NYSE: PED
PEDEVCO CORPCIK 0001141197 · SIC 1311 · Crude Petroleum & Natural Gas
We were originally incorporated in September 2000 as Rocker & Spike Entertainment, Inc. In January 2001 we changed our name to Reconstruction Data Group, Inc., and in April 2003 we changed our name to Verdisys, Inc. and were engaged in the business of providing satellite services to agribusiness.… About this business →
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Latest financial statements
From 10-Q filed Aug 13, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q2 ended Jun 30, 2026 | Q2 ended Jun 30, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 46.1 | 7.0 |
| Operating expenses: | ||
| Selling, general and administrative | 3.4 | 1.7 |
| Depreciation and amortization | 9.8 | 3.9 |
| Total operating expenses | 30.8 | 8.9 |
| Operating income | 15.4 | (2.2) |
| Interest expense | 2.0 | — |
| Other income/(expense), net | 0.01 | 0.01 |
| Income before income taxes | 18.5 | (2.2) |
| Income tax expense/(benefit) | 1.0 | (0.5) |
| Net income | 17.5 | (1.7) |
| Basic earnings per share | 1.31 | (0.37) |
| Diluted earnings per share | 1.31 | (0.37) |
Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash | 10,805 | 3,222 |
| Restricted cash | 1,337 | - |
| Accounts receivable oil and gas | 24,010 | 25,666 |
| Inventory | 141 | 61 |
| Derivative contract assets, current | 3,347 | 8,368 |
| Prepaid expenses and other current assets | 180 | 434 |
| Total current assets | 39,820 | 37,751 |
| Oil and gas properties: | ||
| Oil and gas properties, subject to amortization, net | 295,675 | 303,411 |
| Oil and gas properties, not subject to amortization, net | 16,623 | 18,859 |
| Total oil and gas properties, net | 312,298 | 322,270 |
| Derivative contract assets | 5,316 | 9,640 |
| Operating lease right-of-use asset | 124 | 213 |
| Other assets | 2,141 | 5,995 |
| Total assets | 359,699 | 375,869 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | 6,548 | 32,436 |
| Accrued expenses | 13,408 | 8,245 |
| Revenue payable | 22,231 | 21,480 |
| Operating lease liabilities current | 125 | 182 |
| Derivative contract liabilities current | 5,687 | 964 |
| Deposit on sale of oil and gas properties | 2,000 | - |
| Asset retirement obligations current | 743 | 1,170 |
| Total current liabilities | 50,742 | 64,477 |
| Long-term liabilities: | ||
| Revolving credit facility | 85,000 | 87,000 |
| Operating lease liabilities, net of current portion | - | 32 |
| Derivative contract liabilities | 7,067 | 6,358 |
| Asset retirement obligations, net of current portion | 13,688 | 7,641 |
| Deferred income taxes | 921 | 800 |
| Other long-term liabilities | 2,230 | 2,197 |
| Total liabilities | 159,648 | 168,505 |
| Commitments and contingencies (Note 12) | ||
| Shareholders’ equity: | ||
| Series A preferred stock, $0.001 par value, 200,000,000 shares authorized; -0- and 17,013,637 shares issued and outstanding, respectively | - | 17,014 |
| Common stock, $0.001 par value, 200,000,000 shares authorized; 13,290,902 and 4,797,239 shares issued and outstanding, respectively | 13 | 5 |
| Additional paid-in capital | 330,071 | 312,205 |
| Accumulated deficit | (130,033) | (121,860) |
| Total shareholders’ equity | 200,051 | 207,364 |
| Total liabilities and shareholders’ equity | 359,699 | 375,869 |
Consolidated Statements of Cash Flows (Unaudited)
(amounts in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash Flows From Operating Activities: | ||
| Net income (loss) | (8,173) | (1,536) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation, depletion, amortization and accretion | 22,602 | 7,203 |
| Impairment of oil and gas properties | 2,422 | 742 |
| Note receivable credit loss | - | 1,378 |
| Amortization of right-of-use asset | 89 | 75 |
| Amortization of deferred financing costs | 336 | - |
| Share-based compensation expense | 904 | 949 |
| Net loss on derivative contracts | 26,252 | - |
| Cash (paid) received for derivative settlements, net | (7,778) | - |
| Deferred income taxes | 121 | (414) |
| Gain on sale of oil and gas properties, net | (52) | (1,021) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable oil and gas | 1,656 | (672) |
