Pedevco Corp. (PED)

[RyGuy]

$PED Sardar Biglari and his Biglari Holdings company $BH in October 2022 acquired 90% of Abraxas Petroleum $AXAS for $80 Million in what appears to have been a pre-arranged restructuring. Abraxas was on life support with crippling debt. They sold 3,500 Bakken acres with 3,000 boe/d for $87 Million and retained their 11,000 Permian acres.

https://localtoday.news/ca/sardar-biglari-pays-80-million-for-sa-based-drilling-company-abraxas-petroleum-79565.html
and
https://www.limerockresources.com/lime-rock-resources-acquires-two-properties-for-358-5-million/

Abraxas in last 10-Q reported production of approximately 2,350 boe/d on the 11,000 Permian acres.

They were saved from life support at the equivalence of $8,000 per acre for roughly 90% of the company.

Here Pedevco sits with what will likely be similar production numbers as of Q4/Q1
What is Pedevco shares worth? $1.13?
$97M - Market Cap and No Debt!
$30.5M - Cash!
53,700 - Leasehold Acres
2,500 - Boe/d Production Estimate Q1-23
$1,805 - Per Acre?! WTH!
$5,000 per acre = $3.12 share price?
$7,500 per acre = $4.69 share price?
$10,000 per acre = $6.25 share price?

Hello McFly!