Bob here is recent article naysayers say is not true about Permian Basin assets:
HOUSTON, TX / ACCESSWIRE / August 1, 2018 / PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE American: PED) (the "Company") reported today that it has entered into an agreement to acquire over 23,000 net leasehold acres, all operated production, and all related existing infrastructure and certain operating companies from certain U.S. subsidiaries of Hunter Oil Corp. (OTCQX: HOILF; TSX-V: HOC), with closing scheduled to occur on or about August 31, 2018, subject to satisfaction of closing conditions. These assets are located in the prolific San Andres play in the Permian Basin situated in west Texas and eastern New Mexico, with all acreage and production 100% operated and substantially all acreage held by production.
In addition, effective August 1, 2018, the Company acquired 100% ownership of Condor Energy Technology LLC, which owns and operates 4 horizontal wells producing from the Niobrara formation, and approximately 2,340 net acres held by production, all located in the D-J Basin in Weld and Morgan Counties, Colorado, and represents "bolt-on" acreage to the Company's existing operations in the D-J Basin.
Also effective August 1, 2018, Mr. J. Douglas Schick, an oil and gas executive with over 20 years' experience in the industry, joined the Company as its new President, with responsibility over the Company's exploration and production and mergers and acquisition functions, reporting directly to Company CEO Simon Kukes. In addition, effective August 1, 2018, the Company hired four additional employees with expertise in oil and gas development, operations, engineering, accounting and regulatory matters, and relocated its headquarters to Houston, Texas. Current Company Chief Financial Officer, Mr. Gregory Overholtzer, and current Company Executive Vice President, General Counsel and Secretary, Mr. Clark R. Moore, remain in office in their current roles, with Mr. Moore assuming the additional responsibility and oversight over all Company human resource matters.
Dr. Simon Kukes, the CEO of the Company, commented, "Consistent with our business plan to acquire accretive assets and focus on long-term growth, we have acquired the additional D-J Basin assets, and plan to close on the acquisition of the Permian Basin assets by the end of the month. I have also further directly funded the Company to acquire these assets. With the additional team members now in place, and Company headquarters relocated to Houston, I believe we are positioned to continue growing the Company through additional acquisitions and development of our assets."
