Pedevco Corp. (PED)

[verdiking]

Let me see if I understand the loan agreement.

This is what I understand after reading.

1 Year loan at 10% in two parts
Part 1 - 2.1 Million
Part 2 - 411,000

If the test well is less then 350 Barrels/Day for first 30 days they get 12 Million shares of Blast

They bought 1 B share that puts limits on the company from going into bankruptcy.

They get 30% of earnings of the test well unless it is greater than 400 Barrels/Day for first 30 days they they are limited to the first 400,000 gross barrels.


Questions
Is 30% of earners mean our profit or gross revenue of the well?
Since we have 50% WI does that mean 15% of all well profits with no cost or chance of loss.
Is this 30% only on the test well or all other wells also?