PEDEVCO farms out 50% WI in Chaveroo field to Evolution for $401,733 initial payment

PEDEVCO CORP

Initial payment of $401,733 for 50% working interest in first two Development Blocks covering 9 drilling locations on ~16,000 acres.
Evolution may acquire 50% WI in subsequent blocks at $450/net acre; PEDEVCO remains operator under standard operating agreement.
Chaveroo field estimated 700+ million barrels OOIP with less than 5% recovered; horizontal infill drilling de-risked.
Agreement term through Dec 31, 2025; block-by-block farm-in with up to nine horizontal San Andres wells per block.
PEDEVCO to redirect capital to DJ Basin growth; Evolution gains Permian exposure and supports its dividend.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PEDEVCO CORP entered into Participation Agreement with Evolution Petroleum Corporation valued at $401,733.00 (effective 2023-09-12).

Action: entry
Counterparty: Evolution Petroleum Corporation
Value: $401,733.00
Effective: 2023-09-12

Exact text from the filing

On September 12, 2023, PEDEVCO Corp. (the “ Company ”) and Evolution Petroleum Corporation (“ Evolution ”) entered into a Participation Agreement for the joint development of a portion of the Company’s Permian Basin Asset known as the Chaveroo oilfield

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38 material agreements filed in the last 30 days. Browse all material agreements →

PEDEVCO CORP filing history →

Source: SEC EDGAR

accession 0001654954-23-011790

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