Pedevco Corp. (PED)

[PD4107]

some earnings from PED
General Overview

We are an energy company engaged primarily in the acquisition, exploration, development and production of oil and natural gas shale plays in the Denver-Julesberg Basin (“ D-J Basin ”) in Colorado, which contains hydrocarbon bearing deposits in several formations, including the Niobrara, Codell, Greenhorn, Shannon, J-Sand, and D-Sand. As of March 31, 2018, we held approximately 9,895 net D-J Basin acres located in Weld County, Colorado through our wholly-owned operating subsidiary, Red Hawk Petroleum, LLC (“ Red Hawk ”), which asset we refer to as our “ D-J Basin Asset. ” As of March 31, 2018, we hold interests in 61 gross (17.4 net) wells in our D-J Basin Asset, of which 14 gross (12.5 net) wells are operated by Red Hawk and currently producing, 25 gross (4.9 net) wells are non-operated and 22 wells have an after-payout interest.

We have listed below the total production volumes and total revenue net to the Company for the three months ended March 31, 2018 and 2017 attributable to our D-J Basin Asset.



Three Months Ended
March 31,
2018


Three Months Ended
March 31,
2017

Oil volume (BBL)
9,472
11,926
Gas volume (MCF)
17,551
18,432
NGL volume (MCF)
11,198
19,825
Volume equivalent (BOE) (1)
14,264
18,302
Revenue (000’s)
$ 644
$ 734

(1) Assumes 6 Mcf of natural gas is equivalent to 1 barrel of oil.


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