PEDEVCO restates Q2 2023 financials due to revenue overstatement from third-party operator errors

PEDEVCO CORP

Audit Committee determined Q2 2023 10-Q should no longer be relied upon due to accounting errors.
Errors in revenue accrual estimates for 14 third-party operated wells caused overstatement of net revenue.
Misstatements also affect oil, NGL, gas production, sales costs, severance taxes, and depletion for Q2 and H1 2023.
No misconduct involved; restatement will include disclosure of material weakness in internal controls.
Company intends to file amended Q2 2023 10-Q as soon as practicable.

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