Pacific Energy Development Announces Year-End 2014 Results With Significant Increase in Revenues, Production and Reserves
DANVILLE, CA--(Marketwired - March 31, 2015) - PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED) (the "Company") reported year-end results today with significant increases in revenues, production and reserves.
Year-End 2014 Results Compared to Year-End 2013 Results:
- Revenue increased over 3x to $5.1 million in 2014 from $1.5 million in 2013
- Total Net Production increased 4x to 73,583 BOE in 2014 from 18,325 BOE in 2013
- Total Net Proved Reserves (P1) increased over 28x to 15.1 million BOE at year-end 2014 from 523 thousand BOE at year-end 2013*
- PV-10 of Proved Reserves (P1) increased to $136 million at year-end 2014 from $1.6 million at year-end 2013*
- *after giving effect to our recent D-J Basin asset acquisition and divestiture of our non-core Niobrara interests
Commenting on the results, Frank C. Ingriselli, Chairman and CEO of the Company, stated, "We are very pleased with our year-end results. In every major financial category we dramatically increased the results for our Company. We were able to achieve these results, notwithstanding a drop of well over 50% in the price of oil. We look forward to carrying out our development plans in 2015 and continuing to focus on building shareholder value."
Regarding the Company's recently announced planned acquisition of Dome Energy, Mr. Ingriselli commented, "We are also progressing with our planned acquisition of Dome Energy and anticipate signing definitive documentation before April 30, 2015. In anticipation of the acquisition and to show our commitment toward a successful close, we have recently started providing accounting services and support to Dome Energy to assist their standardization of accounting processes and platforms. We are excited and believe the acquisition and combined assets should provide the Company with strong cash flow, access to low-cost drilling capital, and increased development opportunities."
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO Corp, d/b/a Pacific Energy Development (NYSE MKT: PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects, including shale oil and gas assets, in the United States. The Company's principal asset is its D-J Basin Asset located in the D-J Basin in Colorado. Pacific Energy Development is headquartered in Danville, California, with an operations office in Houston, Texas.
Cautionary Statement Regarding Forward Looking Statements
All statements in this press release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Company's control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under Item 1A "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. The Company operates in a highly competitive and rapidly changing environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statements. Readers are also urged to carefully review and consider the other various disclosures in the Company's public filings with the SEC.