PEDEVCO reports Q3 net income of $1.1M vs loss, revenue up 84% to $7.47M

· Produced an average of 960 barrels of oil equivalent per day (“BOEPD”) (87% oil) in the three months ended September 30, 2022 (“Q3 2022”), with Q3 2022 revenue of $7.47 million increasing 84% over revenue earned during the three months ended September 30, 2021 (“Q3 2021”). · Reported Q3 2022 operating income of $1.02 million, increasing nearly 390% from Q3 2021. · Reported Q3 2022 operating expenses (inclusive of general and administrative expenses, depreciation, depletion and amortization expenses and lease operating expenses) of $6.45 million, increasing $2.0 million and 46% from Q3 2021. · Reported Q3 2022 net income of $1.1 million or $0.01 per basic diluted share outstanding, compared to a net loss of $0.3 million, or a ($0.00) loss per basic diluted share outstanding, in Q3 2021.