PEDEVCO just purchased Permian Basis assets... Read filings... Their recent financial move enabled them to now do this acquisition and only increases their overall position, revenues, profits and portfolio in oil/energy business...
The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas and the southeastern part of the U.S. state of New Mexico. It reaches from just south of Lubbock, past Midland and Odessa,south nearly to the Rio Grande River in southern West Central Texas, and extending westward into the southeastern part of New Mexico. It is so named because it has one of the world's thickest deposits of rocks from the Permian geologic period. The greater Permian Basin comprises several component basins; of these, Midland Basin is the largest, Delaware Basin is the second largest, and Marfa Basin is the smallest. The Permian Basin extends beneath an area approximately 250 miles (400 km) wide and 300 miles (480 km) long.[1]
The Permian Basin gives its name to a large oil and natural gas producing area, part of the Mid-Continent Oil Producing Area. Total production for that region up to the beginning of 1993 was over 14.9 billion barrels (2.37×109 m3). The towns of Midland and Odessa serve as the headquarters for oil production activities in the basin.
The Permian Basin is also a major source of potassium salts (potash), which are mined from bedded deposits of sylvite and langbeinite in the Salado Formation of Permian age. Sylvite was discovered in drill cores in 1925, and production began in 1931
