nbsp; Accrued expenses | (481) | (6613) |
| &nbsp;&nbsp; Revenue payable | 1201 | (2079) |
| Net cash provided by operating activities | 5508 | 295 |
| Cash Flows From Investing Activities: |  |  |
| Cash paid for drilling and completion costs | (3675) | (12290) |
| Cash received for sale of oil and gas properties | 2635 |  |
| Cash received for sale of vehicle |  | 12 |
| Cash paid for vehicle | - | (55) |
| Net cash used in investing activities | (1040) | (12333) |
| Cash Flows From Financing Activities: |  |  |
| Proceeds from issuance of shares, net of offering costs | 139 | - |
| Net cash provided by investing activities | 139 | - |
| Net increase (decrease) in cash and restricted cash | 4607 | (12038) |
| Cash and restricted cash at beginning of period | 6607 | 20715 |
| Cash and restricted cash at end of period | $11214 | $8677 |
| Noncash investing and financing activities: |  |  |
| Change in accrued oil and gas development costs | $(4780) | $5067 |
| Changes in estimates of asset retirement costs, net | $119 | $145 |
| Issuance of restricted common stock | $3 | $2 |

---

**Reconciliation of Net (Loss) Income attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(1676) | $2681 | $(1536) | $3454 |
| Add (deduct) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | (490) |  | (414) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion, amortization and accretion | 3857 | 4242 | 7203 | 7727 |
| **EBITDA** | **1691** | **6923** | **5253** | **11181** |
| Add (deduct) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation | 474 | 462 | 949 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of oil and gas properties | 510 |  | 742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of oil and gas properties | (1021) |  | (1021) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of fixed asset |  |  |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note receivable – credit loss | 1378 | - | 1378 | - |
| **Adjusted EBITDA** | $**3032** | $**7385** | $**7301** | $**12106** |

---

\* EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. See also "Use of Non-GAAP Financial Information", above.

**CONTACT:**

PEDEVCO Corp.

(713) 221-1768

PR@pedevco.com

**SOURCE:** PEDEVCO Corp.