| Note receivable accrued interest | - | (41) |
| Inventory | (80) | - |
| Prepaid expenses and other current assets | 653 | 349 |
| Accounts payable | (20,522) | (2,224) |
| Accrued expenses | 6,626 | (481) |
| Revenue payable | 751 | 1,201 |
| Income tax payable | 37 | - |
| Other liabilities | 29 | - |
| Net cash provided by operating activities | 25,873 | 5,508 |
| Cash Flows From Investing Activities: | ||
| Cash paid for drilling and completion costs | (20,008) | (3,675) |
| Cash received for sale of oil and gas property | 2,000 | 2,635 |
| Net cash (used in) provided by investing activities | (18,008) | (1,040) |
| Cash Flows From Financing Activities: | ||
| Proceeds from credit facility | 11,000 | - |
| Repayment of credit facility | (13,000) | - |
| Reverse stock split costs | (44) | - |
| Proceeds from issuance of shares, net of offering costs | - | 139 |
| Net cash (used in) provided by financing activities | (2,044) | 139 |
| Net increase in cash and restricted cash | 5,821 | 4,607 |
| Cash and restricted cash at beginning of period | 6,321 | 6,607 |
| Cash and restricted cash at end of period | 12,142 | 11,214 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for: | ||
| Interest | 2,891 | - |
| Income taxes | - | - |
| Noncash investing and financing activities: | ||
| Change in accrued oil and gas development costs | (10,825) | (4,780) |
| Changes in estimates of asset retirement costs, net | 4,660 | 119 |
| Conversion of preferred stock into common stock | 17,014 | - |
| Issuance of restricted common stock | - | 3 |
Face scale: (amounts in thousands, except share and per share data); (amounts in thousands). Amounts in millions USD (mixed scale; EPS as reported); EPS as reported. Statements found on the EDGAR/iXBRL face print as filed; the rest are presentation-friendly mappings of filer XBRL tags. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗
About PEDEVCO CORP
Source: Item 1 (Business) from the 10-K filed March 31, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS.
History
We were originally incorporated in September 2000 as Rocker & Spike Entertainment, Inc. In January 2001 we changed our name to Reconstruction Data Group, Inc., and in April 2003 we changed our name to Verdisys, Inc. and were engaged in the business of providing satellite services to agribusiness. In June 2005, we changed our name to Blast Energy Services, Inc. (“Blast”) to reflect our new focus on the energy services business, and in 2010 we changed the direction of the Company to focus on the acquisition of oil and gas producing properties.
On July 27, 2012, we acquired, through a reverse acquisition, Pacific Energy Development Corp., a privately held Nevada corporation, which we refer to as Pacific Energy Development. As described below, pursuant to the acquisition, the stockholders of Pacific Energy Development gained control of approximately 95% of the then voting securities of our company. Since the transaction resulted in a change of control, Pacific Energy Development was the acquirer for accounting purposes. In connection with the merger, which we refer to as the Pacific Energy Development merger, Pacific Energy Development became our wholly-owned subsidiary and we changed our name from Blast Energy Services, Inc. to PEDEVCO Corp. Following the merger, we refocused our business plan on the acquisition, exploration, development and production of oil and natural gas resources in the United States.
As discussed in greater detail below under “Business Strategy—Merger Agreement”, on October 31, 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”), between the Company, NP Merger Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (“First Merger Sub”), COG Merger Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company (“Second Merger Sub,” and together with First Merger Sub, the “Merger Subs”), North Peak Oil & Gas, LLC, a Delaware limited liability company (“NPOG”), Century Oil and Gas Sub-Holdings, LLC, a Delaware limited liability company (“COG,” and together with NPOG, the “Acquired Companies”), and, solely for purposes of the specified provisions therein, North Peak Oil & Gas Holdings, LLC, a Delaware limited partnership (“North Peak”).
