DANVILLE, CA / ACCESSWIRE / May 12, 2017 / PEDEVCO Corp., d/b/a Pacific Energy Development (NYSE MKT: PED), reported results this week for the first quarter and three months ended March 31, 2017.
Compared to the same quarter last year, revenues grew by over 26% from $582 thousand to $734 thousand, with total operating expenses dropping approximately 42% from $3.1 million in the first quarter last year to $1.8 million in the first quarter this year, including a decrease of approximately 43% in SG&A expenses from $1.4 million in the first quarter 2016 to only $800 thousand last quarter.
Mr. Michael Peterson, the President and Chief Executive Officer of the Company, commented, "We continue to work hard to reduce our expenses while maximizing revenue from our existing operations, and we are very pleased with our first quarter results which we believe demonstrate our success in achieving both of these goals. Meanwhile, we continue to actively evaluate and pursue acquisitions and other transactions that may increase our asset base, restructure our debt, build cash flow and be accretive to our shareholders, and we look forward to sharing updates as our efforts on these fronts mature."
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 Weld County, 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 (the "Acts"). In particular, when used in the preceding discussion, the words "estimates," "believes," "hopes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. 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, 2016 and subsequently filed Quarterly Reports on Form 10-Q under the heading "Risk Factors". 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, except as otherwise required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. Readers are also urged to carefully review and consider the other various disclosures in the Company's public filings with the Securities Exchange Commission (SEC).
Pacific Energy Development
SOURCE: Pacific Energy Development (PEDEVCO Corp.)