DANVILLE, CA / ACCESSWIRE / March 29, 2016 / PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED) reported today year end results for 2015.
Compared to the year-ended December 31, 2014, production grew by over 130% from 73,583 BOE (barrels of oil equivalent) to 174,693 BOE. Revenues for the year also increased by over 10% from approximately $4.8 million to $5.3 million while operating costs significantly decreased.
Commenting on the results, Frank C. Ingriselli, Chairman and CEO of the Company, stated, "We are very pleased with our year-end results. We were able to achieve these results, notwithstanding a significant drop in the price of oil through strategic acquisitions, increasing operational efficiencies and cutting G&A costs. We look forward to carrying out our development and acquisition plans, as previously announced, and continuing to focus on building shareholder value."
In addition, the Company announced that pursuant to the disclosure requirements of NYSE MKT Company Guide Section 610(b), its audited consolidated financial statements for the year ended December 31, 2015, which were filed with the Securities and Exchange Commission on March 29, 2016, contained an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph related to the Company's ability to continue as a going concern. This announcement does not represent any change or amendment to the Company's audited consolidated financial statements for the year ended December 31, 2015.
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, 2015. 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.
Pacific Energy Development
1-855-733-3826 ext. 21 (Media)
SOURCE: Pacific Energy Development (PEDEVCO Corp.)