Pedevco Corp. (PED)

[RyGuy]

Transformational Year with $120M Rev potential Past 3 years, PED averaged 715 Boe/d. 2021-727, 2020-691, and 2019-729.

December 2021, PED spud 2 new wells in the Permian, & announced would begin production March 2022. New Permian wells, historically average over 450 Boe/d. Article suggests based on horizontal length could be higher.

https://www.ogj.com/drilling-production/production-operations/unconventional-resources/article/14232836/rystad-permian-new-well-productivity-to-pass-1000-boed-in-2022-on-record-lateral-footage

But using 400 Boe/d per well to be safe.

February 7th, 2022 PED acquired new well interests in the D-J Basin. Ten recently completed wells averaged gross production of 661 barrels of oil equivalent per day (BOEPD) per well for the month of January 2022. Total 14 wells. Approx. 8,210 Boe/d @ assumed average 5% interest.

3rd Qtr Estimates -
715 Boe/d
800 Boe/d *Estimate
410 Boe/d *New working 5% interests
1392 Boe/d * 34.4% working interest in 6 Niobrara wells *Estimate

3,317 Boe/d - 3rd Qtr Estimate @$100 oil
$331,700 per day
$30,184,700 per Qtr
$120,738,800 per Yr

I just don't get the price action.. PED never got the massive run of other O&G.