PEDEVCO CORP (PED): M&A transaction — PEDEVCO sells non-core Permian assets for $1.12M, reduces P&A liabilities by $3.2M; Q3 net income $0.95M

PEDEVCO CORP

2023-Q3 EPS reported $0.05 revenue$24,042,000

Sold non-core legacy vertical Milnesand and Sawyer Fields for ~$1.12M consideration, reducing estimated P&A liabilities by over $3.2M.
Q3 2023 net income of $0.95M ($0.01/sh) on revenue of $7.33M, compared to net income of $1.1M in Q3 2022.
Production averaged 1,376 BOEPD (81% liquids), up from 960 BOEPD in Q3 2022; adjusted EBITDA rose 14% to $4.4M.
Zero debt and $16.7M cash (incl. $3.55M restricted) as of Sep 30, 2023; drilling three horizontal San Andres wells in Chaveroo Field.
Elected to participate in seven non-operated D-J Basin wells (~18% WI) and six non-operated wells (~5% WI); up to ten operated Niobrara wells being permitted.

item 1.01 item 2.01 item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PEDEVCO CORP reported three-months ended September 30, 2023 results: revenue $7.33 million, net income $0.95 million, or $0.01 per basic and diluted share outstanding, EPS $0.01 per basic and diluted share outstanding.

Period: three-months ended September 30, 2023
Revenue: $7.33 million
Net income: $0.95 million, or $0.01 per basic and diluted share outstanding
EPS: $0.01 per basic and diluted share outstanding
Result: reported results

Exact text from the filing

of oil equivalent per day ("BOEPD") (81.0% liquids) in the three months ended September 30, 2023 (“Q3 2023”), compared to 960 BOEPD produced in Q3 2022. · Q3 2023 revenue of $7.33 million, decreasing 2% from Q3 2022. · Operating income of $0.9 million, decreasing 16% from Q3 2022. · Operating expenses (inclusive of general and administrative expenses,

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PEDEVCO CORP completed a disposition involving Tilloo Exploration and Production, LLC for $1,122,436 (closed 2023-11-09).

Action: disposition
Counterparty: Tilloo Exploration and Production, LLC
Consideration: $1,122,436
Closing: 2023-11-09

Exact text from the filing

Pursuant to the Purchase Agreement, we (through PEDCO and our wholly-owned subsidiary EOR Operating Company (“ EOR ”)) agreed to sell certain oil and gas assets described in greater detail below (collectively, the “ Assets ”), and pursuant to the Stock Purchase Agreement we agreed to sell 100% of the capital stock of EOR, which operates most of the Assets, to Tilloo for aggregate consideration of $1,122,436 (the “ Sales Price ”).

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PEDEVCO CORP filing history →

Source: SEC EDGAR

accession 0001654954-23-014035

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