8-K & 425 out last night. This will be stellar finally for this company !!! Glad I added to my long time investment from couple years back...
PEDEVCO Delivers Open Letter to the SandRidge Permian Trust, its Unit Holders, and the Operator of its Assets Regarding an Indication of Interest to Acquire the SandRidge Permian Trust and Underlying Assets
4:06 pm ET August 26, 2020 (Accesswire)
HOUSTON, TX / ACCESSWIRE / August 26, 2020 / On August 26, 2020, PEDEVCO Corp. (NYSE American:PED) ("PEDEVCO" or the "Company") delivered an open letter to The Bank of New York Mellon Trust Company, N.A., as trustee of the SandRidge Permian Trust (NYSE:PER)(the "Trustee" and the "Trust"), the common unit holders of the Trust, and Avalon Energy, LLC as a holder of Trust common units and the operator of the assets underlying the Trust, regarding PEDEVCO's previously delivered letter indicating its interest regarding a potential acquisition of all the common units of the Trust (the "Trust Units"), its underlying assets, and operatorship thereof, which open letter is included in this release below.
As described in the letter, PEDEVCO believes that the Trust is likely to be delisted from the New York Stock Exchange and be dissolved with its assets liquidated in less than a year, and PEDEVCO believes that the best way for current holders of Trust Units to have a chance of salvaging, retaining and growing their investment is through the trustee of the Trust and Avalon engaging in meaningful discussions with PEDEVCO in contemplation of the potential acquisition of the Trust, its underlying assets, and their operatorship by PEDEVCO through the issuance of PEDEVCO common stock as consideration for Trust Units. PEDEVCO believes a potential transaction could result in holders of Trust Units gaining ownership in a larger underlying asset base as well as potential for future price appreciation. PEDEVCO believes it represents a stable business partner with a strong balance sheet and familiarity with the Trust's underlying assets.
Mr. J. Douglas Schick, President of PEDEVCO, commented: "In June 2018, SK Energy, owned and controlled by our largest shareholder, Dr. Simon Kukes, similarly saved PEDEVCO from near-certain delisting from the NYSE and being taken over by its creditors, completely turning PEDEVCO around to emerge as the strong and stable company PEDEVCO is today. We are now hopeful that the Trustee and common unit holders of the SandRidge Permian Trust, and Avalon as the operator of the underlying assets, will see the wisdom and opportunity of the transaction proposed by PEDEVCO, which we believe will likewise result in a success story for their equity holders with significant upside potential through ownership in a stronger combined entity."
AI
