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Pedevco Sees Giant Jump in Niobrara Proved Reserves

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   |    Tuesday,March 31,2015

PEDEVCO Corp. d/b/a Pacific Energy Development 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."