---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-23-011790"
form_type: "8-K"
ticker: "PED"
cik: "0001141197"
company_name: "PEDEVCO CORP"
filed_at: "2023-09-13T23:59:59+00:00"
generated_at: "2026-06-10T18:50:38.857380+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001654954-23-011790
- form_type: 8-K
- ticker: PED
- cik: 0001141197
- company_name: PEDEVCO CORP
- filed_at: 2023-09-13T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1141197/000165495423011790/0001654954-23-011790-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1141197/000165495423011790/ped_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-23-011790
- JSON: https://secwatch.observer/filing/0001654954-23-011790.json
- Plain text: https://secwatch.observer/filing/0001654954-23-011790.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1141197/000165495423011790/0001654954-23-011790-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.