DANVILLE, CA / ACCESSWIRE / April 2, 2018 / On March 29, 2018, PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE American: PED) reported its year-end results for 2017.
Over the year ended December 31, 2017, the Company generated $3 million in gross oil and gas revenue from the production and sale of 81,178 BOE (barrels of oil equivalent) from its D-J Basin asset located in Weld County, Colorado, while continuing to reduce key operating expenses, including a reduction in its SG&A expense from $3.9 million during 2016 to $2.5 million in 2017, and a decrease in its LOE costs from $1.7 million during 2016 to $1.3 million in 2017.
Mr. Michael Peterson, the President and Chief Executive Officer of the Company, commented, "Our year-end results demonstrate our continued ability to consistently drive down our key operating expenses while continuing to generate meaningful revenues from our D-J Basin assets. We will now focus on not only maintaining our current production levels but also improving production through targeted work-overs of our operated wells, all while containing our operational expenses. We are also actively negotiating certain fundamental transactions designed to restructure and/or satisfy our senior and non-senior debt, the details of which we will publicly announce when the terms of such transactions are definitive."
In addition, the Company announced, as it has in past filings, that pursuant to the disclosure requirements of NYSE American Company Guide Sections 401(h) and 610(b), its audited consolidated financial statements for the year ended December 31, 2017, which were filed with the Securities and Exchange Commission on March 29, 2018, 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, 2017.
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO Corp, d/b/a Pacific Energy Development (NYSE American: 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, 2017 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).
Contact:Pacific Energy Development