Revenues Increasing by over 20% and Approximately 10% for Same Periods, Notwithstanding Significant Drop in Oil Prices
DANVILLE, CA / ACCESSWIRE / November 16, 2015 / PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED) reported results from the third quarter and nine months ending September 30, 2015.
Compared to the same quarter last year, production grew by over 150% from 17,504 BOE (barrels of oil equivalent) to 43,963 BOE. Revenues for the quarter increased by over 20% from approximately $1.09 million to $1.32 million. Production for the first nine months ending September 30 grew by over 135% from 59,153 BOE to 140,484 and revenues increased by approximately 10% from $4.19 million to $4.59 million.
This increase in revenues for the first nine months occurred notwithstanding the significant drop in realized oil prices during the period.
Commenting on the results, Frank C. Ingriselli, Chairman and CEO of the Company, stated, "We are very pleased with our third quarter and nine month results. We were able to achieve these results, notwithstanding a significant drop in the price of oil. We look forward to carrying out our development and acquisition plans and continuing to focus on building shareholder value."
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 and the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 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.)