Replies to post #5249 on Pedevco Corp. (PED)

[I-Man]

SEC filing other day and corp posting.



Apr 29, 2019
PEDEVCO Announces Successful Results of Horizontal San Andres Wells Drilled in its Permian Basin Asset

HOUSTON, TX / ACCESSWIRE / April 29, 2019

PEDEVCO Corp. (NYSE American: PED) (the ''Company'') today announced the results of its first horizontal well drilled in the Company's Chaveroo field of the prolific San Andres play in the Northwest Shelf of the Permian Basin situated in West Texas and eastern New Mexico. This first well, the Haley Chaveroo SA Unit 305H (''Haley 305 well''), was spud in December 2018, completed in February 2019, and put on production in March 2019, reaching a peak daily rate of 539 barrels of oil equivalent per day (''BOEPD'') (88% oil), or 138 BOE per 1,000 feet. The well's current thirty-day average initial production rate (''IP30'') of 480 BOEPD (88% oil) and climbing is in the top-10 percentile of San Andres horizontal wells drilled in the Northwest Shelf and Central Basin Platform based on IHS Markit data for 778 horizontal producers as of March 2019 (December 2018 reporting month).

The Haley 305 well was the first of four horizontal San Andres wells bearing 1-mile lateral lengths that the Company drilled in the Chaveroo field in December 2018 in Phase One of its 2019 development plan, all of which wells were completed by March 2019, and are proving to be capable of producing in economic quantities exceeding the Company's anticipated type-curve, with three wells currently flowing back and the fourth temporarily shut-in while awaiting further salt water disposal capacity. The Company plans to announce IP30 rates from all these wells by the end of Q2 2019.

J. Douglas Schick, President of the Company, commented, ''We are very pleased with the positive results from the Haley 305 well, which we believe further validates our development plans and tremendous value and opportunity presented by our Permian Basin assets. With these encouraging Phase One results, we are excited to continue into Phase Two of our 2019 development plan.''

Dr. Simon Kukes, the Company's CEO, further commented, ''I am very pleased with our initial Haley 305 well coming in among the top 10% of all San Andres horizontal wells, and look forward to proceeding into Phase Two of our 2019 development plan which calls for the drilling and completion of at least an additional eight San Andres wells in 2019, with over 150 highly economic horizontal drilling locations identified and remaining for future development. With the success of these initial wells, I am personally committed, through my investment company SK Energy LLC, to fully fund the Company's 2019 Permian Basin development program on terms to be agreed with the Company to the extent acceptable funding is unavailable from outside sources.''