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Pursuant to the Merger Agreement, on October 31, 2025, (a) First Merger Sub merged with and into NPOG, with NPOG being the surviving entity and a wholly-owned subsidiary of the Company and (b) Second Merger Sub merged with and into COG, with COG being the surviving entity and a wholly-owned subsidiary of the Company (the “Mergers”).
Our corporate headquarters are located in approximately 5,200 square feet of office space at 575 N. Dairy Ashford, Suite 210, Houston, Texas 77079. We lease that space pursuant to a lease that expires in February 2027.
Business Operations
Overview
We are an oil and gas company focused on the acquisition and development of oil and natural gas assets where the latest in modern drilling and completion techniques and technologies have yet to be applied. In particular, we focus on legacy proven properties where there is a long production history, well defined geology and existing infrastructure that can be leveraged when applying modern field management technologies. Our current properties are located in the Denver-Julesberg Basin (“D-J Basin”) in Colorado and Wyoming, the Powder River Basin (“PRB”) in Wyoming, and in the San Andres formation of the Permian Basin situated in West Texas and eastern New Mexico (the “Permian Basin”).
As of December 31, 2025, we held approximately 99,561 net acres in the D-J Basin located in Weld and Morgan Counties, Colorado and Laramie County, Wyoming, through our wholly-owned subsidiaries, PRH Holdings LLC (“PRH”) and NPOG (the “D-J Basin Asset”), which assets are operated by the Company’s wholly-owned operating subsidiaries, Red Hawk Petroleum, LLC (“Red Hawk”), North Silo Resources, LLC (“NSR”), and Longs Peak Resources, LLC (“LPR”). On April 3, 2025, effective January 1, 2025, the Company sold all of its legacy 17 gross (15.4 net) operated wells in the D-J Basin in order to reduce plugging and abandonment liabilities and recurring operating expenses. The Company retained ownership of the associated leasehold interests, as these legacy wells no longer provided meaningful oil and gas production.
As of December 31, 2025, the Company held approximately 201,886 net acres in the Powder River Basin, predominantly located in Laramie and Campbell Counties, Wyoming, through its wholly-owned subsidiary COG. These assets are operated by the Company’s wholly-owned operating subsidiaries, COG, Navigation Powder River, LLC (“NPR”), and Pine Haven Resources, LLC (“Pine Haven”), and are referred to as the “Powder River Basin Asset” or the “PRB Asset.”
As of December 31, 2025, we held approximately 14,105 net acres in the Permian Basin located in Chaves and Roosevelt Counties, New Mexico, through our wholly-owned subsidiary, Pacific Energy Development Corp. (“PEDCO”). These assets are operated by our wholly-owned operating subsidiary, Ridgeway Arizona Oil Corp. (“RAZO”), and are collectively referred to as our “Permian Basin Asset.”
As of December 31, 2025, we held interests in 184 gross (79.4 net) wells, consisting of 170 producing wells, three saltwater disposal wells, and 11 drilled but uncompleted wells (“DUCs”) in the D-J Basin Asset. Of these wells, 74 gross (66.9 net) were operated and 110 gross (12.5 net) were non-operated. In the PRB Asset, we held interests in 156 gross (135.4 net) wells, consisting of 140 producing wells, 15 injection wells, and one saltwater disposal well. Of these wells, 16 gross (1.4 net) were non-operated. In the Permian Basin, we held interests in 38 gross (34.5 net) wells consisting of 34 producing wells, two injection wells, and two saltwater disposal wells.
Business Strategy
We believe that horizontal development and exploitation of conventional and unconventional oil and gas assets in the Rockies region, including the D-J and Powder River Basins, and the Permian Basin, represent among the most economic oil and natural gas plays in the U.S. We plan to optimize our existing assets and opportunistically seek additional acreage proximate to our currently held core acreage, as well as target other acquisitions in the Rockies region that fit our acquisition criteria. We believe there is a significant opportunity to build a leading oil and gas company in the Rockies region through both organic growth and acquisitions on terms that are more attractive than what we see in other oil and gas producing basins.
