PEDEVCO Announces 1st Quarter Results With Production Increasing Approximately 4x and Revenues Increasing Approximately 1.5x Over Same Period Last Year
DANVILLE, CA--(Marketwired - May 14, 2015) - PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED) (the "Company") reported 1st quarter results today and confirmed that as previously reported, the Company expects to sign the Acquisition Agreement with Dome Energy before May 24, 2015.
Compared to the same quarter last year, revenues grew from approximately $1 million to approximately $1.5 million, with production for the same period growing from approximately 13,000 BOE (barrels of oil equivalent) to approximately 49,000 BOE.
This increase in revenues and production occurred notwithstanding the drop of realized oil prices by the Company of approximately 50%, and the 1st quarter results only reflect partial results from the Company's 3 recently drilled and completed Loomis wells and also only partial credit for the additional production acquired in February from Golden Globe, including its interests in the Loomis wells. When compared to the 4th quarter of 2014, the 1st quarter of 2015 saw revenues increase by over 2x and production increase by over 3x.
Commenting on the results, Frank C. Ingriselli, Chairman and CEO of the Company, stated, "We are very pleased with our 1st quarter results. In every major financial category we dramatically increased the results for our Company. We were able to achieve these results notwithstanding a drop of well over 50% in the price of oil. We look forward to carrying out our development plans in 2015, closing of our combination with Dome and continuing to focus on building shareholder value."
