Pedevco Corp. (PED)

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PEDEVCO Announces Successful Results of Horizontal San Andres Wells Drilled in its Permian Basin Asset

Houston, Texas, April 29, 2019 – PEDEVCO Corp. (NYSE American: PED) (the “Company”) today announced the results of its first horizontal well drilled in the Company’s Chaveroo field of the prolific San Andres play in the Northwest Shelf of the Permian Basin situated in West Texas and eastern New Mexico. This first well, the Haley Chaveroo SA Unit 305H (“Haley 305 well”), was spud in December 2018, completed in February 2019, and put on production in March 2019, reaching a peak daily rate of 539 barrels of oil equivalent per day (“BOEPD”) (88% oil), or 138 BOE per 1,000 feet. The well’s current thirty-day average initial production rate (“IP30”) of 480 BOEPD (88% oil) and climbing is in the top-10 percentile of San Andres horizontal wells drilled in the Northwest Shelf and Central Basin Platform based on IHS Markit data for 778 horizontal producers as of March 2019 (December 2018 reporting month).