Specifically, we seek to increase stockholder value through the following strategies:
Grow production, cash flow and reserves by developing our operated drilling inventory and participating opportunistically in non-operated projects. We believe our extensive inventory of drilling locations in the D-J Basin, Powder River Basin, and Permian Basin, combined with our operating expertise, will enable us to continue to deliver accretive production, cash flow and reserves growth. We believe the location, concentration and scale of our core leasehold positions, coupled with our technical understanding of the reservoirs, will allow us to efficiently develop our core areas and to allocate capital to maximize the value of our resource base.
Apply modern drilling and completion techniques and technologies. We own and intend to acquire additional properties that have been historically underdeveloped and underexploited. We believe our attention to detail and application of the latest industry advances in horizontal drilling, completions design, frac intensity and locally optimal frac fluids will allow us to successfully develop our properties.
Optimization of development plans, well density and configuration. We own properties that are located in oil and gas producing basins that are geologically well defined, characterized by widespread vertical and horizontal development and geological well control. We utilize the extensive geological, petrophysical and production data of such properties to confirm optimal development plans, well spacing and configuration using modern reservoir evaluation methodologies.
Maintain a high degree of operational control and/or form partnerships which allow for a high degree of control over non-operated properties. We believe that by retaining operational control and/or by forming partnerships which require consent and input by all partners in major development projects, we can efficiently manage the timing and amount of our capital expenditures and operating costs, and thus key in on the optimal drilling and completions strategies, which we believe will generate higher recoveries and greater rates of return per well.
Leverage extensive deal flow, technical and operational experience to evaluate and execute accretive acquisition opportunities. Our management and technical teams have an extensive track record of forming, buying, building and selling oil and gas businesses. We also have significant expertise in successfully sourcing, evaluating and executing acquisition opportunities. We believe our understanding of the business, financial, geology, geophysics and reservoir properties of potential acquisition targets will allow us to identify and acquire highly prospective acquisitions and leasing opportunities in order to grow our reserve base and maximize stockholder value.
Preserve financial flexibility to pursue organic and external growth opportunities. We intend to maintain a disciplined financial profile in order to provide flexibility across various commodity and market cycles.
Our strategy is to be the operator and/or a significant working interest owner, directly or through our subsidiaries and joint ventures, in the majority of our acreage so we can dictate the pace of development in order to execute our business plan. In areas we deem highly economic and do not have a high enough working interest to serve as operator, we seek to participate in projects if returns match or exceed other projects in our portfolio. Due to the fragmented nature of acreage positions in some of our holdings, our ownership interest does not always allow us to serve as the operator. Our net capital expenditures for 2026 are estimated at the time of this filing to range between $16 million to $20 million. This estimate includes a range of $6 million to $7 million for drilling and completion costs on our D-J Basin Assets (of which approximately $3 million is carry over from our 2025 program) and approximately $10 million to $13 million in estimated capital expenditures for optimization projects on the newly acquired assets from the Mergers. These optimization projects include jet pump to rod pump or gas lift conversions, electronic submersible pump (ESP) to rod pump conversions, compression optimization projects, recompletions, and well cleanouts that are expected to materially lower lease operating expenses on our operated assets going forward. Other minor capital expenditures included in these figures are leasing, facilities, remediation and other miscellaneous capital expenses. We anticipate that approximately 90% of our expected capital expenditures for 2026 will be allocated to the D-J Basin and 10% will be allocated collectively to the Powder River and Permian Basin. These estimates do not include any expenditures for acquisitions or other projects that may arise but are not currently anticipated. We are evaluating future development plans for late 2026 and 2027, as we integrate the assets and operations acquired in the Mergers and work to execute the near-term optimization program outlined above. We periodically review our capital expenditures and adjust our capital forecasts and allocations based on liquidity, drilling results, leasehold acquisition opportunities, partner non-consents, proposals from third party operators, and commodity prices, while prioritizing our financial strength and liquidity (see “Part I” – “