Pedevco Corp. (PED)

[chemist72]

News doesn't sound good for PED.

Given this new information regarding Avalon and its exclusive arrangement with Montare, the Company plans to attempt to engage in direct discussions with both Avalon and Montare regarding the Company's prior indication of interest relating to the potential acquisition of all the Trust Units, its underlying assets, and operatorship thereof.

Furthermore, note this section:

We further note that any potential transaction between PEDEVCO, the Trust, the Trust Unit holders, Avalon and/or Montare, may be hindered by, or unable to proceed at all, due to, the Trustee's initial indication of its unwillingness to engage in any discussions with PEDEVCO, and Avalon's entry into an exclusive agreement with Montare as announced today that contemplates a similar transaction involving Avalon and/or the Trust in support of Montare's acquisition of the Trust, which could directly compete with, frustrate or end PEDEVCO's efforts to achieve the same result. There is a significant risk and a strong possibility that the Trustee will never enter into discussions with PEDEVCO, that the proposed transaction will never progress past the indication of interest phase, that no definitive agreements will ever be entered into between the parties, and PEDEVCO will never acquire the Trust or its assets.

https://www.bloomberg.com/press-releases/2020-08-27/pedevco-provides-status-update-regarding-open-letter-delivered-to-the-sandridge-permian-trust-its-unit-holders-and-t