Well I guess the way to do this is to start from 2021 when the Covid farce was over in 2021.
2021 they had to start from their one year standstill on increasing production due to Covid in 2020 and by the end of the year production was rising rather well as the numbers show QoQ
Three Months Ended March 31,2021
Crude Oil (Bbls per day) 690
Natural Gas (Mcf per day) 366
NGL (Bbls per day) 9
Total (Boe per day) 760
Three months ended June 30, 2021
Crude Oil (Bbls per day) 606
Natural Gas (Mcf per day) 613
NGL (Bbls per day) 10
Total (Boe per day) 718
Three Months Ended September 30, 2021
Crude Oil (Bbls per day) 599
Natural Gas (Mcf per day) 622
NGL (Bbls per day) 17
Total (Boe per day) 726
12 months Ended December 31, 2021
Crude Oil (Bbls total production) 228,068
Natural Gas (Mcf total production) 192,052
NGL (Bbls total production) 5,225
Total (Boe per day average) 727
Three Months Ended March 31,2022
Crude Oil (Bbls per day) 864
Natural Gas (Mcf per day) 837
NGL (Bbls per day) 70
Total (Boe per day) 1,074
Three months ended June 30, 2022
Crude Oil (Bbls per day) 873
Natural Gas (Mcf per day) 741
NGL (Bbls per day) 88
Total (Boe per day) 1,085
Three Months Ended September 30, 2022
Crude Oil (Bbls per day) 833
Natural Gas (Mcf per day) 560
NGL (Bbls per day) 34
Total (Boe per day) 960
12 months Ended December 31, 2022
Crude Oil (Bbls total production) 304,507
Natural Gas (Mcf total production) 245,923
NGL (Bbls total production) 19,277
Total (Boe per day average) 999
Three Months Ended March 31,2023
Crude Oil (Bbls per day) 1,148
Natural Gas (Mcf per day) 974
NGL (Bbls per day) 118
Total (Boe per day) 1,428
Three months ended June 30, 2023
Crude Oil (Bbls per day) 1,515
Natural Gas (Mcf per day) 1,659
NGL (Bbls per day) 214
Total (Boe per day) 2,006
Three Months Ended September 30, 2023
Crude Oil (Bbls per day) 965
Natural Gas (Mcf per day) 1,571
NGL (Bbls per day) 149
Total (Boe per day) 1,376
12 months Ended December 31, 2023
Crude Oil (Bbls total production) 382,794
Natural Gas (Mcf total production) 479,533
NGL (Bbls total production) 58,170
Total (Boe per day average) 1,427
This year I think they will add 500-700 BOE per day to the average all depending on just when the 10 wells they are drilling in the DJ Basin with a 70% interest with a partner for 30%. This is a big plus for PED as they have always been at the lower end of the %'s as they were not the operator at this time though it seems they are getting more of a runway to increase production in a much bigger way than they have since 2020.
They were approved and permitted as shown below and they planned on starting drilling with 2 drilling units (As per the companies 2024 Winter Presentation) to cut the time needed to drill down to 1/2 so that the initial production could be in full swing in Q2 2024..
PEDEVCO Announces Approval of D-J Basin Development Plan for Roth 2-11 Wells and Operations Update
HOUSTON, TX / ACCESSWIRE / February 5, 2024 / PEDEVCO Corp. (NYSE American:PED) ("PEDEVCO" or the "Company"), an energy company engaged in the acquisition and development of strategic, high growth energy projects in the U.S., today announced that it received approval on January 31, 2024 from the Colorado Energy and Carbon Management Commission (ECMC) of the Company's Roth 2-11 Oil and Gas Development Plan (OGDP), which covers 2,560 acres and up to 11 horizontal Niobrara wells in Weld County, Colorado. The Company plans to commence drilling operations in Q2 2024, with initial production anticipated in the second half of 2024.
The seven new wells they participated in @ 18% interest came online in January and during first month of clean up they came in at an impressive 3,176 BO on average per well the lowest being 1233 and the highest 4553 we won't know exactly the production until the release of March/April results all should be in the 10K range some higher some lower with the higher wells having the ability to come to their peaks in the 25K range+ with the normal wells peaking at the same time coming in 15K-16K BO those are per month judging by the history of the field. The other thing that will rise again significantly and will be a payer for a long time going forward is the NG and LNG with the majority of the wells in the field after 3 years still produce in the 15K-20K MCF per month. The LNG's also are abundant in the field with last years numbers 58K Bbls compared to 2022's 19K Bbls. with 2021 coming in at 5K Bbls right now the NG seems inconsequential but when they produce in such high volumes for years it means everytime NG gores back to normalcy which we all know it will with NG Power plants being built around the globe.
The other 6 wells PED has a 5% interest and they were expected to be online by March April at the latest, but Bison is the partner/operator and they seem to be a charge ahead get the job done at least they have in all out previous JV's together.
Also this year they had come on line in mid February the first production of the first three wells drilled with EPM in the Chaveroo field in New Mexico. EPM stated the wells met or exceeded expectations and they wish to participate in all 70 wells planned in the original deal expecting the pace to be 7 wells per year. They have a buy in of $36K per well for a 50% interest covering 1/2 of the drilling/completion/operating costs, the $36K per well is just a buy in. They plan on doing three more wells this year bringing them online by Q4/2024.
Now I bring up some things I wish to point out which is of importance first the sale of the Millnesand fields it sold in November which was a good deal all around as the fields at the moment (as PED has not done much with them focusing on Chaveroo first) were 20% of the costs in the NM fields but only accounted for 5% of the fields production these savings will be felt going forward.
"Decrease in net income primarily due to one-time $4.3 million non-cash loss recognized on the sale of non-core vertical assets in two fields in our Permian Basin Asset and our EOR Operating Company subsidiary in New Mexico, which the Company estimates will reduce its plugging and abandonment liabilities by over $3.2 million, and significantly reduce monthly LOE expenses on our Permian Basin Asset going forward."
So they took a one time write off loss for 2023 with the sale but in reality they are saving all around $3.2M in abandoned/orphaned wells and they save in overall LOE as those fields were expensive to maintain being 20% of costs in the Permian NM. I brought this up as in the Chaveroo field they did re-works etc and increased their production from these measures. In 2023 for the year the had 170119 BO (14,176 per month avg.) for the first month January 2024 the had 17349 BO production 3,175 BO more than their 2023 average of 14,176. NM has not released February 2024 when the three wells came online but going forward obviously we will see a significant increase for the year when these wells hit their peak which should be this month judging from previous wells drilled over the last 4 years in the Chaveroo field.
One other positive is interest rates and with all the cash they have on hand on a continuing basis they collected a very nice bit of interest on their deposits for Q4 2023.
"We earned $422,000 in interest from our interest-bearing cash accounts, for which interest rates have increased significantly in the current period, compared to the prior period. "
This will be a transformative year for Pedevco lower LOE, more production, decent interest received due to high interest rates (love that we are debt free so there is $$ coming in from high interest rates not the other way around. And I think people just overlooked the fact that the write down loss on the Millnesands filed they sold at the end of the day they win, the write down loss hurt the EPS but it really didn't as it wasn't a cash loss and going forward saving the 20% operating costs the field contributed that is going forward a + I think people just saw the $300K profit not taking into account without that write-down it would have been flipped the other way.
I have pointed out everything relevant that I could think of, PED is off to the races now putting holes everywhere and banking those dollars.
Peace out.
