Pedevco Corp. (PED)

[verdiking]

The 9 lives of Verdisys/Blast

Just like a cat Verdisys/Blast has nine lives and used them all.

1 - 2003 Contracts for 100's of wells ordered new rigs were to have nine rigs at the end of 2003.
The rigs did not work and this lead to many law suits and cancelled contracts.

2 - 2004 Rig problems fixed signed a few small contracts
The rigs still did not work and this lead to canceled contracts.

3 - 2005 The new rig with AFJ was to fix all the problems.
The rig was field tested but always had problem.

4 - Blast buys regular oil rigs with contracts signed for years.
All rigs have signees back out of contracts law suits follow this leads to Blast bankruptcy.

5 - Sell oil rigs as part of bankruptcy, plan includes Digital Oil field and AFJ drilling.
Not sure what happened to Digital Oilfield but need money to fix AFJ rig.

6 - Win law suits against customers that backed out oil rig contacts win millions to be paid over several years. Use some lawsuit money to fix the AFJ rig. One law suit settled for shares in the company which goes belly up

7 - Kentucky AFJ contract signed after some field testing in Texas. This excited me because I live just a couple hours from where these wells are located I might see the rig in action.
The rigs breaks on one of the first wells and is driven back to Texas.

8 - 2011 - California oil well, partner with Australian company for well(s) in California.
One dry hole.

9 - 2012 - Merger with Pacific Energy Development
? ? ? ?

Wow, what a ride! I have throw good money after bad on each of these lives and now sitting on 60,000 shares and an average of .35 soon to be 600 shares at an average of $35.00.

Been investing for 30 years have had some companies go belly up but this has been the most frustrating investment by far.