Pedevco Corp. (PED)

[I-Man]

Completely debt free company now !! This is major news in 8-K SEC filing last night...


As a result of the Conversions, the Company now has no debt on its balance sheet/b]

HOUSTON, TX / ACCESSWIRE / March 4, 2019 / PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE American: PED) (the "Company") announced today that it has converted all of its remaining $32.7 million in debt into common stock of the Company at a price of $2.13 per share, and is now debt-free. Substantially all of the Company's debt was held by SK Energy LLC, an investment firm owned by Dr. Simon Kukes, the Company's Chief Executive Officer.

John J. Scelfo, Chairman of the Company's Board of Directors, commented, "We are pleased that SK Energy has decided to convert the remainder of its debt years earlier than its maturity date at a conversion price in excess of the current market price, which not only saves the Company millions of dollars in interest, but delivers the Company a debt-free balance sheet.

With over $10 million in free cash and a strong balance sheet, we are well-positioned to continue our development plans and pursue additional accretive acquisitions in the Permian Basin to the benefit of our shareholders."